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Root – Programmable bank account for software developers

root.co.za

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Re: Root – Programmable bank account for software developers

#421

Post by GuB-42 »

developer2 wrote: post #374
ic4l wrote: post #323

Earlier quoted context omitted.

Was a legit large bank. They did lose the case, and forked over for it but still... Had nothing to do with who was right or wrong and made shit very complicated. NEVER go 3 months without paying your payments no matter what anyone says the risks are way too high. Oh and always have a friend that is a lawyer ;)

To be fair, your original comment: "was told he could delay a payment"; namely, " a payment". One. The limit for danger with any credit is 3 monthly payments. Technically a single missed/delayed payment can affect your credit bureau, though many credit providers are nice enough not to report 30 and 60 day faults. Anyone who thinks they can get away with 3 months of not paying back any kind of credit product, let alon…

Maybe it was indeed one payment and then the bank asked for something unreasonable, further delaying other payments.

It happened to me once. I received an unreasonable bill for building maintenance fees, didn't pay, they sent me a lawyer making more unreasonable demands, I told them to fuck off (after consulting a lawyer myself). The thing is : because I didn't know how much to pay, I didn't pay for several months in a row. I only paid after everything was sorted out. It never went to court BTW, the guy responsible for the mess has been fired and his successor did a great job cleaning it.

Re: Root – Programmable bank account for software developers

#422

Post by louwhopley »

anigbrowl wrote: post #163
louwhopley wrote: post #54

Founder here :) Feel free to ask me any questions

First, good luck - it's a difficult space and I applaud you for trying something different. I have a few uncorrelated questions: 1) Is the API limited to types of transactions or do you host configuration information? For example, I've often wished for a bank account that would look at my outgoings and some criteria that I've set, and then allocate some monies to savings or investments on a percentage basis rather th…

Thanks :)

(1) A mixture of the two. We do allow you to write code that we host for you, to make prototyping (or building small features) easier and quicker, and you can access it all through the API, so you could do everything through a few https calls. (All account transactions are available to you)

(2) We try our best to make everything as seamless as possible, but we still have to comply with local regulations. We're working hard to create the best user experience possible given the tightly controlled environment we're in.

(3) That's part of the plan, yes :)

Re: Root – Programmable bank account for software developers

#423

Post by ic4l »

GuB-42 wrote: post #421
developer2 wrote: post #374

Earlier quoted context omitted.

To be fair, your original comment: "was told he could delay a payment"; namely, " a payment". One. The limit for danger with any credit is 3 monthly payments. Technically a single missed/delayed payment can affect your credit bureau, though many credit providers are nice enough not to report 30 and 60 day faults. Anyone who thinks they can get away with 3 months of not paying back any kind of credit product, let alon…

Maybe it was indeed one payment and then the bank asked for something unreasonable, further delaying other payments. It happened to me once. I received an unreasonable bill for building maintenance fees, didn't pay, they sent me a lawyer making more unreasonable demands, I told them to fuck off (after consulting a lawyer myself). The thing is : because I didn't know how much to pay, I didn't pay for several months in…

You are right... They asked him to delay the payments, and said everything was OK. He paid but then he later found out that the bank had other plans in mind.

This is why he eventually won the case... But the bank was already aware of this, and they were just going through the motions. Either way, be careful.

He did not get his house back though...

Re: Root – Programmable bank account for software developers

#424

Post by andrewflnr »

louwhopley wrote: post #419
andrewflnr wrote: post #359

Earlier quoted context omitted.

You mean you actually are leaning on packaged, reviewed rootcode to prevent errors? That seems somewhat inconsistent with your stated mission.

Nope, never said anything remotely close to that :) I said there are ways to prevent mistakes, like confirming transfers before executing them, etc

Well obviously. That's not actually what curryhowardiso said, though, which was "sandbox and reviewed apps". The sandbox is obvious, so I ignored it, and you're still telling me that reviewed apps aren't a major factor either. So, what are we talking about again?

Re: Root – Programmable bank account for software developers

#426

Post by droidist2 »

hasbroslasher wrote: post #102
jsudhams wrote: post #93

Earlier quoted context omitted.

One of the issue with cashless is that banks/financial service provided making money of of the money i.e. $100 making more than $100 with out adding any real value in fees (100 time circulation). I know time is money in most western countries but my place we do one crop a year and sit idle for 9 months. So time is not a money and we would rather give cash to a person get that much worth of a product. E.g. My sons sch…

The example of your son's school is fine, but imagine that your son lives in another country. Cash has other problems beside being slow. It's insecure - a person could steal your $20 bill from your mailbox or his, or from the Post Office. It's untraceable - if your son's school says "We never got your payment" but your son swears he gave them the cash, you're stuck in a situation where either your son or the school i…

I've always wondered about the "don't send cash through the mail" thing. How do corrupt postal workers detect cash inside a birthday card?

Re: Root – Programmable bank account for software developers

#427

Post by jdminhbg »

run4yourlives2 wrote: post #413
jdminhbg wrote: post #291

Earlier quoted context omitted.

> 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…

It's not that they don't exist, it's that you don't have the POS being widespread enough to support it in a common way. The Interac system in Canada is pretty much a given for any vendor that has a cash register. That automatically makes every single bank card into a direct debit card. You can choose to use it if you want of course, but it's default for all bank accounts, really.

This is still very wrong. US debit cards work with any credit card-accepting POS. If you can enter 16 digits and expiration date and get a charge, your debit card will deduct that amount from your checking account for you.
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