'Let's Start Bouncing Checks': Comments of the Week
May 6, 2016 7:30 AM
American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.
In opposition to new curbs on overdraft fees:
"So let's start bouncing checks for those customers that don't want to pay the $35 fee. The first consequence is that the store that took their check will charge them a bigger fee and perhaps take legal action against them. They will not be able to open a checking account at another institution because they have a record of writing bad checks. The check approval vendors will tag them as bad risks so they won't be able to buy groceries with checks anymore."
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On U.S. Bank and other companies testing mobile coupons:
"Seems like a high hassle factor, requiring substantial discounts to stimulate participation. And at the end of the day it's a limited set of merchants. Just send me a coupon."
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On the need to increase the font size on mobile banking apps, among other things, to accommodate seniors:
"Your observations are also largely applicable to others below the age of senior status who share similar cognitive challenges. Also, another suggestion is to support 'Touch ID' log-in authentication."
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On a startup aiming to help financial institutions bank pot businesses via an electronic payments solution:
"The reality is that more banks are choosing to work with the industry, overtly, than ever before. Consumers want to pay with cash. So many of these systems, that force the patient / consumer to preload a card, are already on the market and a failure. I encourage operators to do their homework and find a bank that will work with them. Yes, the steps to get boarded can be complex (ensuring licensing compliance etc) and fees can be high but at least your business can operate in a normal fashion (paying employees, paying taxes and vendors) with a check."
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On a proposal that would ban arbitration clauses that prevent consumers from bringing class action lawsuits:
"Perhaps the headline should be, 'CFPB's Arbitration Plan Delivers Sharp Blow to Consumers.' It elevates class action lawsuits while making arbitration resolution more difficult for consumers to obtain. Good luck finding consumers who think that they ever got a good deal from a class action lawsuit. And, by the way, try to find one who ever initiated a class action lawsuit or even knows how to start one."
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On how criminals game rules determining when banks scrutinize transactions over $10,000 (via <a href="https://twitter.com/faisal_pfi/status/726199731509153792" target="_blank">Twitter</a>):
"Current AML prescriptions 'catches' only the uninformed."
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Agreeing with an op-ed that urges systemic risk regulators to target specific activities and products rather than individual companies:
"With most recessions, it is pretty easy to identify products and activities that were at the core of the risk. Not so easy to do that with institutions."
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On the need to simplify digital banking experiences regardless of customer's age:
"Complexity is a turnoff."
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