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Column – a chartered bank for developers

column.com

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Re: Column – a chartered bank for developers

#283

Post by solaxun »

binkHN wrote: post #249
Animats wrote: post #227

Earlier quoted context omitted.

acquiring the chartered bank They seem to have bought Northern California National Bank in Chico, CA.[1] The Column web site doesn't mention it, but they still have a physical branch in Chico. The FDIC gives their web site as "norcalbank.com", although it does show the name change to Column. Their site has no street address and "domain name only" TLS certificate from Amazon, so you don't really know for sure that col…

> "THE MAXIMUM AGGREGATE LIABILITY OF BANK AND ITS AFFILIATES, AND ITS AND THEIR LICENSORS AND SERVICE PROVIDERS, FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, WILL BE TEN U.S. DOLLARS ($10.00)." Got to love agreeing to online contracts where it's not possible to make any changes! That said, isn't this a case where the FDIC steps in and restores a decent…

That's an interesting question... for a lot of fintechs that "wrap" banks in a unified API, if something goes wrong on the app side the bank is not going to be liable. This is a bit different since they are actually the bank themselves.

Re: Column – a chartered bank for developers

#285

Post by solaxun »

strzalek wrote: post #68
earthboundkid wrote: post #38

Earlier quoted context omitted.

How much COBOL do you have to write on a daily basis?

Zero. The whole stack is built in golang from scratch and we integrate with FED over some... interesting protocols.

So I guess that means handling SWIFT MT / ISO 20022 messages is a big part of the custom stack?

Re: Column – a chartered bank for developers

#286

Post by Animats »

vmception wrote: post #273
Animats wrote: post #227

Earlier quoted context omitted.

acquiring the chartered bank They seem to have bought Northern California National Bank in Chico, CA.[1] The Column web site doesn't mention it, but they still have a physical branch in Chico. The FDIC gives their web site as "norcalbank.com", although it does show the name change to Column. Their site has no street address and "domain name only" TLS certificate from Amazon, so you don't really know for sure that col…

> This is about the level of legitimacy one sees with the typical crypto operation. Ironically, one that will probably not be willing to take the compliance risks of working with all the developers who are doing crypto operations, given how much they have to lose after investing in this bank and messing up AML. They could carve a lucrative niche for themselves though, this looks slightly more competitive than the sta…

Unless something goes wrong

An API which allows fast transfers any time of the day or night from your business deposit account to anyone in the world, using a wide variety of money transfer systems, and with little recourse if there's a problem or fraud. What could possibly go wrong?

Re: Column – a chartered bank for developers

#287

Post by ranguna »

fastball wrote: post #255
taejavu wrote: post #194

Earlier quoted context omitted.

The first line under the main heading starts with "The only nationally chartered bank...". That, combined with the dot com domain, implies pretty heavily that it's a US only thing. At least, it did for me.

Plus it says FDIC at the top.

And also mentions "federal reserve" half way through the page. But still, a really poor and implicit way of saying US only.

I guess people over there are stuck in their own bubble and might think US is the only country in existence.

Re: Column – a chartered bank for developers

#288

Post by usr1106 »

ncake wrote: post #168

If this is a US-only service, it should say so on the website somewhere. I've also had this experience with e.g. Betterment and Wealthfront. The only way to find out they're US-only is halfway through sign up process, not even anywhere in FAQ's.

Seems to be a not too uncommon problem. US businesses not taking into account that their site can show up in other countries.
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