| 00:00:07 |
Unidentified Speaker, -
CHARITABLE TRUST. THE HEADLINE THAT MANY PEOPLE
|
| 00:00:12 |
HOST, -
SAW IN THE WALL STREET JOURNAL LAST WEEK -- IN 2010, 92% OF AMERICANS HAVE CHECKING ACCOUNTS, NOW 88% IN 2011. GUEST: WE HAVE DONE OTHER RESEARCH THAT...
|
| 00:00:34 |
GUEST, -
COMING. THEM WITH OVERDRAFT FEES AND THE CONSUMERS DECIDE THIS IS NOT FOR ME I'M GOING TO GO ELSEWHERE. HOST: WHERE DO THEY GO? GUEST: PREPAID CARDS...
|
| 00:00:48 |
HOST, -
VISA OR MASTERCARD OR DISCOVER A OR AMERICAN
|
| 00:00:51 |
GUEST, -
EXPRESS LOGOS. THEY CAN HAVE DIRECT DEPOSIT AND YOU CAN USE THOSE INSTEAD OF. OF. HOST: YOU CAN HAVE YOUR CHECK DIRECT AND POSITIVE TO THESE PREPAID...
|
| 00:01:08 |
HOST, -
THE
|
| 00:01:12 |
GUEST, -
RE ARE LOTS OF FEES. BUT THEY TEND TO BE SMALL AND THEY'RE LESS THAN TRADITIONAL BANKS. WE DID FOCUS GROUPS TO LOOK AT WHAT PEOPLE ARE USING PREPAID...
|
| 00:02:09 |
HOST, -
GUEST: NOT NECESSARILY. IT DEPENDS ON HOW YOU USE THE ACCOUNT. WE MODELED THREE TYPES OF CONSUMERS.
|
| 00:02:16 |
GUEST, -
IF YOU ARE A SAVVY CONSUMER, SOMEONE WHO USES DIRECT DEPOSIT AND KNOWS HOW TO AVOID FEES, A CHECKING ACCOUNT IS STILL A BETTER DEAL. BUT IF YOU ARE SOMEONE...
|
| 00:03:10 |
HOST, -
SOME RULES ON PREPAID CARDS. GUEST: THEY HAVE TAKEN THE FIRST STEPS. THEY PUT OUT AN ADVANCE NOTICE OF PROPOSED RULEMAKING AND HAVE RECEIVED COMMENTS....
|
| 00:03:20 |
GUEST, -
COMMENTS. THEY WILL BE PUTTING ALL SCHOOLS FAIRLY SOON, I WOULD IMAGINE. HOST: WHAT WOULD THE RULES SAY? GUEST: I THINK THEY WILL LOOK AT CONSUMER PROTECTIONS....
|
| 00:03:32 |
HOST, -
WERE PUT IN THE RULEMAKING THAT THEY PUT OUT, SOUNDS LIKE THEY'RE INTERESTED IN
|
| 00:03:36 |
GUEST, -
MAKING SURE IF THESE DON'T COME SECOND TIER TAKING ACCOUNT. THE SAME CONSUMER PROTECTIONS WOULD APPLY. HOST: HOW DO THEY DIFFER? THE WALL STREET JOURNAL...
|
| 00:03:52 |
HOST, -
DON'T HAVE TO GO TO THEIR BANK, EVEN IF THEY HAVE A TRADITIONAL CHECKING ACCOUNT. GUEST: THERE'S NO MANDATED DISCLOSURES. ON THE TAKING ACCOUNT, THERE...
|
| 00:04:04 |
GUEST, -
FEES, BUT NOT FOR A PREPAID CARD. THERE ARE FEES THAT A CONSUMER MAY NOT FIND OUT ABOUT UNTIL THEY INCUR THEM, SO THAT'S NOT GOOD. AND LIABILITY LOSS...
|
| 00:04:53 |
HOST, -
THE AMOUNT LOADED HAS GONE UP
|
| 00:04:56 |
GUEST, -
42% FROM 2010 AND IS PROJECTED TO GO UP THROUGH 2014. HOST: THIS IS THE HEADLINE IN THE DENVER POST --
|
| 00:05:12 |
HOST, -
GUEST: FEES ARE SOMETHING CONSUMERS NEED TO BE AWARE OF. ONE OF THE THINGS WE HAVE BEEN WORKING ON IS ENSURING THAT CONSUMERS CAN SHOP AROUND FOR
|
| 00:05:23 |
GUEST, -
CHECKING ACCOUNTS. BY NOW IF YOU WANT TO SHOP AROUND, YOU CAN SHOP AROUND BASED ON WHERE THE BRANCH IS AND WHERE THE ATM IS, BUT NOT FOR WWHAT ARE THE...
|
| 00:06:09 |
HOST, -
SCEMACHINE. IT IS SIMILAR TO A BANK DEBIT CARD. IF YOU GO IN NETWORK IT IS
|
| 00:06:17 |
GUEST, -
CHEAPER. MOST OF THE TIME YOU PAY FOR ATM USAGE, BUT NOT ALWAYS. THE IMPORTANT THING IS HAVING A COMPETITIVE MARKETPLACE WHERE CONSUMERS CAN SHOP AROUND...
|
| 00:06:41 |
HOST, -
GUEST: THERE'S ALSO ALTERNATIVE FINANCIAL SERVICES LIKE PAYDAY LENDING, WHICH IS YOU HAVE TO HAVE A BANK ACCOUNT TO GET A PAYDAY LOAN AND INTEREST RATES...
|
| 00:06:51 |
GUEST, -
WHAT WE FIND IS IT TENDS TO PUSH PEOPLE INTO A CYCLE OF DEBT THAT THEY HAVE A HARD TIME GETTING OUT OF. HOST: LORI IS IN MISSOURI, A REPUBLICAN. CALLER:...
|
| 00:07:07 |
HOST, -
ASK WHY CHECKING ACCOUNTS WERE GOING UP. ONE OF THE REASONS WHY IS THEY HAVE PUT NEW REGULATIONS ON THE BANKING
|
| 00:07:14 |
CALLER, -
SYSTEM. ONE OF THEM IS REALLY RIDICULOUS. [NO AUDIO] HOST: ARE YOU THERE? GUEST: THE FEES
|
| 00:07:33 |
HOST, -
ARE GOING IN SOME CASES. A CONSUMER SHOULD BE ABLE TO SHOP AROUND. THERE SHOULD BE A NUTRITION LABEL. IF I GO TO THE
|
| 00:07:42 |
GUEST, -
GROCERY STORE AND I WANT TO LOOK AT A CAN OF SOUP AND I WANT TO SEE THE SODIUM, I KNOW WHERE TO LOOK ON THE CAN. BUT CAN I DO THAT FOR A BANK ACCOUNT...
|
| 00:08:03 |
HOST, -
15 INCLUDEFEES ON THOSE CARDS AS WELL. SO YOU HAVE FEES ANY ROUTE YOU GO. GUEST: SO THAT PROVES THE NEED TO HAVE RULES. THE
|
| 00:08:20 |
GUEST, -
MEDIUM, LENGTH OF DISCLOSURE IS 29 PAGES, SO IT'S IMPORTANT TO HAVE CLEAR DISCLOSURES. HOST: NOW TO TEXAS, AN INDEPENDENT. CALLER: I WAS GOING TO DO...
|
| 00:08:38 |
HOST, -
CREDIT CARDS ARE ONE AREA PEOPLE HAVE GONE TO IN LEAVING THE BANKS, BUT CREDIT UNIONS HAVE BEEN A GREAT ALTERNATIVE
|
| 00:08:44 |
CALLER, -
FOR ME. THEY DO DISCLOSE ALL THOSE FEES. WHEN I WENT FIRST TO SHOP AROUND FOR CREDIT UNIONS, THEY HAD A ONE-PAGE HANDOUT AND TOLD ME EVERYTHING THEY WOULD...
|
| 00:09:28 |
GUEST, -
FEES DID TEND TO BE LOWER. HOST: WHERE ARE THE PREPAID CARDS SOLD? GUEST: YOU CAN BUY THEM ON LINE OR IN LOTS OF STORES LIKE WALMART,
|
| 00:09:38 |
HOST, -
CBS, WALGREEN'S, ALL SORTS OF PLACES. -- CVS.
