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Its Free; Its Intrusuve; Its Scary

2009-06-11 19:57:55.015159+00 by ziffle 3 comments

Free Chex Report

Had an overdraft? Too bad; everyone knows now; its public knowledge it appears.

Is there a database so we can log in evertime a bank or financial institution lies to us?

[ related topics: Databases ]

comments in ascending chronological order (reverse):

#Comment Re: made: 2009-06-13 16:27:32.295147+00 by: Dan Lyke

Got a little more context on how we'd get one of those on ourselves? In general it seems like that's something buried in the fine print in the big ol' privacy act text we get when we sign up with a bank. Or what we consent to when we purchase from a store that uses one of those check clearing house services (a bad idea, by the way, we've had at least one situation where they billed us again a year later because of a database screw-up).

Welcome to the free market.

#Comment Re: made: 2009-06-13 17:04:58.675264+00 by: ziffle

Actually this is not a free market. The banks are required to get government approval - there is a large barrier to entry into that field, so they start doing thinks like that and we have no where to turn.

#Comment Re: made: 2009-06-13 17:41:19.071694+00 by: Dan Lyke

Two answers to that:

  1. presumably this is the check cashing service. Admittedly they have their own set of regulations, but less than banks.
  2. There are a lot of banks out there. The race has been to the bottom, not the top.