With 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?
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There are no fees at America’s smallest bank
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Re: There are no fees at America’s smallest bank
#12With 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?
The article states they do none of that. Just savings that you can drop off or pick up at the branch.
Re: There are no fees at America’s smallest bank
#13With 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?
As far as ACH goes, the same way they did it 30+ years ago. You don't need to be technology inclined to perform ACH transactions. NACHA was around in 1974. The ACH network has existed for most of its history without any notion of the modern internet or our current digital world, and most of it still works "offline"
Re: There are no fees at America’s smallest bank
#14Sammons, 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.” Most days I bet most of us would agree with that statement!
Half the time when my computer doesn’t “work” it is because I am using it to deal with outdated banks and credit cards. Today, I was trying to pay 2 parking tickets. First one went through just fine. Second one failed with invalid zip code, even though I was using the same one. Turns out that since I have different mailing and billing addresses, it was randomly picking the one to use.
Re: There are no fees at America’s smallest bank
#15Sammons, 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.” Most days I bet most of us would agree with that statement!
Yep. I was just trying to fill out a PDF form for my taxes. A complete nightmare. Tried three different PDF viewers that had different bugs or incompatibilities with the form. Finally had to start a Windows VM to run Acrobat, that was the only way to get it done, other than print the blank form and fill it out by hand which in retrospect would have saved me about 40 minutes.
I have been in software and IT for my whole career and I absolutely hate computers now. I want nothing to do with them when I retire, and I'm going to deliberately structure my life accordingly.
Re: There are no fees at America’s smallest bank
#16This may be America's smallest bank, but there are smaller credit unions! From what I can tell, Holy Trinity Baptist Federal Credit Union is the smallest, operating since 1966 with about $16k in deposits according to their EOY 2022 financial report: https://ncuso.org/credit-union/17269/financials/
Re: There are no fees at America’s smallest bank
#17Sammons, 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.” Most days I bet most of us would agree with that statement!
Yep. I was just trying to fill out a PDF form for my taxes. A complete nightmare. Tried three different PDF viewers that had different bugs or incompatibilities with the form. Finally had to start a Windows VM to run Acrobat, that was the only way to get it done, other than print the blank form and fill it out by hand which in retrospect would have saved me about 40 minutes. I have been in software and IT for my whol…
I've had decent luck with Xournal's "Annotate PDF" feature.
It's not really interacting with the PDF form at all, so if the form is at all complicated it'd be a waste of your time. But, if you just need to "sign" something by dropping a transparent PNG on a line at the bottom and typing in a date, it's perfect.
Re: There are no fees at America’s smallest bank
#18With 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.”
There are multiple ways to read that: as a bank, you can have no ATMs, but still allow your customers to withdraw money via other banks' ATMs, though there is almost always a fee for this. (But I can even see one still claiming "no fees at this bank", as the fee could be assessed by the ATM-owning bank.)
Re: There are no fees at America’s smallest bank
#19How many mortgages can they service with 3M in assets? Seems like they'd be very limited in that regard.
Re: There are no fees at America’s smallest bank
#20How many mortgages can they service with 3M in assets? Seems like they'd be very limited in that regard.
In the US, originator mortgages get sold to other banks, who then can wait 30 years for repayment. For example, Fannie Mae.