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this post was submitted on 13 Aug 2024
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It’s long overdue. Seems like a common sense thing but it’s different than the typical type of legislation so it seems unexpected.
My mom told me about her bank “it’s impossible to get anyone on the phone anymore” and I didn’t believe it. I tried myself and wow, she was right. The fraud department, sure . Just basic customer service, though, they’d take you in circles with their robot phone menu, make you repeatedly verify your information, then just hang up on you. Pretty wild that’s how a major bank can get away with treating their customers.
Major bank is probably the problem. I've never had issues contacting a live person at our credit union, nor with any customer service at all, from resolving card issues to working with us to make a loan doable.
Credit Unions are one of the easiest examples of how socialism works in the best interest of the general public. There is a reason that they provide great customer service, and it is because they are not run by malicious capitalists.
https://creditunions.org/
Crazy idea, but imagine if we took that idea and expanded it to other public services.
I know, madness. Never mind.
It is absolutely ridiculous that we have cooperatives in many sectors that have all shown to be effective and it is all overshadowed by shitty capitalists like Musk. Although I don't exclusively shop at coops and employee owned businesses, the ones I do shop at have the best customer service and are not more expensive than comparable businesses.
https://en.wikipedia.org/wiki/Cooperative
Damn commies.
/s
that's called syndicalism. not only is it communism, it's strongly associated with(spooky sound effects) anarchism. I'm sorry, you'll have to be shot for suggesting it.
Same. I had terrible issues with BoA, Chase, and Capital One but since switching to a local credit union I've been really happy with my service.
I'd like to see the wording before forming an opinion. I think it's an awesome idea on the face of it. However, I would hate for it to kill off the CLI button a lot of credit card companies have put out. That's exactly the kind of thing a bad actor would put in to either kill it off or make it suck so that they could point and say "See, the Dems suck and hate you!"
CLI button?
Credit Limit Increase
I definitely have problems contacting a live person with my credit union. Nobody answers their phone anymore and unless you are living nearby to go to the branch you aint getting service.
Major bank is always the problem, but small bank always bought out by major bank. 😓
Credit unions are great. I spent the last several years traveling often, though, and needed a bank that had branches in whatever state I would be in for a while so I had to go with a regular national bank.
It's not "business friendly" so it'll be DOA in Congress.
Dems won't fight for it, because there's no donor money coming in as a reward for passage.
Republicans will fight it aggressively, because they've got an enormous financial incentive to be seen as on the side of these corrupt business interests.
State and municipal governments will claim they don't have jurisdiction to set these rules locally, so we'll never see a localized attempt to implement these rules and prove them out as useful.
Any compromise that does squeak through will die in the courts. Judges will throw up injunctions and gut the language, because they see a path forward in their careers by siding with big business.
Customers getting exploited by these laws will remain more fixated on immigration and foreign wars and abortion and national debts as hot-button issues, because the candidates in their districts simply won't talk about this part of the platform.
YouTubers, AM Radio shock jocks, and other shill influencers will make up elaborate conspiracy theories about why the rule is bad, because that's what they're paid to tell people.
Its the same fucking game every time.
None dare say the words "Break up the monopolies"
I was in the Investment Banking Industry during the 2008 Crash and its aftermath and paid a lot of attention to what was done in the places with the largest Financial Industry companies (which most definitely includes the US) and the Democrats (at a time Obama was POTUS) were almost as much to given large Financial Institutions whatever they wanted with no restructuring and no conditions, as the Republicans.
Further, remember how Hilary Clinton suffered when running against Trump because just before starting her campaign she was personally paid half a million dollars to go give a speech to a bunch of Goldman Sach's types.
(Interestingly, after his unconditional rescue and support for the Finance Industry, Obama too made a lot of money giving speeches to these types).
Even more, remember that the 2008 Crash was the result of Bill Clinton repealing the Glass-Steagal that kept Investment Banking separate from Retail Banking (and the consolidation you can see in that chart would not have been possible without it, since all of those you see above joining are Investment Banks that merged or bough Retail Banks or are Retail Banks that opened Investment Banking divisions).
The Democrats might be less prone to Fascism (though Biden's undying love and military support for Genocidal ethno-Fascists shows it's hardly a line they won't cross so long the Fascism happens abroad) and indulging in Ultra-Conservative Moral Proms, but very few of them are there representing "The People" rather than representing those who can afford to buy them with non-executive board memberships, gold-plated consulting positions and millionaire speech circuit gigs.
If everyone was this pessimistic, nothing would ever happen.
This legislation will be popular enough that it might be political suicide to be against it. If it's not poison pilled I bet it passes.
Just another reason to use a member-owned credit union.
Here's a tip: you can go to a branch and have someone there dial the number for you. They have a special line for some problems with lower wait times. Plus, if they have to dial the normal line they know that exact buttons to press to get a person.
Bonus tip: you can use that visit to withdraw all your money and close your accounts, then take it to a credit union.
If I was already at the branch I can just ask them to take care of whatever. The only people you really need to talk to on the phone at that point might be the fraud department.
Having worked for a major bank before in one of their customer service departments, I would typically get the brunt of it from people who had to navigate that labyrinth, it was sometimes just as easy for workers to get lost on the inside as people on the outside. Sometimes I thought it was just all poorly planned out and not necessarily out of any ill intent, but other times it seems like the whole thing was just designed that way to get people to quit trying. Sometimes we would go through with the customers through the whole dumb system ourselves just to make sure they were getting to the right place, but still run into all sorts of road blocks or find out later from the account notes that wherever we got them to still couldn't help them. And it doesn't help when customer service reps are being graded by their time on the phone, staying on a call longer than whatever the designated cycle time counts against customer service reps, so the motivation is to get people off your phone as quickly as possible.
My impression is they are trying to reduce the number of calls that make it through to a person, since phone support is famously quite expensive to provide.