Taking Citigroup and Bank of America to the woodshed for political moves

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johndoe3
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Taking Citigroup and Bank of America to the woodshed for political moves

Post by johndoe3 » Fri Apr 13, 2018 2:59 pm

https://www.reuters.com/article/us-usa- ... SKBN1HJ3CB

Senator John Kennedy of Louisiana blasted the anti-gun political announcements by Citigroup and Bank of America, that they would refuse banking services to makers and sellers of AR15s, at a Senate hearing of the Consumer Financial Protection Bureau.
Speaking during a hearing on the Consumer Financial Protection Bureau (CFPB), Republican Senator John Kennedy said he planned to personally file complaints with the U.S. consumer watchdog regarding the firearm policies.

“Our friends at Citigroup and Bank of America apparently aren’t busy enough with their banking business; they have decided that they are going to set policy for the second amendment,” the Louisiana lawmaker said, referring to the component of the U.S. constitution that protects citizens’ rights to bear arms.
As federally regulated megabanks, I was wondering what federal agency might be best in reining in Citigroup and Bank of America for politically oriented discrimination against gunowners, and employees of gunmakers and sellers. Using the CFPB may be the way to stop these banks from denying services for legal businesses.
You can fool all of the people some of the time, and some of the people all of the time...and those are pretty good odds.
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hardcase
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Re: Taking Citigroup and Bank of America to the woodshed for political moves

Post by hardcase » Sat Apr 14, 2018 7:06 am

Time to check who supplies credit cards and change if necessary.

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fishman
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Re: Taking Citigroup and Bank of America to the woodshed for political moves

Post by fishman » Sat Apr 14, 2018 10:08 am

hardcase wrote:Time to check who supplies credit cards and change if necessary.
If you pay your bill on time in full, your actually hurting the company. I might OPEN an account with these guys.
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hardcase
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Re: Taking Citigroup and Bank of America to the woodshed for political moves

Post by hardcase » Sun Apr 15, 2018 7:17 am

fishman wrote:
hardcase wrote:Time to check who supplies credit cards and change if necessary.
If you pay your bill on time in full, your actually hurting the company. I might OPEN an account with these guys.
How so?

They charge the vendo a fee to use their card, usually 4% or more. Then there are people like me that pay their CC bill as soon as it comes in the mail so I don't forget it. They have their money out for 30 days or less depending on time of purchase in the cycle.

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TROOPER
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Re: Taking Citigroup and Bank of America to the woodshed for political moves

Post by TROOPER » Sun Apr 15, 2018 8:57 am

hardcase wrote:
fishman wrote:
hardcase wrote:Time to check who supplies credit cards and change if necessary.
If you pay your bill on time in full, your actually hurting the company. I might OPEN an account with these guys.
How so?

They charge the vendo a fee to use their card, usually 4% or more. Then there are people like me that pay their CC bill as soon as it comes in the mail so I don't forget it. They have their money out for 30 days or less depending on time of purchase in the cycle.
^^ this ^^

This is why Sam's Club doesn't - or didn't - accept Visa or Mastercard. This is why some gas stations charge less for cash. This is why many gun-show vendors give a discount for cash. This is how credit-cards give 'air miles' or other perks; that money comes from each transaction. Using credit cards hurts the bottom line of the seller, not the buyer, and least of all the credit card bank.

... if they can score a few bucks off of end-users failing to pay-in-full, then great, but that is not their primary business model. It used to be, but not anymore.

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