retail news in context, analysis with attitude

Got the following email yesterday responding to my FaceTime about Chase:

This could relate to both your comments today on banking (and later on) the NY Times poll regarding government regulation.

Some of your issues in your banking story, among others, can be blamed on our current administration.   Between anti-terrorism activities, actions to prevent money laundering, and the continually increasing oversight of the financial services industries in general, we spend far more time and resources trying to keep up with government regulation than we did ten years ago.

I attended a meeting recently conducted by one of our executives who told us that right now the fastest growing part of our firm’s hiring is not client-facing employees, but instead in the areas of oversight and compliance……we are doing all we can to find law school graduates who would rather work in this capacity than practice law, just to keep up with the continually growing regulatory demands.

More often than not, when I question yet another new rule or requirement as being silly or unnecessary, I am told that it is required as the result of additional oversight by the government.

On the other hand, lack of oversight brought us to the brink about six years ago.

Which makes my point about common sense regulation.

Another MNB user asked:

Why doesn’t all legislation have an expiration date to be reconsidered and renegotiated at a later date?

I'd be okay with that, except that it might open the door to an even greater flood of lobbying dollars trying to support various special interests.

From another reader:

Not sure how you resolved it, but we’ve found the Chase App ridiculously easy. I’ve sent my brother-in-law a $500 gift for his wedding, paid for services to freelancers, gotten money from a friend who needed me to get something for them at a store, and deposited checks up to $2,000/day. 

All for no extra fees to my account. And all instant. I never have to go to the bank anymore. It’s the greatest.

Which points up what Chase is try to do - get everybody to consolidate their accounts at Chase. Which we're going to do. Somewhere else.

And your point doesn't address my biggest objection - that they wouldn't take five 20 dollar bills.

Legal tender. Except, I guess, at Chase.
KC's View: