Comments of the Week: Mobile Payment Skepticism; No Such Thing as Free Checking; Dubious Refi Pitch

June 14, 2013 8:00 AM

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

(Image: Thinkstock)

On a Bank of America refi pitch that would raise the customer's interest rate and add 10 years to the loan term:

"The B of A CEO should have everyone involved in this come to his office immediately in one group ... If a few heads do not roll, then it is time for a new CEO."

(Image: Bloomberg News)

On a Bank of America refi pitch that would raise the customer's interest rate and add 10 years to the loan term:

"In this case, the chairman needs to tend the lobby popcorn machine. He would get less bad press."

(Image: Thinkstock)

On a regulator's claim that FFIEC's social media guidance is just that, and not a requirement:

"To say that guidance 'doesn't create any new obligations or burdens' is either naive or disingenuous. Banks are routinely told by examiners that the Management component of their CAMELS rating will be downgraded if guidance is not strictly adhered to."

Pictured: Elizabeth Khalil, a senior policy analyst of supervisory policy at the FDIC

On the widespread use of the terms 'underserved' and 'underbanked':

"These terms are reflective of the hopelessness that pervades some areas of our society. Why not 'Financial Services to Emerging Neighborhoods'? Or some other hopeful and energetic terminology? I am sure the marketing talent in the industry can do better."

(Image: Thinkstock)

On the Consumer Financial Protection Bureau finding that overdraft programs hurt consumers:

"Overdraft services can be expensive, and those that need them pay more fees than those that don't Is it worth it to the consumer? I'll choose to let them decide as long as the institution lets them know the rules and costs."

(Image: Bloomberg News)

On MasterCard executive Theodore Iacobuzio's belief that mobile banking is going mainstream:

"The 'experts' keep saying that the mobile payments train is leaving the station and we'd better get on it, but they don't know where the station is, how to buy a ticket or where the train is going."

(Image: Thinkstock)

On an assertion that an increase in enforcement actions is a step in the wrong direction:

"Until someone is actually sent to prison for actions that led to the collapse in 2008, we can't really talk about an 'increase' in enforcement actions. The penalties levied thus far, while significant, still represent a very minor slice of profits, not exactly a deterrent in anyone's eyes."

(Image: Thinkstock)

Comments of the Week: Mobile Payment Skepticism; No Such Thing as Free Checking; Dubious Refi Pitch

On a Bank of America refi pitch that would raise the customer's interest rate and add 10 years to the loan term:

On a Bank of America refi pitch that would raise the customer's interest rate and add 10 years to the loan term:

On a regulator's claim that FFIEC's social media guidance is just that, and not a requirement:

On a regulator's claim that FFIEC's social media guidance is just that, and not a requirement:

On FFIEC's social media guidance:

On the suggestion that banks regulators do FDA-style product vetting:

On the widespread use of the terms 'underserved' and 'underbanked':

On the Consumer Financial Protection Bureau finding that overdraft programs hurt consumers:

On the idea that the CFPB is all-powerful:

ON PNC eliminating its free checking program:

On MasterCard executive Theodore Iacobuzio's belief that mobile banking is going mainstream:

On an assertion that an increase in enforcement actions is a step in the wrong direction:

On a call to heed Fed Chairman Ben Bernanke's warnings about interest rate risk: