“just because Government deems something now LEGAL doesn’t mean a business or a person should DO IT just because they can.”
It’s always been legal. Now it’s profitable. If they’d done this 5 years ago, they would not have gotten away with it because their depositors would have gone to Wells Fargo, or Chase, or wherever. But because the costs of providing this service have increased due to the regulation, every bank is doing this or going to do this, and so they don’t need to worry about the competition.
You can’t count on the “goodness of man” in the marketplace any more than you can count on the goodness of man anywhere else. Everyone is in it for himself. The trick is to devise a system where good behavior is profitable. In that respect, regulation does not beat competition. Regulation simply substitutes the politicians’ preferences for those of the consumer. But in the end, it’s still the consumer who pays for them.
“Everyone is in it for himself. The trick is to devise a system where good behavior is profitable. In that respect, regulation does not beat competition. Regulation simply substitutes the politicians’ preferences for those of the consumer. But in the end, it’s still the consumer who pays for them.”
Yep. I understand that. But since I’m in it for myself, it was to my benefit to get away from this particular business a year ago - which was a year too long. :)