A Small Suggestion for Elizabeth Warren and the Consumer Finance Protection Agency

Bank gouging is everywhere. I just ordered additional check from my bank (JPMorganChase), which linked me to Deluxe to order the checks. Cost ? Over $ 50, with "shipping" fee. What a rip off. By comparison, at the holidays, I ordered 100 greeting cards with three pictures and several colors, plus envelopes, for about $ 125. The profit margin on the checks is obscene.

My guess ? The bank takes a percentage of every order for checks, or somehow is paid/credited//benefitted by Deluxe. Or, maybe the bank owns Deluxe, or some portion of it.

The suggestion ? After the agency is up and running, assign some junior person to determine who is making all the money on the checks, and how payments are being shared. Sue or fine for rebates to the bank, or other unfair/illegal actions, if any. Then, require banks to provide a link to competitively priced vendors for checks.

#Offtopic

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About Kirk

Since becoming a lawyer in 1983, Kirk’s over 30 years of practice have focused on advising a wide range of corporations, associations, and individuals (as both plaintiffs and defendants) on both tort and commercial law issues centered around “mass torts.”

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