|
| 00:09:41 |
GUEST, -
GREENDOT AND NETSPIN ARE TWO OF THEM, BUT THERE ARE MANY. HOST: YOU GIVE EXHIBITS ON YOUR WEBSITE. WHY IS THIS IMPORTANT? GUEST: MAKING APPLES TO
|
| 00:10:02 |
HOST, -
APPLES COMPARISONS FOR PREPAID CARD SO THAT A CONSUMER CHOOSES THE CARD THAT'S RIGHT FOR THEM. IF THE DISCLOSURES ARE
|
| 00:10:09 |
GUEST, -
NOT CLOSE TO BEING SIMILAR OR IF THEY ONLY DISCLOSE SOME THINGS AND NOT OTHERS, IT'S VERY HARD TO MAKE A CHOICE BASED ON ACTUAL FEES IN TERMS -- . AND...
|
| 00:10:36 |
HOST, -
|
| 00:10:39 |
HOST, -
A LITTLE BIT SMALLER FOR GREEN DOT. NOW TO STEVE IN ILLINOIS, DEMOCRATIC CALLER. GOOD MORNING. CALLER: GOOD MORNING, LADIES. THREE COMMENTS. SUZE
|
| 00:10:59 |
CALLER, -
ORMAN HAS A GREAT PREPAID CREDIT CARD. I PURCHASED PROPERTY WITH LAND CONTRACTS RATHER THAN GOING THROUGH BANKS. YOU NEED TO USE A GOOD ATTORNEY FOR THAT,...
|
| 00:11:35 |
GUEST, -
COLLECTION. HOST: ON TWITTER --
|
| 00:11:44 |
HOST, -
GUEST: THERE WAS THE BIG BANK TRANSFER DATE LAST FALL. I THINK A NUMBER OF PEOPLE DID MOVE TO CREDIT UNIONS. CONSUMERS SHOULD
|
| 00:11:54 |
GUEST, -
SHOP AROUND AND FIND A DEAL THAT'S BEST FOR THEM. HOST: HOW DIFFICULT OR EASY IS IT END YOUR ACCOUNT WITH A BANG, GO TO ANOTHER
|
| 00:12:04 |
HOST, -
ONE, OR END IT ALTOGETHER? GUEST: YOU HAVE TO CLOSE OUT THE ACCOUNT, BUT GENERALLY YOU NEED TO LEAVE SOME MONEY IN THE ACCOUNT TO MAKE SURE THERE'S NOTHING...
|
| 00:12:15 |
GUEST, -
SO IT'S NOT AN EASY PROCESS. HOST: IF YOU WANT TO END THE ACCOUNT AND GO TO A PREPAID CARD, WITH THAT PROCESS LIKE? GUEST: WE DID NOT REALLY LOOK AT
|
| 00:12:27 |
HOST, -
THAT. YOU HAVE THE PROBLEM OF MAKING SURE EVERYTHING THAT HAS BEEN OUT THERE THAT YOU TRANSACTED
|
| 00:12:33 |
GUEST, -
HAS ALREADY BEEN SETTLED. THAT'S THE QUESTION. YOU DON'T WANT THOSE THINGS TO BECOME OVERDRAFT FEES. HOST: TAMMY IN LEBANON, OREGON. CALLER: I AM CURRENTLY...
|
| 00:12:50 |
HOST, -
MY ACCOUNT IN MARCH THROUGH THE INTERNET AND THEY DID
|
| 00:12:54 |
CALLER, -
NOT GET THE E-MAIL, OBVIOUSLY, WHICH I SENT THEM THREE TIMES. THEY OVER DRAFT ME AND I ENDED UP WITH $100 WORTH OF FEES FROM THE BANK WHICH THEY ARE...
|
| 00:13:55 |
HOST, -
ON CONSUMERS WHO HAVE LEFT THE BANKING SYSTEM. ONE OF THE
|
| 00:13:59 |
GUEST, -
BIG THINGS THEY TALK ABOUT WAS OVERDRAFT FEES. WHEN WE DID OUR SURVEY OF THESE CUSTOMERS, BETWEEN 2009 AND 2010, MORE PEOPLE LEFT DURING THE MIDST OF...
|
| 00:14:25 |
HOST, -
IF YOU ARE SAVVY PERSON, YOU'RE LOOKING AT $50 MAXIMUM CHECKING FEES. ABOUT $40 IF YOU EVER PREPAID CARD. THE BASIC CONSUMER, AROUND $55 FOR THE CHECKING...
