51–60 of 258 posts
Isn't this what CASS is for? Is there really no US equivalent?
That's a juicy target. Any company willing to clear those regulatory hurdle gets to become not just a company, but effectively a taxing authority.
Earlier quoted context omitted.
Thin air? What are all the employees doing then?
Yup, thin air. When people borrow money, the bank just creates the money out of nowhere. That money doesn't actually exist until the debt is paid. Banks are ultimately responsible for the extreme inflation of virtually all currencies currently in use.
Is this going to be the sort of phenomenon that we will eventually look back as a signifier of the dumb money economic bubble we're in, similar to past trends like the wild access to credit in the Roaring Twenties, the run up to the S&L crisis in the '80s, the worthless tech IPOs of the Dot-Com Bubble, the liar's loans of the 2000s, and another examples of rampant finacialization? If the environment is one in which n…
A few startups started encroaching into financial services territory, took all the risk (including regulatory), and now that it's clear it's something worth pursuing Big Tech is following, expecting to leverage their existing products/services/ecosystem to lock you in by yet another aspect your life.
Another answer: because regular banks are awful to deal with. They don't have nice APIs to just move money around. They apply velocity limits at surprising times. They can terminate your account suddenly for opaque reasons. They charge high regular fees and even higher "gotcha" fees if you make a mistake. They can take back money sent to you for up to 90 days, but often can't get back money you sent to crooks even if…
Isn't one of the requirements for being a "bank" that you can't do stuff like that?
Earlier quoted context omitted.
> I have had to come up with a dollar amount worth several months of expenses on very short notice (same day, life is unpredictable). That seems like a perfect use case for using a credit card to cover the expense and then pay yourself back when your money moves out of the savings account. I have trouble imagining a case outside of a hostage situation where you would need access to your emergency fund same day.
I wouldn't expect Shelby, Mercedes, and their sisters to be held for cash every day myself, but if you really want to bring them home one of the most worthwhile options is cashthedayofthesaleasiswhereisnowarrantiesofany kind. http://www.classic-carauction.com/featured-cars?auctionid=10...
Personally, if I'm expecting to make a large cash purchase I have more than a few days notice.
Earlier quoted context omitted.
> I have had to come up with a dollar amount worth several months of expenses on very short notice (same day, life is unpredictable). That seems like a perfect use case for using a credit card to cover the expense and then pay yourself back when your money moves out of the savings account. I have trouble imagining a case outside of a hostage situation where you would need access to your emergency fund same day.
Two examples: Auto purchase where there was an issue with the banking partner of the vehicle manufacturer. Another is a real estate transaction. Bailing friends out of jail is always cheap (~$500), but not everyone takes credit cards (no chance for the first two scenarios). Fundamentally, I should not have to explain why I would desire immediate access to my own cash reserves at a moment's notice to excuse broken fin…
> Fundamentally, I should not have to explain why I would desire immediate access to my own cash reserves at a moment's notice to excuse broken financial infrastructure.
Yes, if you are investing in less-liquid assets to get a better RoI then you absolutely do. If you don't like the terms then you are free to keep your cash in your checking account.