Root – Programmable bank account for software developers • Hacker News Board

Re: Root – Programmable bank account for software developers

#291

Post by jdminhbg » Wed, May 03, 2017, 10:17 PM UTC

run4yourlives2 wrote: post #275

kuschku wrote: post #233

Earlier quoted context omitted.

Sadly, I think the solution in the US and some parts of the EU is even worse than the chinese one. Try buying Cuban cigars without cash anywhere. Your VISA or MasterCard will mysteriously fail to allow this purchase – because, due to the embargo, these companies just refuse to allow transactions containing the words "cuba", "iran", etc. VISA and MasterCard also have additional rules of their own, and if you have a so…

I'm Canadian, so not only can I buy Cuban cigars, I can buy them in a store down the street with my debit card. (A real debit card that connects directly to my account, not just a prepaid credit card.) Regardless though, making an illegal purchase isn't a very good reason to argue for cash; in fact you may have more luck changing the dumb laws if people are truly hurt by them. The US definition of a "debit card" is m…

> The US definition of a "debit card" is massively different than the Canadian one. For us, our bank card is the debit card. The same one I use to take money out of my account at an ATM is the same one I can use to buy a $1 coffee.

I keep seeing this pop up, but it's a misconception; we have these in the US too. I have one, although I don't use it for purchases (I use a rewards credit card that gets paid off monthly instead). Here's an example (hopefully Wells Fargo doesn't redirect you because you're in Canada): https://welcome.wf.com/checking/?gclid=CIzL2ong1NMCFVBtfgodb...

Re: Root – Programmable bank account for software developers

#292

Post by archeantus » Wed, May 03, 2017, 10:17 PM UTC

This looks amazing. I actually spent several months making an awesome Mint killer. The only problem was getting access to bank data that wasn't crazy expensive.

If this pans out, I've got a beautiful app ready to roll! Anyone want to help out?

Re: Root – Programmable bank account for software developers

#293

Post by EGreg » Wed, May 03, 2017, 10:19 PM UTC

run4yourlives2 wrote: post #278

tomcam wrote: post #218

Earlier quoted context omitted.

Were there any facts in your answer? Where did the parent mention Revelations?

I'm not sure what you are looking for. OP linked a cashless society to being the cause of government control. This is false. Government can exert control already in a cash-based society to a sufficient degree. It's more a style of the government in question than the tech used.

You missed the part where I said a government id is required to make a purchase, so there is a single point of failure aka disconnection. This is not true in the USA or other countries where you can have cards from many different banks so if one blocks you, you pay with another. And cash certainly represents a way of paying with no such restrictions.

Re: Root – Programmable bank account for software developers

#294

Post by 33W » Wed, May 03, 2017, 10:21 PM UTC

What considerations do persons in the US need to take into account before opening a foreign bank account?

Re: Root – Programmable bank account for software developers

#295

Post by dokem » Wed, May 03, 2017, 10:41 PM UTC

s_dev wrote: post #45

People 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…

Yes, this programmable credit card for developers is exactly what the low-tech, third-world is looking for.

Re: Root – Programmable bank account for software developers

#296

Post by adrr » Wed, May 03, 2017, 10:42 PM UTC

kuschku wrote: post #277

run4yourlives2 wrote: post #275

Earlier quoted context omitted.

I'm Canadian, so not only can I buy Cuban cigars, I can buy them in a store down the street with my debit card. (A real debit card that connects directly to my account, not just a prepaid credit card.) Regardless though, making an illegal purchase isn't a very good reason to argue for cash; in fact you may have more luck changing the dumb laws if people are truly hurt by them. The US definition of a "debit card" is m…

> in fact you may have more luck changing the dumb laws if people are truly hurt by them. But that’s the point. Cuban Cigars are legal in Germany. You can legally buy them. But every payment processor that’s located in the US can not process such a transaction. Relying on foreign companies for most basic needs means you lose a lot of sovereignty.

Processors don't send l3 data for normal consumer based transactions. How would they know you were buying cuban cigars?

Re: Root – Programmable bank account for software developers

#297

Post by dhc02 » Wed, May 03, 2017, 10:45 PM UTC

moftz wrote: post #207

apostacy wrote: post #135

When can I have direct control of recurring payments? I want to be able to "push" money instead of having it "pulled" from my account. This is a totally reasonable feature. If a merchant wants assurance that they will be paid, they should charge a deposit. The closest I've had is Entropay, but I don't really trust them for large payments. Recurring payments are so abused, I can't count how many times I have been misl…

I wish I could just have the ability to create virtual credit card numbers. I would be able to fill it with a certain balance, set up recurring balance refills, change the expiration date, keep a merchant whitelist, and cancel the number at any time. This gives me the opportunity to make sure that even if my card number was stolen or abused, the charge won't go through. If I sign up for a free trial or a service I on…

Check out privacy.com

Re: Root – Programmable bank account for software developers

#298

Post by ic4l » Wed, May 03, 2017, 10:52 PM UTC

rhcom2 wrote: post #285

Someone wrote: post #267

Earlier quoted context omitted.

5. Due to a bug in _your_ code, accidentally have your mortgage payments bounce because of lack of funds, and get evicted from your home. With great power comes great responsibility. The number of times you say 'perhaps', 'unless', 'so if', or 'could' is so high that you would have to thoroughly review your code before trusting it.

To get to that point though I'm sure the bank would be calling you for their money, sending you letters, serving you with legal documents, ect and I think most people should notice if their account suddenly had extra unbudgeted money the size of your mortgage payment. So yeah, be careful but I don't think you could lose your home.

Don't be so confident that the right thing happens always. I had a friend that was told he could delay a payment and they tricked him into paying late and they sold his home already... after many legal battles he eventually won but the bank said that they already sold the home so that we're in a losing situation either way. They picked the lesser of two evils. Form what i understand it was because two branches of the bank were working independently and they didn't properly relay information.

Re: Root – Programmable bank account for software developers

#299

Post by eximius » Wed, May 03, 2017, 10:53 PM UTC

simooooo wrote: post #242

jacksnipe wrote: post #215

At 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…

My only worry would be rejecting the payment might cause your card to be gobbled by an ATM

Thats a thing?

Re: Root – Programmable bank account for software developers

#300

Post by ic4l » Wed, May 03, 2017, 10:55 PM UTC

Are there any US banks that offer such a credit card api at the transaction level where you can reject within XX seconds? Been looking for something like this forever, or is there a way to partner with a bank for less than $1m to do such a thing?