|
| 00:15:08 |
GUEST, -
AND MAKING SURE CONSUMERS KNOW THAT THEY DON'T HAVE TO TAKE OVER DRAFT, IF YOU DON'T WANT IT, YOU JUST SAY NO. PEOPLE WHO HAD OVERDRAFT IN THE LAST YEAR,...
|
| 00:15:37 |
HOST, -
TO ASK ONE QUESTION. I
|
| 00:15:44 |
CALLER, -
CURRENTLY HTHEM WITH A SMALLER BANK TO AVOID FEES. A LOCAL BANK IN JERSEY. I STOPPED BANKING WITH CHASE BECAUSE THEY HAD CHARGED ME A THIEF FOR NOT...
|
| 00:16:48 |
GUEST, -
BANK HAS TO GIVE THE CONSUMER THAT THE CONSUMER HAS TO SIGN SAYING THEY WANT OVERDRAFT SERVICE. IF YOU NEVER SIGN THAT FORM, YOU WILL NOT HAVE OVERDRAFT...
|
| 00:17:31 |
HOST, -
I WAS GOING TO DISCUSS SMALL PRINT AND OBSCURE LANGUAGE. THE LANGUAGE IS PURPOSELY WRITTEN FOR YOU NOT TO REALLY
|
| 00:17:40 |
CALLER, -
GRASP IT. A LARGER QUESTION FOR ME IS I STARTED TO RECEIVE MY SOCIAL SECURITY CHECKS AND I LIKE GETTING MY SOCIAL SECURITY CHECK AND CATCHING IT AND...
|
| 00:18:15 |
GUEST, -
BETTER THAN THOSE WHO DON'T. IT IS IMPORTANT THAT PEOPLE HAVE SOMEPLACE TO PUT THEIR MONEY RATHER THAN CARRYING AROUND CASH, BECAUSE WE ALSO FOUND THAT...
|
| 00:18:38 |
HOST, -
MESWHO HAD A CHECKING ACCOUNT WERE ABLE TO SAVE
|
| 00:18:43 |
GUEST, -
MORE MONEY THAN. THOSE WHO THAN. HOST: HERE'S A STORY ON BLOOMBERG BUSINESS SUWEEK --
|
| 00:18:53 |
HOST, -
WHAT IS THE FDIC SAYING TO BANKS? GUEST: WITH ABOUT 10 BANKS THEY ARE OFFERING A PARTICULAR CHECKING ACCOUNT WITH NO OVERDRAFT FEES, VERY LOW FEES.
|
| 00:19:37 |
GUEST, -
CALLED THE MODEL SAFE ACCOUNT. YOU CAN GO ON THE FDIC'S WEB SITE FOR MORE INFORMATION. HOST: HOW IS IT THE BANKS CANNOT CHARGE THEM FEES TO MAKE MONEY?...
|
| 00:19:57 |
HOST, -
THE MONEY IN FEES THAT ARE TRANSPARENT, AND CONSUMERS KNOW UP FRONT THIS IS
|
| 00:20:02 |
GUEST, -
WHAT THEY WILL BE SPENDING RATHER THAN FINDING OUT IN THE END. HOST: A REPUBLICAN CALLER, BRIAN. CALLER: I AM CURIOUS. ON THE CARDS
|
| 00:20:14 |
HOST, -
PEOPLE GET, I AM DISABLED AND I RECEIVE A DISABILITY CHECK EVERY
|
| 00:20:17 |
CALLER, -
MONTH, I HAVE A BANK THAT IS A UNION-TYPE OF BANKED. THE WAY THE BANKS CAN MAKE MONEY IS THEY USE EVERYBODY'S MONEY AND DO INVESTMENTS. THEY KEEP YOUR...
|
| 00:21:30 |
GUEST, -
INSURANCE OF PREPAID CARDS, THAT INSURES TICKING ACCOUNTS OF $250,000 IT OR LESS. PREPAID HAS A DIFFERENT ME THOD, BUT THERE'S NO REGULATORS SUPERVISING...
