191–200 of 206 posts
The typical view of Amazon is that they're putting B&M businesses out of it. What's the value to these stores in doing this? I feel like I'm missing something obvious here.
For those do not see a value in this idea - is because simply you are living in a bubble. Lots of places in this world do not take credit cards. In fact, in the center of the tech bubble - SF and if you happen to visit some restaurants in Chinatown, they usually have a sign says "Cash Only". CC fees are so high (even if you don't think it's that much) that those shops rather not take any CC and save themselves from B…
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Get it tattooed on your body. Or smart watch. I wonder though if a paper copy is a vulnerability. Do they ask to verify your ownership of the bar code for example "What is your pin?"
Why would it be a risk? The barcode can only be used to deposit money, not withdraw.
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Credit unions have similar, maybe slightly lower, standards for opening accounts. They don't want to be stuck with overdrafts either.
I know that credit unions (and banks, for that matter) in my area don't require a high credit score to open an account - I was able to open two accounts - one in a credit union, another one in a bank - while having no credit score whatsoever after arriving to the country. The bank did actually run a credit check on me, and they told be that it basically came up as "no history", which to them is the same as not passed…
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I can understand a variety of cash usages over credit for fee savings, privacy and getting around transaction limits. But I can't understand why anyone would use a check cashing place. Can you not get a bank account for free in the US? Even my grocery store runs a free banking service here with no minimum - you lose out on some things like teller withdrawal, but they have ATMs everywhere and unlimited debit transacti…
Many of the major banks charge fees if your bank account is below a certain threshold [0], often in the range [$1000,1500] for the required minimum balance. Any balance below that, you typically need direct deposit to avoid the fees. And banks have a (in the US) deservedly poor reputation amongst the poor. Less common now (maybe barred now?), banks would take the day's transactions and apply them in an order which de…
Gas stations and some other companies 'susceptible to fraud' Have the ability to withdraw cash before the whole bill goes through. So the swipe has $70 withdrawn, then redeposit it (with a long delay), and then charge your bill. So you end up with multiple overcharges for one transaction if the first withdrawal is too large.
Account features like paying/auto-transfer from savings being disabled if you trigger arbitrary rules.
Normal banks and even most credit unions are purposefully exclusive in policy. Though I imagine a lot of it is "this is just how it's done" than purposeful. Though it does all feel pretty hateful after banking at military banks, since there is a working model right there.
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From a technical viewpoint, Amazon Cash is a private currency, pegged to the USD. The currency is spendable across multiple companies (Amazon, CVS Pharmacy®, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG's Grocery). Amazon can "issue" it by crediting Amazon Cash accounts. Etc. https://en.wikipedia.org/wiki/Private_currency
No, this is not a private currency - Amazon is not issuing currency, you are depositing US dollars into an account.
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I will come out of the woodwork to oppose it :-) It is not really an innovation. This is basically private money that can only be used at a particular store. At the dawn of industrial revolution large mills used to pay their workers with "scrip" -- a private type of cash that could only be used in company-owned stores. The company basically double-dipped: first profiting from the labor of the workers, then profiting…
This is a misplaced sentiment. If Amazon were trying to trap people into spending money at their store and forcing people to pay exorbitant Amazon prices, then maybe this argument would make sense. But Amazon has a wide selection of products at low prices. And they'd be willing to let people extract their money and go use it elsewhere if it weren't for the pesky problems related to money laundering. There's really no…
What if Amazon, with the fact that they built that huge CIA data center (think AWS for the CIA, plus the other contracts, plus the WAPO purchas...) is now doing an op to determine where grey money may be going and on what...
Think of it as a data op...
the infra to determine where monied intentions are going - it has nothing to to with terrorism, but everything to do with totalitarianism.
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Many of the major banks charge fees if your bank account is below a certain threshold [0], often in the range [$1000,1500] for the required minimum balance. Any balance below that, you typically need direct deposit to avoid the fees. And banks have a (in the US) deservedly poor reputation amongst the poor. Less common now (maybe barred now?), banks would take the day's transactions and apply them in an order which de…
It's worse than you think for those with low balances. Gas stations and some other companies 'susceptible to fraud' Have the ability to withdraw cash before the whole bill goes through. So the swipe has $70 withdrawn, then redeposit it (with a long delay), and then charge your bill. So you end up with multiple overcharges for one transaction if the first withdrawal is too large. Account features like paying/auto-tran…
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Having grown up in a lower-middle class neighborhood and lived among people who the OP was speaking about, I can assure you that they were not "unbanked" or "underbanked" because of any sort of risk profile attached to banking. They didn't have checking accounts because they were generally unable to attain one.
I'm from a similar background and this doesn't make any sense, but since I know it's going to devolve into an argument of "Well, they don't speak the primary language in the area, so they can't communicate with the tellers", "they're too old so they can't drive anymore", or "they're illiterate [either literally or financially] and their caretaker doesn't like taking them to the bank", I'm not going to go there. I'm n…
"Last time I got a checking account, the process was a formality, and there were no eligibility requirements in excess of the documentation legally required to open an account and the (small) minimum deposit."
There were many eligibility requirements - you just happened to pass all of them.
Most underbanked/unbanked people don't have bank accounts because they do not meet those eligibility requirements.
- A small deposit to open an account is for many on the lower socioeconomic ladder not feasible.
- Others cannot pass a soft pull credit check
- Many cannot pass the ChexSystem verification because they have delinquent/unsettled accounts at other banks
- Some cannot procure a government ID or verify an address
- Others can't pass criminal background checks
I've seen it, and I've lived it, and I'm certain that they would much rather keep the 3-5% of their check that gets pocketed when they try to cash it outside the mainstream banking system, but they don't have any other options.
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Sounds like a check card at Bank of Amazon, that maybe isn't a "bank" because of loopholes in the banking law.
Yeah, the wording in the FAQ has me a little confused: 2) Where can I use Amazon Cash? We have partnered with thousands of stores across the country, including CVS Pharmacy®, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG's Grocery with more retailers coming soon. A directory of all participating stores can be found at www.amazon.com/cash. Are they saying you can also spend your 'Amazo…
No, clearly not:
> 1) What is Amazon Cash? > Amazon Cash lets you add cash to your Amazon Balance [...] > Your Amazon Balance can be used to shop for millions of eligible physical products and digital content