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Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

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Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#51

Post by Kudos »

nollidge wrote: post #18
niallpaterson wrote: post #11

Earlier quoted context omitted.

My issue with Credit Unions is that they don't offer stuff like current accounts, atms etc, are really open, are exceptionally slow at allowing you withdraw. That's just my experience, but I don't think you could actually bank with a credit union, which is what I'm trying to get at

I don't understand what you mean by "bank with", then. I put my money in and take it out as needed with my credit union. I have direct deposit, a credit card, checking, and savings. I have web-based tools where I can immediately shuffle money between accounts. What is missing from that set of use cases? EDIT: Oxford comma

In Ireland, Credit Unions are primarily for loans and savings accounts. You don't get web based tools, or credit cards or any of the other practical parts of having a checking account at a bank here.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#52

Post by niallpaterson »

jasdeepsingh wrote: post #24

Isn't Bitcoin already addressing most of your concerns? I think the solution is not open centralization (Open source Banking) but de-centralization, which is what Bitcoin addresses by giving the power and money of the people back to people.

I think 99% of people aren't going to bank with an unregulated, fluctuating currency that they don't understand or control.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#53

Post by niallpaterson »

ishener wrote: post #37

some people will tell you bitcoin is going to be that online non-profit open-source bank

I think 99% of people aren't going to bank with an unregulated, fluctuating currency that they don't understand or control.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#54

Post by pessimizer »

niallpaterson wrote: post #47
pessimizer wrote: post #44

>Credit Unions [...] don't offer stuff like checking accounts, atms etc, aren't really open that much, are exceptionally slow at allowing you withdraw and are completely offline. That's just my experience, but I don't think you could actually bank with a credit union, which is what I'm trying to get at. I'll chime in with a bunch of the other people in the thread and say that none of these things are true of my (US)…

I think like always, the US is a bit different. As I think I mentioned, I'm not thinking of something like a credit union, rather something quite different.

The only differences from my credit union seem to be mobile-first web design and an open API.

I usually deal with my cu through my phone, and I do have to click "Mobile" to get the mobile site - but it doesn't bother me very much.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#55

Post by niallpaterson »

pessimizer wrote: post #54
niallpaterson wrote: post #47

Earlier quoted context omitted.

I think like always, the US is a bit different. As I think I mentioned, I'm not thinking of something like a credit union, rather something quite different.

The only differences from my credit union seem to be mobile-first web design and an open API. I usually deal with my cu through my phone, and I do have to click "Mobile" to get the mobile site - but it doesn't bother me very much.

I assume your credit union isn't open source though? It's great that you're happy with your bank, but I suppose what I'm trying to get at is that banks can improve a lot, and just because it you're happy now, doesn't mean we can't try to do better. It's kind of along the lines of Ford's Quote:

“If I had asked people what they wanted, they would have said faster horses.”

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#56

Post by kirbyk »

davidw wrote: post #31

My Credit Union (in Oregon) * Offers Checking accounts * Has ATM's * Are open as much as most banks are. * Are exceptionally friendly. * Have an online presence that... well it's not exceptional, but it's not that bad either as far as these things go. That's why I've always kept my personal and business accounts there over the past 20 years.

Most credit unions in the US are, but I think situation outside of the US isn't the same. Europe doesn't have credit union alliances like - http://www.allianceone.coop

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#57

Post by jasdeepsingh »

niallpaterson wrote: post #52
jasdeepsingh wrote: post #24

Isn't Bitcoin already addressing most of your concerns? I think the solution is not open centralization (Open source Banking) but de-centralization, which is what Bitcoin addresses by giving the power and money of the people back to people.

I think 99% of people aren't going to bank with an unregulated, fluctuating currency that they don't understand or control.

..99% of people aren't going to bank with..

People won't "bank" when it comes to Bitcoin - There's no need of a Banking system really. And as per your concern around fluctuating value of Bitcoins, It's just a matter of how you look at it and standardization.

Assuming everyone tomorrow agrees to standardize that Bitcoin is the de-facto currency and decides to transact in BTC only, I don't think anyone will be concerned about fluctuation anymore. Item X which retails for 2BTC, will retail for 2BTC today, tomorrow and day after tomorrow. (Assuming no price change, offcourse)

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#59

Post by notahacker »

niallpaterson wrote: post #50
[deleted] wrote: post #41

[deleted]

Here's an example: Imagine if your bank account had a profile, almost like a social network, and you could go to someone else's profile and quickly see recent transactions you've had with them. I'm not thinking of something like a credit union, rather something quite different, and I really feel there's lots more that can be done with banking from a tech pov

How revolutionary is that, exactly? Any decent online banking service should allow you to see your payment history and filter it by the entity you paid, even if you have to export to csv to run the filters.

Of course many people would value a a pretty UI layer on top of that with categories, notes and charts and graphs that offer much more interesting graphical indications of which people and companies take up the highest portion of your monthly spend, where your bills are going up and which shops have you not visited in a while ... but then you find yourself in the position where you're really trying to build an open source alternative to mint.com rather than a bank.

...Which actually seems like a much easier ambition to realise, not to mention a niche which the likes of GnuCash have started to fill.

Re: Ask HN: Sick of your bank? Want to build a open source, non-profit, online bank?

#60

Post by niallpaterson »

davidw wrote: post #46
niallpaterson wrote: post #36

Earlier quoted context omitted.

That's cool. Business accounts aswell? CU's seem much more developed in the US. I think if you were to look at the three things I mentioned - online, non profit and open source, non profit is the one I think is least differentiable if that makes any sense. I think an online open source bank is the real innovative part, not the non profit part.

Yes, my business account as well. I love open source software, but from a bank...I just want them to give me a good deal and be helpful.

interesting. Why would you be against an open source bank? Would you agree that banks aren't exactly cutting edge? If so, wouldn't it be better if they were? (More features, easier experience)? Thanks :)
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