|
| 00:22:08 |
HOST, -
HOUGHTON, LOUISIANA. I AM 79 YEARS OLD. WHAT IS MORE AT STAKE IS PERSONAL RESPONSIBILITY. I'VE MANAGED IN ALL MY
|
| 00:22:17 |
CALLER, -
YEARS NEVER TO WRITE A HOT CHECK AND NEVER TO HAVE A FEE I DID NOT ALREADY KNOW ABOUT. IF I GO TO AN ATM MACHINE AND IT SAYS THIS WILL COST YOU $2.50...
|
| 00:23:49 |
GUEST, -
MAXIMIZE OVERDRAFT FEES. WHEN WE LOOKED AT THE 12 LARGEST BANKS, ALL OF THEM EITHER DO THAT OR RESERVE THE RIGHT TO DO THAT. BY DOING THAT, THEY DEPLETE...
|
| 00:24:42 |
HOST, -
HOST: PERSONAL
|
| 00:24:46 |
GUEST, -
RESPONSIBILITY, HE WAS TALKING ABOUT PAYING OFF HIS CREDIT CARD EVERY MONTH, BUT HE IS BUILDING CREDIT HISTORY WHILE HE DOES THAT. CAN YOU DO
|
| 00:24:54 |
HOST, -
THAT WITH A PREPAID CARDS? GUEST: 1 CARD MENTIONED IT DID THAT, BUT WE DID NOT LOOK AT THAT ASPECT. HOST: JOHN IN MICHIGAN, DEMOCRATIC
|
| 00:25:04 |
GUEST, -
CALLER. CALLER: I WAS JUST CURIOUS. I
|
| 00:25:10 |
HOST, -
DON'T UNDERSTAND WHY PEOPLE WOULD EVEN USE THESE CARDS.
|
| 00:25:15 |
CALLER, -
YOU SAY IT IS INSTEAD OF CHECKING, BUT HOW ARE YOU GOING TO PAY YOUR ELECTRIC BILL OR ANY OF THAT? WHY DON'T THEY KEEP THE CASH FROM THEIR PAYCHECK AND...
|
| 00:25:48 |
GUEST, -
ON LINE TO PAY BILLS SUCH AS YOUR ELECTRIC BILL WITH THE PREPAID CARDS.
|
| 00:25:55 |
GUEST, -
HOST: ON TWITTER --
|
| 00:26:03 |
HOST, -
GUEST: WE HAVE NOT LOOKED AT THAT. HOST: NEW HAMPSHIRE, JUDY, INDEPENDENT CALLER.
|
| 00:26:12 |
GUEST, -
CALLER: A COUPLE OTHER REASONS TO USE THE PREPAID. ONE OF THOSE IS
|
| 00:26:16 |
HOST, -
THE FEAR OF IDENTITY FRAUD. ANOTHER IS A
|
| 00:26:20 |
CALLER, -
DISTRUST OF THE ONLINE SYSTEM, THAT SOMEONE COULD GET YOUR NUMBER. I HAD AN EXPERIENCE A FEW YEARS AGO, BY ACCIDENT, I OVERDRAFTED. ONE BIG ITEM WENT...
|
| 00:27:06 |
HOST, -
OCCASIONALLY. HOST: FOR WHAT? CALLER: IF I WANT TO BUY SOMETHING ON LINE. I HAVE BECOME A LITTLE MORE TRUSTFUL ABOUT
|
| 00:27:14 |
HOST, -
IT. GUEST: SHE CONFIRMS
|
| 00:27:18 |
CALLER, -
EXACTLY WHAT WE HEARD IN FOCUS GROUPS. THE ANONYMITY PIECE WAS A VERY IMPORTANT PART OF THE CARDS.
|
| 00:27:26 |
GUEST, -
WE DID NOT REALIZE THAT WAS SO IMPORTANT TO PEOPLE, BUT IT'S ONE OF THE REASONS THEY LIKE IT. THEY DON'T REGISTER THE CARD AND THEY THINK THEY ARE ANONYMOUS....
|
| 00:27:59 |
HOST, -
GET INTO THE BANKING BUSINESS SOME YEARS AGO. WHAT EVER HAPPENED TO THAT?
|
| 00:28:02 |
CALLER, -
GUEST: I HAVE NOT FOLLOWED IT. BUT THEY ARE IN A PREPAID CARD BUSINESS.
