Why it’s so hard to fix banking: An interview with Simple’s exiting CEO
Eh. This is not a mystery. Banks have tremendous lock-in and inertia working for them. The only way to fix the industry is complete account portability. Anybody should be able to wander into any competitor to their existing bank and initiate a transfer of their account to that competitor. The transfer should freeze the account and take no more than 48 hours. Do this and let the free market work its magic. Just like American celluar providers used to suck until number portability kicked in, American bank providers will suck until account portability is a thing.<p>P.S. Banks should also be required by law to provide minimal services to every American citizen. It is absolutely beyond stupid that there are 10 million American households that don&#x27;t have access to a bank account [1]. These households are then forced into dealing with the Check Cashing&#x2F;Payday Loan businesses who are pure, unmitigated fucking evil. These firms charge outrageous fees that trap many people in poverty.<p>[1] <a href="https:&#x2F;&#x2F;www.fdic.gov&#x2F;householdsurvey&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.fdic.gov&#x2F;householdsurvey&#x2F;</a>