British Banks About to Get More Consumer Friendly

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One of the things that keeps people from switching banks is that it’s a pain in the ass. In Britain, they decided to do something about that:

Under orders from the U.K. government to remove barriers to competition, large and small lenders alike have spent two years and a total of about £750 million ($1.2 billion) preparing to make it possible for checking-account customers to switch banks within seven business days. Starting Monday, the banks will have to handle the process of moving accounts and making sure that automatic bill payments and money transfers are shifted seamlessly to the customer’s new bank

The experiment is being closely watched not just in Britain but also by industry officials and policy makers in the U.S., where banks aren’t obligated to assist customers who want to defect to a rival institution and the switching process can drag on for more than a month. Industry consultants said the British project could become a template for banks in the U.S. and elsewhere.

Uh huh. Sure it could. I’m sure that a year from now the finance lobby will have prepared a dozen white papers explaining what a disaster this has turned out to be for British customers, and how adopting it in the U.S. would raise costs for everyone and all but destroy consumer banking. And that will be that. After all, if banks say something would be bad for consumers, who could doubt them?

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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