|
| 00:28:12 |
GUEST, -
HOST: NEW JERSEY, REPUBLICAN, BOB. CALLER: I'M FROM LONG BRANCH, NEW
|
| 00:28:20 |
HOST, -
JERSEY. I'M TRYING TO FIGURE OUT WHY DO WE HAVE TO PUT OUR MONEY THAT WE HAVE
|
| 00:28:26 |
CALLER, -
WORKED FOR, THAT WE ARE ENTITLED TO, TO ANOTHER CORPORATION, WHICH TURNS OUT TO BE THE BANKS? IT'S NOT FAIR. SUPPOSE SOME OLDER PEOPLE LIKE MYSELF, I...
|
| 00:28:55 |
HOST, -
I HAVE A CHECKING ACCOUNT. I HAVE A VERY
|
| 00:29:00 |
CALLER, -
SMALL BUSINESS WHICH I HAVE BEEN HOLDING ON TO EVEN DURING THE RECESSION. IT IS PITIFUL HOW WE BAILED THE BANKS OUT ONE TIME AND NOW WE HAVE TO PUT OUR...
|
| 00:29:26 |
HOST, -
OVER THE YEARS THAT A SMALL BANK IS BETTER BECAUSE THE PRESIDENT OF THE BANK KNOWS YOU. GUEST:
|
| 00:29:33 |
CALLER, -
COMPETITION IS REALLY IMPORTANT. THE ABILITY TO MAKE THAT CHOICE FOR A CONSUMER THAT MAYBE THE SMALL BANK IS THE RIGHT WAY TO GO FOR HIM
|
| 00:29:42 |
GUEST, -
OR MAYBE A BIG BANK. IT IS A POINT OF ALLOWING A CONSUMER TO HAVE THE TOOLS TO COMPARISON SHOP AND MAKE THE RIGHT CHOICE FOR THEM. IT ENHANCES THE CONSUMER...
|
| 00:30:10 |
HOST, -
LOOKED AT THE 12 LARGEST BANKS AND THE 12 LARGEST CREDIT UNIONS. HOST:
|
| 00:30:16 |
GUEST, -
JOHN IN MASSACHUSETTS, INDEPENDENT. CALLER: HI. A LOT OF PEOPLE TALK
|
| 00:30:23 |
HOST, -
ABOUT REGULATION OR NOT REGULATION.
|
| 00:30:26 |
CALLER, -
IF WE HAVE ABSOLUTELY NO REGULATIONS OR AS LITTLE REGULATIONS AS POSSIBLE, THE ATM FEE OF $3.50 OR $3.95 WILL PROBABLY GO UP A LOT HIGHER. IT'S THE...
|
| 00:31:03 |
HOST, -
CARDS AND CHECKING ACCOUNTS TO MAKE SURE THESE TYPES OF THINGS WILL NOT A
|
| 00:31:07 |
GUEST, -
TRIP UP CONSUMERS, WILL NOT GIVE THEM HIDDEN FEES THAT THEY WILL NOT SEE COMING, MORE TRANSPARENCY, MORE DISCLOSURE. HOST: WHAT ARE THEY LOOKING AT WHEN...
|
| 00:31:22 |
HOST, -
WE PUT IN A REQUEST IN THE SPRING, SO WE ASSUME SOMETHING
|
| 00:31:26 |
GUEST, -
WILL BEEN COMING OUT AFTER NEXT YEAR PROBABLY. HOST: DOES THAT INCLUDE A RULE ON PREPAID CARDS? GUEST: TWO ISSUES ARE GOING FORWARD, SO I IMAGINE THEY...
|
| 00:31:39 |
HOST, -
HOST: YOU EXPECT RULES ON THAT AFTER THE ELECTION? GUEST: I DON'T KNOW.
|
| 00:31:43 |
GUEST, -
HOST: LET'S GO TO A DEMOCRATIC CALLER IN NEW JERSEY.
|
| 00:31:47 |
HOST, -
CALLER:
|
| 00:31:49 |
GUEST, -
GOOD MORNING. I HAVE A QUESTION.
|
| 00:31:53 |
HOST, -
I RECEIVE SOCIAL
|
| 00:31:56 |
CALLER, -
SECURITY. I HAVE A CARD CALLED THE DIRECT EXPRESS CARD FROM THE GOVERNMENT. MY SOCIAL SECURITY IS DIRECTLY DEPOSITED EVERY MONTH ON TO THIS CARD. MY...
