Target: The Consumer Financial Protection Bureau
Goal: Make it easier for customers to switch banks.
If someone is thinking about switching banks in today’s society, chances are they won’t actually carry through with it. In a study conducted by Consumers Union, nearly 1 in 5 adults with checking accounts in America considered switching branches in the last year, but less than half of them actually ended up switching. Banks continue to add new fees and increase their existing fees, yet it remains difficult for people to switch banks. By placing roadblocks in place, banks force their customers to pay what they tell them to pay, with little room for competition.
It is completely unfair that banks are able to raise their fees as high as they would like and customers are basically forced to pay them. If banks are going to insist on raising their fees, they should also make it easier for people to switch to another bank. Or on the other hand, if banks didn’t make their fees so high, they wouldn’t have to worry about customers switching branches in the first place. We must urge banks to create a more just system and make it easier for people to switch banks.
Dear Consumer Financial Protection Bureau,
It is imperative that banks make it easier for people to switch branches or to lower their fees. People are getting trapped into paying ridiculous fees and are unable to switch banks. Banks make it extremely difficult to switch things such as direct deposits to another account. While people do not like paying these high fees, they often figure it is not worth the trouble of switching banks, and remain at their current bank. They are tricked into thinking that the trouble of switching banks outweighs the trouble of paying high fees, but they should not be forced to either stick to one bank or pay high fees. It is necessary that banks stop locking their customers in to these high fees.
If bank fees were lower, they wouldn’t have to worry about customers wanting to switch branches. In fact, if a bank makes its fees lower than competitor’s fees, they will most likely get more customers than the other branches and end up making more money in the long run. It is necessary that banks give their customers an option by either lower their fees or making it easier to switch to another bank.
[Your Name Here]