5 ms·
Banks don't care about customers but care a lot about being compliant with plethora of regulations. Non-compliance for a bank means the lights can a will be tur
by gesman 9y ago
Banks don't care about customers but care a lot about being compliant with plethora of regulations.
Non-compliance for a bank means the lights can a will be turn off by a governing bodies, of which are many.
Hence - offering a money transfer service within the bank infrastructure and services without consumer protection - is highly likely is a violation of some regulation. Or more than one even.
Supplement the complaint with a proof of "misleading marketing practices" - and this adds couple extra zero's to potential damages.
Someone just need to dig it deeper and then push the button where it hurts. Problem solved.
Regulators will be on consumer side.
- imajes 9y agoExcept that'd probably fall into the CFPB remit, which has just been significantly reduced in scope and veracity due to the current administration... :(
- gesman 9y agoSending bank fails to disclose irreversability of a transaction implying that typical consumer protection takes place. Receiving bank fails to detect simple fraud pattern: Within short period of time: New account opened, Zelle transfer received, Money withdrawn. Let it rinse and repeat for long enough - and class action will take place.
- eadmund 9y agoBank-fraud laws existed for multiple decades longer than there was the (arguably unconstitutional) CFPB, so I'm confident that any activities which actually violate the law will, eventually, be curtailed.