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Bank of North Dakota

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Re: Bank of North Dakota

#21

Post by abeppu »

duxup wrote: post #15
Der_Einzige wrote: post #10

Why should I care when credit unions have always treated me better? Banks don’t need to exist in a world where credit unions work. Credit unions need to be more directly tied to “left wing thought” in general. Most Bernie types hardly even talk about the role that banks (even public banks like this one) play in screwing the little person over beyond meme stuff like housing which isn’t even in their control.

BND's purpose isn't to be a consumer bank. Part of what BND does is BND provide services to other local consumer banks who provide more consumer oriented services.

> BND's purpose isn't to be a consumer bank.

I think it's trying to also offer consumer services? The article intro says > It is the only government-owned general-service bank in the United States.

In the 'Services section it says > direct lending to private borrowers

And their website has details on a range of basic products for the public: https://bnd.nd.gov/bank-services/public/checking-savings/ https://bnd.nd.gov/bank-services/public/online-and-mobile-ba...

Re: Bank of North Dakota

#23

Post by sparky_z »

kasey_junk wrote: post #20
tptacek wrote: post #5

How is BND's success influenced by the very small size of its assets held relative to other banks? The BNY would have assets comparable to those of a major commercial bank.

Not sure how you are comparing them but BNY was a major commercial bank until it sold its retail to chase. Now it’s a too big to fail private financial services company. BND is interesting because it’s literally North Dakota, the states, banker. BNY governmental association is long gone in comparison.

I thought they were saying that a hypothetical state run "Bank of New York", set up similar to BND, would have a lot more assets. They weren't referring to any real organizations called BNY.

Re: Bank of North Dakota

#24

Post by kasey_junk »

impish9208 wrote: post #19
User23 wrote: post #8

Can anyone who has a real world hands on experiential understanding of the banking system explain to me what exactly bank “capital” is? I’m well aware reserve requirements aren’t a thing anymore and that bank capital is different. I would find it rather amusing if other banks’ liabilities can somehow be defined as a bank’s capital, because it would mean bank capitalization in aggregate is really just banks expanding…

> I’m well aware reserve requirements aren’t a thing anymore Uhh, where did you hear this?

Probably in relation to https://www.federalreserve.gov/monetarypolicy/reservereq.htm

Re: Bank of North Dakota

#25

Post by chumich1 »

highwayman47 wrote: post #3

I wish there was some books, lectures, etc. about what makes BND unique and what it does. Can’t find anything.

Not directly about the bank, but [Insurgent Democracy](https://press.uchicago.edu/ucp/books/book/chicago/I/bo210283...) is a great read. The Non-Partisan League successfully organized rural farmers against corporate power in the 1910s & 20s. Though they only were in power for a decade or so, their legacy is still quite strong. BND, state hail insurance, and a state-run grain mill to name a few!

Re: Bank of North Dakota

#26

Post by bob1029 »

y-c-o-m-b wrote: post #12
Der_Einzige wrote: post #10

Why should I care when credit unions have always treated me better? Banks don’t need to exist in a world where credit unions work. Credit unions need to be more directly tied to “left wing thought” in general. Most Bernie types hardly even talk about the role that banks (even public banks like this one) play in screwing the little person over beyond meme stuff like housing which isn’t even in their control.

Outside of Wells Fargo - which is just god awful in so many ways - I'm no longer getting a different experience from banks vs credit unions. Sometime before covid I feel like the line between bank and credit union blurred and eventually went away, in relation to customer experience. I have money scattered across many institutions; I get the same treatment at both bank and credit unions now.

From a technology perspective, bank & CU core systems all have approximately the same schema. The front and back offices are virtually identical business patterns. Most of the difference resides in the regulatory framework, forms, etc. Field of membership and ownership models are probably the biggest impact here.

Re: Bank of North Dakota

#27

Post by tivert »

Der_Einzige wrote: post #13
parineum wrote: post #11

Earlier quoted context omitted.

How is BND screwing the little person?

It’s not, but credit unions don’t either and they’re more “left wing” ideologically.

>> How is BND screwing the little person?

> It’s not, but credit unions don’t either and they’re more “left wing” ideologically.

Are you just being idiosyncratic? "State-owned business" (like the BND) sounds pretty "'left wing' ideologically" to me.

Re: Bank of North Dakota

#28

Post by AnimalMuppet »

Der_Einzige wrote: post #13
parineum wrote: post #11

Earlier quoted context omitted.

How is BND screwing the little person?

It’s not, but credit unions don’t either and they’re more “left wing” ideologically.

And why do I care whether my financial institution is more "left wing" ideologically?

More: If they are, why would I regard that as a good thing?

Ideology is the last thing I want from a financial institution.

Re: Bank of North Dakota

#29

Post by specialist »

y-c-o-m-b wrote: post #12
Der_Einzige wrote: post #10

Why should I care when credit unions have always treated me better? Banks don’t need to exist in a world where credit unions work. Credit unions need to be more directly tied to “left wing thought” in general. Most Bernie types hardly even talk about the role that banks (even public banks like this one) play in screwing the little person over beyond meme stuff like housing which isn’t even in their control.

Outside of Wells Fargo - which is just god awful in so many ways - I'm no longer getting a different experience from banks vs credit unions. Sometime before covid I feel like the line between bank and credit union blurred and eventually went away, in relation to customer experience. I have money scattered across many institutions; I get the same treatment at both bank and credit unions now.

My sole complaint of my credit union is their obliviousness about MFA. Being a smaller org, I imagine they lack domain experts. A shortcoming I'd expect the trans-galactic guild of credit union (or whatever) to address for its members.

Re: Bank of North Dakota

#30

Post by duxup »

abeppu wrote: post #21
duxup wrote: post #15

Earlier quoted context omitted.

BND's purpose isn't to be a consumer bank. Part of what BND does is BND provide services to other local consumer banks who provide more consumer oriented services.

> BND's purpose isn't to be a consumer bank. I think it's trying to also offer consumer services? The article intro says > It is the only government-owned general-service bank in the United States. In the 'Services section it says > direct lending to private borrowers And their website has details on a range of basic products for the public: https://bnd.nd.gov/bank-services/public/checking-savings/ https://bnd.nd.gov…

BND has consumer services, but they're not competitive with day to day banking services provided by local banks.

I knew people with accounts there, it was more of a matter of pride that they did their banking there than any other reason.

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