This is very clever. I'd like to be able to "guard" my account by declining certain transactions, even if I made them willingly or agreed to have them scheduled.
Root – Programmable bank account for software developers
221–230 of 427 posts
Re: Root – Programmable bank account for software developers
#222People asking about what problem this solves haven't been to South Africa or Zimbabwe which in some ways are ahead of the West in creating cashless societies. The biggest bank is a phone operator and people can send each other money over the phone and from what I understand this is very common. Also interestingly most phones aren't smart phones. It's mostly analog. Banks have a serious incentive to create and encoura…
Let me counter with these facts about banking in South Africa: 1. Fees at most banks are high. (A basic account with no transactions typically have fees of several dollar per month). 2. If people are moving away from physical cash, its because of security concerns (theft and robbery), not liquidity. 3. Most transactions are done by credit card, debit order or Electronic Fund Transfer (EFT). EFTs are done between numb…
Just to clarify #2 - I read that as meaning that liquidity is a reason for banks to like the move away from physical cash. Why customers like it is clearly security, though, you're right.
Re: Root – Programmable bank account for software developers
#223At first I was wondering what I could possibly use this for, but as I sat and thought about it, I realized the possibilities are enormous. I'd like to know if the following are possible: 1. Forcing me to stay on budget, unless there's an emergency (perhaps allow purchases over budget after the third attempt). 2. Automatically distribute paychecks or other income into different accounts (some to retirement, some to sa…
I really like all of this. In particular I wish there was a way of setting your own fraud prevention constraints instead of having the bank try and figure out what your patterns are. I assume they don't because they're afraid of Average Joe disabling everything because they're annoyed and know the card company will reimburse it all anyway.
Re: Root – Programmable bank account for software developers
#224At first I was wondering what I could possibly use this for, but as I sat and thought about it, I realized the possibilities are enormous. I'd like to know if the following are possible: 1. Forcing me to stay on budget, unless there's an emergency (perhaps allow purchases over budget after the third attempt). 2. Automatically distribute paychecks or other income into different accounts (some to retirement, some to sa…
How about this one: Automatic set-aside of a percentage of all purchases into a "self-insurance" fund. Could also probably enhance it by excluding certain merchant categories, such as gas, groceries, medical, etc.
Re: Root – Programmable bank account for software developers
#225I wonder if anyone would ever be willing to link this up to a personal website and publicly display all transactions live. That would take transparency to a whole new level. Call me crazy but I feel compelled.
Re: Root – Programmable bank account for software developers
#226At first I was wondering what I could possibly use this for, but as I sat and thought about it, I realized the possibilities are enormous. I'd like to know if the following are possible: 1. Forcing me to stay on budget, unless there's an emergency (perhaps allow purchases over budget after the third attempt). 2. Automatically distribute paychecks or other income into different accounts (some to retirement, some to sa…
I really like all of this. In particular I wish there was a way of setting your own fraud prevention constraints instead of having the bank try and figure out what your patterns are. I assume they don't because they're afraid of Average Joe disabling everything because they're annoyed and know the card company will reimburse it all anyway.
I had someone buy $200 worth of jeans 800 miles away from my home a few months ago... for some reason Visa did not find that suspicious.
I was smart enough to thoroughly read my statement that month and dispute that charge.
Re: Root – Programmable bank account for software developers
#227Founder here :) Feel free to ask me any questions
As another person suggested on this thread, I want to program my own fraudulent activity check. E.g. if someone buys something x miles from where I live.
Would that be possible with your API?
Re: Root – Programmable bank account for software developers
#228Founder here :) Feel free to ask me any questions
As another person suggested on this thread, I want to program my own fraudulent activity check. E.g. if someone buys something x miles from where I live.
Would that be possible with your API?
Re: Root – Programmable bank account for software developers
#229Earlier quoted context omitted.
Do you know of the sorts of benefits it has brought in those places?
There's lots of people from Zimbabwe, Malawi, Mozambique etc. who come to South Africa because they can make more money here. Then they send the money back home. But if they send cash back it gets stolen 90% of the time. If they transfer the money it from one bank account to another, they don't lose their money. Making transactions more customizeable/automated is a great advantage. Why would you not want that? Also,…
> Then they send the money back home. But if they send cash back it gets stolen 90% of the time. If they transfer the money it from one bank account to another, they don't lose their money.
Making transactions more customizeable/
WTF are you talking about? No one[1] uses bank transfers to send money to their families in the SADC region: it's quicker and cheaper to use formal and informal money transfer agencies where the recipient gets cash, which is not stolen "90% of the time".
I swear HN seems knowledgeable on all subjects except those I am deeply familiar with...
1. SWIFT transfers do get used for big transactions or paying corporations, but no one I know will be sending amounts less than monthly income this way
Re: Root – Programmable bank account for software developers
#230Does anybody know anything about the company behind this, OfferZen?
Yeah OfferZen is the localised version of Hired in South Africa