ROCHESTER, N.Y. — A new rule announced Tuesday by the Consumer Financial Protection Bureau (CFPB) will make it much easier for consumers to switch banks.

The new rule requires banks to transfer your financial information to a competitor free of charge. That transfer must include your banking history including information about your transactions, account balance, and upcoming bills.

The CFPB says giving consumers choice will improve competition and ultimately lower prices. Banks oppose the rule, saying this move toward open banking will put consumer data at risk.

A Bankrate study indicates we keep the same checking account for 17 years on average.

In other consumer news, Target announced it is lowering prices on more than 2,000 items in a bid to draw in customers during the holiday shopping season. Items ranging from Crisco to cold medicine, kitty litter and toys will see price cuts. Target leaders say by the end of the year, they will have cut prices on about 10,000 items.

Walmart also announced Tuesday that the giant discount chain will start offering same day prescription deliveries. With the new service, you can get a mix of items like groceries and prescriptions in the same delivery. It will cost the standard delivery fee of $9.95, but it’s free for Walmart Plus members. The service will be available nationwide by January.

The announcement comes one week after Walmart and Aldi announced Thanksgiving meal deals. Walmart says its meal will average less than $7 per person, while Aldi’s says theirs will equate to about $5 per person.

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