There are no fees at America’s smallest bank
bloomberg.com
There are no fees at America’s smallest bank
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Re: There are no fees at America’s smallest bank
#2Re: There are no fees at America’s smallest bank
#3[deleted]
Re: There are no fees at America’s smallest bank
#4 Sammons, the fourth generation of his family to run the 100-plus-year-old S&L and its only full-time employee, confides that he’s a bit tech-averse. “Computers are great when they work,” says the 55-year-old, laughing. “I don’t have the patience for them.”
Re: There are no fees at America’s smallest bank
#5I think the regulatory pressure to consolidate is well known by the Fed leadership, and they've at least announced a desire to protect small institutions and do more to encourage de novo institutions[0].
But I disagree with the idea that Dodd-Frank in particular has much to do with encouraging smaller banks to consolidate, considering its provisions kick in at defined levels of capitalization. The practice of "charter stripping", which is when fintech/crypto startups purchase a small community bank for their Federal banking charter and discard the rest, probably has a bit more impact, and that's exactly what relaxing the rules against de novo charters would alleviate.
[0]: https://www.bankingdive.com/news/federal-reserve-governor-Mi...
Re: There are no fees at America’s smallest bank
#6There's a nice documentary from 2002 about Germany's smallest bank, which also doesn't use computers:
https://de.wikipedia.org/wiki/Schotter_wie_Heu
Re: There are no fees at America’s smallest bank
#7I have bank accounts in 3 different countries and none of them have any fees either.
What they have thought is redundant documentation of my funds that guarantee I won't be SoL when the building burns down with the paper ledger in it like this bank here.
I really don't understand this fascination or even admiration for outdated ways.
Re: There are no fees at America’s smallest bank
#8With an aversion to technology, i really wonder how this bank supports electronic transfers like ATM, ACH, wires etc. Is there a core banking system running?
Re: There are no fees at America’s smallest bank
#9I have bank accounts in 3 different countries and none of them have any fees either. What they have thought is redundant documentation of my funds that guarantee I won't be SoL when the building burns down with the paper ledger in it like this bank here. I really don't understand this fascination or even admiration for outdated ways.
I'm sure Mr. Sammon's typist keeps the pink copy of the carbon with your account data on it offsite.
Many of this bank's customers would be baffled at the necessity of having bank accounts in three different countries. They haven't left Newton County, Indiana since high school.
Re: There are no fees at America’s smallest bank
#10With an aversion to technology, i really wonder how this bank supports electronic transfers like ATM, ACH, wires etc. Is there a core banking system running?
It seems not to support ATMs, as mentioned in the large sub-heading (the "deck" as it's known in news parlance).
> There’s no ATM, no website and constant worries about being “too small to survive.”