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Good -- three hello.
-- -- a new report showing more banks ditching free checking accounts to help paper costly.
Financial reforms that we're supposed to protect consumers and -- if any get even worse for consumers house up.
The current administration.
Brenda with the Dodd-Frank regulatory environment here alive and well.
It has increased the regulatory costs to these banks.
In order remaining continue solvent and -- school they're gonna pass these costs on to the consumer no more free checking you're gonna be charged.
For your checking accounts.
Now -- fat free checking accounts are not exactly -- -- are they now seem in the constitution on.
Now they're not and you know what good riddance it was always a big phony scam there never was any such thing as free checking.
It was -- -- -- banks would come -- -- they -- they're getting your free checking -- and -- get ten different directions with unexpected fees.
The regulations and made it more difficult the charges those fees.
And so yeah we're going back to a more honest system which is we're offering you were checking out that's a serious -- you're gonna -- and money for that we're not getting -- from ten different directions at stony fees.
And I think it's a better world quite honestly was a bummer deal and I'm about the bankers themselves are happy to say goodbye to it.
Well that may -- so -- Gary in government work on the back.
Act of banks would this be passed along to the consumer I mean they're here to make profits right if they've got government regulations come -- and that takes away some of their -- Absolutely Britain as long as there's competition which there is a lot of in the financial sector -- -- a community banks you know big money center banks local.
And now credit unions and things like that of course they would if they wanna gain market share they would pass -- along.
I had -- -- once the fans said -- now we'll have a -- system as if it's government's job to be it you know ensure that we have honesty in all industry you know I'm most a lot of government is so corrupt to begin with they can't spend our dollar why he's late but yes they're going to be in charge of fairness now for the financial industry -- -- -- -- -- Winds and who loses here.
The more inept than cropped just a cleric had.
You know I look at the point of -- policies will stop the next banking crisis and stop the next Bernie Madoff it didn't either so -- -- did the broad goals one to another in the specifics there are winners and losers with a specific thing.
What basically happened is the kind of person who would bounce -- checks over the -- etc.
-- benefit because now there'll be less onerous fees on that person the overdraft client.
The guy you actually plays it by the rules got free checking.
Same with the guidance is your present cash offer from -- critical but that doesn't -- -- go into the two point 9% mode when the period expires.
So you're taking away free checking as a reward to the very diligent consumer.
And it's so viewer the -- consumer you're hosed you no longer are rejecting.
If you're the guy who was not -- much -- you're better and better off with these new regulations it was a way that's a zero sum game that happened -- -- now.
I don't know -- there's something to that I think the problem was that the rules were so obscured it was so hard to keep up with -- went where and how the bank's rules work.
That you didn't show that even if you tried to be diligent and play by the rules and and and we've already don't tell me that people around the stable and hit by these -- Okay -- well elect gut testified that I don't look at the deal here is that.
There's regulation actually makes it worse -- -- people reported believes of course a person who took three dollar speed chip charge doesn't matter to -- matter what's gonna go to -- box and six -- that takes indiscriminately and disproportionately waive the people at least money sipping on Jackson thing I've bounced these -- are so in the exit you know it's always wonderful in the word of doing well -- making things right they've actually screwing the little guy and are hurting dug up the poor person whispers don't care.
None of former is that out of bounds of its excellent Simon today are gonna pay -- -- fees on wanna turn that around I think was in general -- the higher network banker who was getting the free checking and didn't really.
Needed so to say so I don't know about was the best.
Twist on what actually went -- I dare you ask you what's next -- what he's DC next.
Well I tell you what I think there's going to be fees riddled throughout the financial sector you know whether it comes a higher ATM charges and we just talk about the check these.
-- amber and I come back to the bigger question why this is the government's role why is it do they have to interject themselves and mock up another industry you don't like.
The fees as as the fans sat on -- -- go to union put your put your money under -- The mattress or something don't -- -- that -- governments job to ensure fairness -- why don't you think that -- Asked for by the -- that I huge cries and they need the betting that kind of watch for this regulation by screwing up so bad in the -- well.
I don't remember how bailing them absolutely they shouldn't have been bailed out -- and I I want.
Hit another -- really couldn't get in Juba were not gonna do that right now so.
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