New rule may make it easier to switch banks and transfer your financial data, but there is already legal pushback | CNN Business

CNN  — 

A lot of people stick with their bank for years. Many, many years.

That may be because they’re satisfied with the services they get. But in some instances it may be because it’s just too much of a hassle to move their money, especially if they have automated bill payments set up.

“Too often, customers stay with a checking account that doesn’t fit their needs because it’s too complicated to switch and risk being charged an overdraft or late fee if they miss a recurring bill,” said Adam Rust, director of financial

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