81–90 of 100 posts
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…
Earlier quoted context omitted.
Credit unions, by law, must have restrictions on who can join. Often times they're gated by where you live, what city you worship in, where you work. I'm a member of a large California based credit union and while the low/no fees are nice, their general incompetence is awful.
> I'm a member of a large California based credit union and while the low/no fees are nice, their general incompetence is awful. Some banks have general incompetence, as well. I'm a member of a mid-sized California based credit union, and their customer service and competence are fabulous.
Sure and that puts them more or less on equal footing with credit unions. I've been with Patelco for decades and they're hands down one of the most inept financial institutions I've ever dealt with. Bank of America's obnoxious because everything is very stick to the script (and I've not banked with them in decades), but Patelco is just make it up as you go along. I've looked at other credit unions (Golden1, Redwood) and been pretty underwhelmed with the offerings. Redwood especially had the feel of being run out of someone's basement.
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.” 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…
Same here, whole career, tho retired now. I found that there was a "natural level" of computer time. In periods of my life when I was not tied to a computer at the office, I enjoyed computer time at home for games and projects.
But when I was working at a computer all day, I avoided computer games and hobbyist hacking like the plague.
Earlier quoted context omitted.
Change that to "Computers/Printers" and you'll probably have universal appeal
Printers are directly descended from Satan himself. Edit: and printing is the one part of the tech world that really is worse than it used to be. Most of the time, it’s just rose colored glasses that make us think things are worse. Computers used to be awful. Constant crashing and rebooting, and stuff randomly failing to work. Slow, bad UX, etc. printers, however, worked fairly reliably. Then… inkjet, laser jet and f…
> According to Roger Lowenstein, a financial journalist and author of America’s Bank: The Epic Struggle to Create the Federal Reserve, bank regulations used to protect small lenders in particular—in the 1930s you couldn’t have more than one branch or operate across state lines. I say we bring this back. Split up the "too big to fail" ultrabanks.
why?
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…
Or just use Fidelity, which has 0 fee as well. Free wire transfers, free ATM reimbursements etc. On another side, it actually has branches scattered throughout too.
Schwab is a little bit better for this: 1) Like Fidelity, it requires you to open a brokerage account, but the minimum deposit is $0, unlike Fidelity which last I checked was $2,500 2) $1k/day ATM max instead of $500 3) ATM fee reimbursement is worldwide and no forex fees, can't remember anymore if Fidelity had both of these
2. Sure, Fidelity has $500 ATM withdrawal limit.
3. Fidelity reimburses ATM worldwide. As for transactions, If you're using your DEBIT CARD in a foreign country (or even within USA) for transactions and not a credit card, you're doing something wrong. Enjoy having to deal with a bank investigation in case of a scam when you're out of your own money than the bank's money. IIRC some accounts have a 1% transaction fee in foreign nations but not for ATM.
999. No wire transfer fee. This will always trump anything else for me as a major primary account.
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…
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…
I don't think a single person with a few part-time contractors is getting a banking licence in many jurisdictions The UK has a few "challenger bank" startups which are basically just an app, but they're not lifestyle businesses, they're "raise £10m before you launch" businesses.
Monzo started probably the closest to OP description - https://www.alexanderjarvis.com/monzo-pitch-deck-raise-serie...