|
| 00:33:37 |
HOST, -
GUEST: TICKING ACCOUNTS ARE NOT FREE FOR A BANK TO OFFER TO CONSUMERS AND DOES COST THE BANK SOMETHING TO PROVIDE THE SERVICE.
|
| 00:33:46 |
GUEST, -
BUT IT IS IMPORTANT THAT CONSUMERS BE ABLE TO FIND A BANK THAT CHARGES THE LOWEST FEES, OR MEETS THEIR NEEDS AS BEST AS POSSIBLE. -- CHECKING ACCOUNTS...
|
| 00:34:08 |
HOST, -
ONE OF THE REASONS WHY I SWITCHED OVER FROM A TRADITIONAL
|
| 00:34:12 |
CALLER, -
BIG BANK -- I WAS WITH WELLS FARGO -- TO GO TO A SMALLER AFRICAN-AMERICAN COMMUNITY BANK, BECAUSE WHEN I FOUND, NOT JUST WITH CHECKING ACCOUNTS AND...
|
| 00:35:45 |
HOST, -
PTRUST.ORG IS ONE OF THE WEBSITES. CALLER: A LADY CALLED ABOUT NOT BEING ABLE TO HAVE A BANK ACCOUNT BECAUSE THERE WAS A MINIMUM BALANCE SHE HAD TO MAINTAIN....
|
| 00:36:06 |
CALLER, -
BELONGED TOUR CREDIT UNION FOR YEARS AND THE MINIMUM BALANCE IS $5. WHEN MY CHILDREN WERE IN HIGH SCHOOL, THEY WANTED TO MANAGE THEIR OWN MONEY AND PUT...
|
| 00:37:15 |
GUEST, -
OR CREDIT UNION OR A SMALL BANK BASED ON THE TERMS AND CONDITIONS AND FEES OF PROTECTING ACCOUNTS THAT ARE OFFERED. WHAT WE ARE PUSHING FOR IS THAT...
|
| 00:37:49 |
HOST, -
LIKE TO MAKE A COMMENT ON
|
| 00:37:52 |
CALLER, -
SOMETHING THE GENTLEMAN SAID EARLIER. HE WAS WONDERING WHY HE HAD TO PUT HIS MONEY IN A BANK AND WHY THERE ARE NO OTHER OPTIONS. IT'S COMMON KNOWLEDGE...
|
| 00:38:33 |
GUEST, -
BEST FOR THEM. HOST: ON TWITTER -- GUEST: NOT THAT I KNOW OF. HOST: CAN
|
| 00:38:42 |
HOST, -
YOU EXPLAIN WITHDRAWAL LIMITS? GUEST: MAYBE THEY'RE TALKING
|
| 00:38:46 |
GUEST, -
ABOUT DEPOSIT
|
| 00:38:49 |
HOST, -
HOLDS WHERE IF THEY DECIDE TO HOLD SOME OF YOUR MONEY BECAUSE THEY'RE NOT
|
| 00:38:52 |
GUEST, -
SURE OF THE SOURCE OF YOUR MONEY, THEY HAVE TO GIVE YOU $200 TO START THE NEXT BUSINESS DAY. I'M NOT SURE IF THAT'S WHAT HE'S REFERRING TO. HOST: DEMOCRATIC...
|
| 00:39:09 |
HOST, -
MY MONEY IN A BANK WHEN I DON'T WANT TO. WHAT IS THE ALTERNATIVE?
|
| 00:39:14 |
CALLER, -
CAN I USE A PREPAID? I AM WONDERING WHAT IS THE BEST WAY TO GO. GUEST: YOU COULD USE A PREPAID. THERE ARE SOME CONCERNS WE HAVE ABOUT THE CONSUMER PROTECTIONS...
|
| 00:39:32 |
GUEST, -
CARDS. OUR BEST ADVICE IS TO SHOP AROUND AND FIND A PRODUCT THAT WORKS BEST FOR YOU. HOST: WHAT DO YOU EXPECT MIGHT HAPPEN FROM CONGRESS ON THE ISSUE...
