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How many mortgages can they service with 3M in assets? Seems like they'd be very limited in that regard.
There are currently only 40 or so mortgages outstanding, and as customers pass away, the stock is not being replenished with loans to younger generations, who have no particular affinity for in-person banking.
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?
The Minimum Viable Bank System is a paper ledger, paper Know Your Customer records, and cash in a locked container. You don't have to support electronic transfers or even paper checks. Just let people withdraw and deposit in-person at the only physical office.
I 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 I really don't understand this fascination or even admiration for outdated ways.
https://en.wikipedia.org/wiki/Passbook
If this bank offers that, then you have the redundant documentation yourself.
How many mortgages can they service with 3M in assets? Seems like they'd be very limited in that regard.
From the article: There are currently only 40 or so mortgages outstanding, and as customers pass away, the stock is not being replenished with loans to younger generations, who have no particular affinity for in-person banking.
* No physical bank branch. Only online banking
* a current account with a monthly fee
* a debit card that can be used at other banks' ATM - monthly fee.
* Debit card can't be directly used online. But you can generate merchant specific card numbers on the website.
Say, your monthly fee is $20. Then 4000 customers brings in a million dollars an year. How much is spent on fraud by a bank every year?
Could a single person with a few part-time contractors run a bank of this nature?
This 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/
How viable is a bank, which offers exactly: * No physical bank branch. Only online banking * a current account with a monthly fee * a debit card that can be used at other banks' ATM - monthly fee. * Debit card can't be directly used online. But you can generate merchant specific card numbers on the website. Say, your monthly fee is $20. Then 4000 customers brings in a million dollars an year. How much is spent on fra…
It would be cool to have a real FDIC insured, licensed bank with this built in some how. I'd be willing to pay $25/mo for something that is first-party.
I 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.
How is this even possible? Do you have citizenship in all three countries?
How viable is a bank, which offers exactly: * No physical bank branch. Only online banking * a current account with a monthly fee * a debit card that can be used at other banks' ATM - monthly fee. * Debit card can't be directly used online. But you can generate merchant specific card numbers on the website. Say, your monthly fee is $20. Then 4000 customers brings in a million dollars an year. How much is spent on fra…
This is kind of how I'm set up. I use Ally for their checking and savings and privacy for their merchant specific card numbers. It works reasonably well for me. It would be cool to have a real FDIC insured, licensed bank with this built in some how. I'd be willing to pay $25/mo for something that is first-party.
How viable is a bank, which offers exactly: * No physical bank branch. Only online banking * a current account with a monthly fee * a debit card that can be used at other banks' ATM - monthly fee. * Debit card can't be directly used online. But you can generate merchant specific card numbers on the website. Say, your monthly fee is $20. Then 4000 customers brings in a million dollars an year. How much is spent on fra…