I moved to the US from the UK three and a half years ago. While there are numerous differences in the two countries’ banking systems, one notable one is the ability to switch checking accounts easily. There is a switching service that all the major banks utilize (https://www.currentaccountswitch.co.uk), and even some business accounts can use it. Not only does it make it very easy to switch from one bank to another and have all your bill-paying etc. carried over, banks often offer cash bonuses for switching to them and away from a competitor. I think HSBC paid me £150 to close my existing account and open one with them—and my account was not anything particularly premium or unconventional. Basically, while the overall banking system in the US may be a more complicated beast than the UK’s, there is a model for a robust switching service that all major banks can buy into, and the potential benefits for customers are significant.
I must comment on your contention that Meta's victory over the FTC will not hobble antitrust enforcment and will, paradoxically, be a boon to anti trust enforcemnt.
Your contention is, with all due respect, wishful thinking.
You said that although the decision ruled against the FTC, there was favorable language in the decision re anti trust enforcement.
However, you misapprehend a basic feature re the Interprettion of legal decisions:
ALL LANGUAGE, IN A JUDICIAL DECISION THAT IS NOT DIRECTLY RELEVANT TO THE COURT'S ACTUAL RULING OR HOLIDING IS CALLED "DICTA" AND IS NOT IN ANY WAY CONTROLLING LAW. IN OTHER WORDS, IT IS DEVOID OF PRECEDENTIAL EFFECT.
Such language might constitute persuasive precedent, but it is not BINDING PRECEDENT.
By the way, I don't know if my posting will note that I have a newsletter on substack. I do not want to unfairly tread on your space, but I want to note that I have a newselttrer, entitled Mad Dogs and Englishmen. In this journal, I endeeavor to say what has not been said before and to excavate and explore ideas and issues uncharted. My newsleter focuses on political issues but also encompasses the law, art, psychology and occasionially includes poety which rhymes and short stories.
Thanks Matt for the insight on the $109B bank haul. I hate banks and am lucky to be able to control use of cards and not pay any fees or carry any debt. Thanks to your enlightenment I will be billing Bank America and Schwab for the money they owe me on my deposits. I will let you know their response, but I am sure you know the answer already.
I'll be very interested in your follow-up on the Meta decision once it's made public. I hope your initial analysis is correct.
I never realized the "financial services provided without compensation" was so huge. I knew that banks are slow to increase depositors interest rates, but this is ridiculous.
A quibble on the source of loans banks make. They do not use depositors money, they create new money at the moment that they deposit the borrower's proceeds in their bank account. Loans create deposits, not the other way around.
I moved to the US from the UK three and a half years ago. While there are numerous differences in the two countries’ banking systems, one notable one is the ability to switch checking accounts easily. There is a switching service that all the major banks utilize (https://www.currentaccountswitch.co.uk), and even some business accounts can use it. Not only does it make it very easy to switch from one bank to another and have all your bill-paying etc. carried over, banks often offer cash bonuses for switching to them and away from a competitor. I think HSBC paid me £150 to close my existing account and open one with them—and my account was not anything particularly premium or unconventional. Basically, while the overall banking system in the US may be a more complicated beast than the UK’s, there is a model for a robust switching service that all major banks can buy into, and the potential benefits for customers are significant.
I must comment on your contention that Meta's victory over the FTC will not hobble antitrust enforcment and will, paradoxically, be a boon to anti trust enforcemnt.
Your contention is, with all due respect, wishful thinking.
You said that although the decision ruled against the FTC, there was favorable language in the decision re anti trust enforcement.
However, you misapprehend a basic feature re the Interprettion of legal decisions:
ALL LANGUAGE, IN A JUDICIAL DECISION THAT IS NOT DIRECTLY RELEVANT TO THE COURT'S ACTUAL RULING OR HOLIDING IS CALLED "DICTA" AND IS NOT IN ANY WAY CONTROLLING LAW. IN OTHER WORDS, IT IS DEVOID OF PRECEDENTIAL EFFECT.
Such language might constitute persuasive precedent, but it is not BINDING PRECEDENT.
By the way, I don't know if my posting will note that I have a newsletter on substack. I do not want to unfairly tread on your space, but I want to note that I have a newselttrer, entitled Mad Dogs and Englishmen. In this journal, I endeeavor to say what has not been said before and to excavate and explore ideas and issues uncharted. My newsleter focuses on political issues but also encompasses the law, art, psychology and occasionially includes poety which rhymes and short stories.
Thanks Matt for the insight on the $109B bank haul. I hate banks and am lucky to be able to control use of cards and not pay any fees or carry any debt. Thanks to your enlightenment I will be billing Bank America and Schwab for the money they owe me on my deposits. I will let you know their response, but I am sure you know the answer already.
I'll be very interested in your follow-up on the Meta decision once it's made public. I hope your initial analysis is correct.
I never realized the "financial services provided without compensation" was so huge. I knew that banks are slow to increase depositors interest rates, but this is ridiculous.
A quibble on the source of loans banks make. They do not use depositors money, they create new money at the moment that they deposit the borrower's proceeds in their bank account. Loans create deposits, not the other way around.
Stay safe.
my pov, we need economic synthesis over my grade
As you know, talk is cheap, sgm john