|
| 00:39:47 |
HOST, -
GUEST: THEY HAVE HELD SOME HEARINGS IN THE SENATE. I DON'T EXPECT ANYTHING TO HAPPEN WITHIN THE YEAR ON THESE ISSUES. HOST: WOULD HAVE SOME OF
|
| 00:39:56 |
GUEST, -
THE DEBATES AND LIKE ALL LEGISLATION ON CAPITOL HILL? GUEST: DODD-FRANK WAS THE BIG PIECE OF LEGISLATION THAT
|
| 00:40:03 |
HOST, -
BROUGHT TO THE CONSUMER FINANCIAL PROTECTION BUREAU. SINCE THEN IT'S BEEN DEALING WITH
|
| 00:40:08 |
GUEST, -
RICHARD CORDRAY AND OTHERS TO HEAR ABOUT HOW THINGS ARE GOING. HOST: WHAT DID DODD-FRANK SAY ABOUT PREPAID CARDS AND CHECKING ACCOUNTS? GUEST: THAT THERE...
|
| 00:40:19 |
HOST, -
A CONSUMER FINANCIAL PROTECTION BUREAU. AND THE LEGISLATION THAT COULD APPLY TO THE PRODUCTS WOULD BE TRANSFERRED TO ABOUT
|
| 00:40:26 |
GUEST, -
THE CFPB FOR OVERSIGHT. HOST: THE HOUSE WILL BE IN FOR A QUICK PRO-FORMA SESSION MOMENTS AWAY FROM NOW. AND THEN PRESIDENT OBAMA'S SPEECH TO THE U.N....
|
| 00:40:41 |
HOST, -
ASSEMBLY FOLLOWING THAT. FIRST ANOTHER PHONE CALL. DEMOCRATIC CALLER FROM NEW YORK, MANUEL. CALLER: I WANTED TO KNOW IF THE DIRECT EXPRESS CARD IS IMMUNE...
|
| 00:40:59 |
CALLER, -
CONTACT SOCIAL SECURITY AND ON THAT. WE HAVE NOT LOOKED INTO THAT.
|
| 00:41:05 |
GUEST, -
HOST: ARE THERE ANY FEES SIMILAR -- WHEN IT COMES TO BANKS, PREPAID CARDS, IF THE GOVERNMENT WANTS TO GARNISH
|
| 00:41:19 |
HOST, -
WAGES, ARE THEY ALLOWED TO GO TO BANKS TO DO THAT? GUEST: WE HAVE NOT LOOKED AT THAT ISSUE. HOST: WE HAVE 30 SECONDS LEFT FOR A MINUTE TO KEEP
|
| 00:41:30 |
GUEST, -
TALKING ABOUT THIS BEFORE THE HOUSE COMES INTO THE PRO-FORMA SESSION.
|
| 00:41:35 |
HOST, -
WE TALK A LITTLE ABOUT THE CONSUMER FINANCIAL PROTECTION BUREAU. WHAT ABOUT THE FDIC? YOU EXPECT ANY REGULATIONS? DOWN REGULATIONS? GUEST: I DON'T KNOW....
|
| 00:41:51 |
GUEST, -
VERY EXTENSIVE REPORT THEY JUST PUT OUT LAST WEEK. THEY HAVE ALSO HAD MODEL ACCOUNTS THAT MIGHT BE A GREAT OPTION FOR SOME COMMUTERS TO LOOK INTO --...
|
| 00:42:21 |
HOST, -
TO LET OUR VIEWERS KNOW THAT THE
|
| 00:42:22 |
GUEST, -
INFORMATION THEY DEFINED ON YOUR WEBSITE.
|
| 00:42:28 |
HOST, -
GUEST:P WE HAVE A PREPAID AT WEBSITE AUNT THE OTHER WEBSITE. >> BANKS TO HAVE A NEW WEBSITE, EXPLAINED THAT. >> AND NUTRITION LABEL FOR CHECKING ACCOUNTS,...
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| 00:42:48 |
Unidentified Speaker, -
SIDE OF OUR WEBSITE. >>
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| 00:42:52 |
Unidentified Speaker, -
STATE CHECKING IN THE ELECTRONIC AGE. WHAT IS NEXT FOR YOUR GROUP? --
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| 00:43:00 |
Unidentified Speaker, -
WE WILL BE BACK TOMORROW MORNING WITH MORE OF YOUR
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.