Regardless of our political persuasion, we can all agree that accuracy is something that should be demanded from our politicians. Over the last several weeks, we have consistently heard the refrain, “We want our money back!” from President Obama in referring to banks and the TARP program. He has used this as a rallying cry for the need for financial services industry reform and additional limitations on financial service providers.
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Seems like Jamie Dimon and his big bank cohorts have been summoned to D.C. more often than “Little Johnny” has been sent to the principal’s office.
On January 13, 2010, leaders of four big banks, Lloyd Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John Mack of Morgan Stanley and Brian Moynihan of Bank of America, testified before the Financial Crisis Inquiry Commission, which, according to the FCIC Web site, was established to “examine the causes, domestic and global, of the current financial and economic crisis in the United States.”
With severe economic challenges, triple-digit bank failures, mounting losses and new regulatory pressures, could the times have been any worse? However, contributors to The Raddon Report did their best to provide light in this “season of Darkness,” as they urged our readers to use this economic period as a historic opportunity to capture market share from ailing competitors and nurture existing customer relationships through differentiation.
By now, you are aware of the pending legislation and regulatory reforms to limit overdraft fees. Long story short, as of July 1, 2010, the Federal Reserve will require consumers to opt-in to overdraft protection for debit card and ATM transactions. Financial institutions will no longer be able to charge overdraft fees on debit and ATM transactions without the consumer electing overdraft protection.
As you readers are aware, The Raddon Report has been the town crier (see submissions by Mssrs. Handel, Leavell and the Irreverent Reverend Pat) that has proclaimed the time is ripe for financial institutions to …
Well, OK, maybe that’s a little extreme. But since biblical times, the notion of a cashless society has been cited as a predictor of the world’s demise. And while I’m certainly not suggesting the end is nigh and apprehensively X-ing out the days on my personal Mayan calendar, I will acknowledge that mobile banking stands to steal another big slice of the consumer’s propensity to utilize the almighty greenback. (If we can still call it almighty, that is.)
News from the Fed: On July 1, your customers will need to opt into your ATM/POS courtesy pay program. Getting opt-in agreement will be extremely onerous: after all, how often do your customers read statements …
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