Coordinators

Other Contributors

About Us

www.clpblog.org

The contributors to the Consumer Law & Policy blog are lawyers and law professors who practice, teach, or write about consumer law and policy. The blog is hosted by Public Citizen Litigation Group, but the views expressed here are solely those of the individual contributors (and don't necessarily reflect the views of institutions with which they are affiliated). To view the blog's policies, please click here.

« CBS News: Senate Republicans aim to gut debit-card safeguards | Main | Key litigation docs in State of Washington v. Donald Trump »

Sunday, February 05, 2017

Comments

Mark E Budnitz

Why consumers don't close their accounts at Wells & go to other banks: The following sources do not specifically focus on Wells Fargo, but the findings likely apply to Wells as well as others. Some banks refuse to close accounts because transactions are pending or the consumer must first pay overdrafts. Letter from national consumer organizations to prudential regulators, Sept. 29, 2014. A Consumers Union study found that closing an account at one bank and opening one at a new bank can be complicated and confusing and can take months. "Trapped at the Bank: Removing Obstacles to Consumer Choice in Banking" (2012). Many consumers have complained to the CFPB about errors in their credit reports that made it difficult to open a new account. Monthly Complaint Report, August 2016. In some rural areas and low income neighborhoods, there few, if any banks. Bass & Anderlik, "The Future of Banking in America: Rurual Depopulation...." FDIC, Jan. 2005. Bass & Campbell, "Predator Targets Hit as Banks Shut Amid Profits," Bloomberg, May 2, 2013 (banks shut 1,826 branches between late 2008 and 2013, 93% in low income postal zones).

Matthew Bruckner

Regarding switching costs. see Haiyan Shui & Lawrence M. Ausubel, Time Inconsistency in the Credit Market, available at http://ssrn.com/abstract=586622 (attributing limiting switching to costs estimated at ~$150).

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name is required. Email address will not be displayed with the comment.)

Subscribe to CL&P

RSS/Atom Feed

To receive a daily email of Consumer Law & Policy content, enter your email address here:

Search CL&P Blog

Recent Posts

April 2017

Sun Mon Tue Wed Thu Fri Sat
            1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30