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For me, the switching cost of changing my gas bill, electricity bill, mortgage, credit card, Home phone, Cell phone, dentist, AWS account, heroku, mysafari, spo
by mainguy 15y ago
For me, the switching cost of changing my gas bill, electricity bill, mortgage, credit card, Home phone, Cell phone, dentist, AWS account, heroku, mysafari, spotify, napster, hulu, engine yard, ... I know I'm just hitting a few here... to a new bank/card is a big enough disincentive to have me locked in. I AM however looking at better alternatives because i'm tired of BOA.
- dangrossman 15y agoIt seems worse than it is. I've had to switch every recurring bill I have to different banks/cards multiple times, and it always ends up taking less than an hour, probably less than half. Just pull up one month's statement and you have a list of every business you pay on a monthly basis. Go to each website (or call) and fill in the new payment info.
- cpeterso 15y agoYes, switching is not as arduous as it seems, especially if you pay bills online. I switched from Wells Fargo to a regional credit union last year. I recommend keeping your old bank account open for a few months just in case you forgot to switch some bills or have trouble with your new accounts. Better safe than sorry.
- Drbble 15y agoWe need an antitrust suit to lead to payment account number portability.