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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?

#11

Post by niallpaterson »

nollidge wrote: post #6

Other people brought this up, but it's strange you don't mention credit unions, since according to the Irish Examiner [0], 75% of Ireland's citizens have a credit union account, which is the greatest proportion of any country [1]. [0] http://www.irishexaminer.com/business/75-of-irish-adults-in-... [1] http://en.wikipedia.org/wiki/Credit_union#Global_presence

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

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

#12

Post by ProAm »

niallpaterson wrote: post #11
nollidge wrote: post #6

Other people brought this up, but it's strange you don't mention credit unions, since according to the Irish Examiner [0], 75% of Ireland's citizens have a credit union account, which is the greatest proportion of any country [1]. [0] http://www.irishexaminer.com/business/75-of-irish-adults-in-... [1] http://en.wikipedia.org/wiki/Credit_union#Global_presence

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

What is a 'current account'?

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

#14

Post by dragonwriter »

niallpaterson wrote: post #11
nollidge wrote: post #6

Other people brought this up, but it's strange you don't mention credit unions, since according to the Irish Examiner [0], 75% of Ireland's citizens have a credit union account, which is the greatest proportion of any country [1]. [0] http://www.irishexaminer.com/business/75-of-irish-adults-in-... [1] http://en.wikipedia.org/wiki/Credit_union#Global_presence

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

Those are pretty much all untrue of the credit unions I have experience with in the US, but I don't doubt that things could be very different elsewhere.

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

#15

Post by rickdale »

If you haven't watched "Bank Of Dave" you really should check it out. Basically this guy setup a 'bank' and the show documents all the troubles throughout the process and the hoops he had the jump through to open. Check it out.

http://www.channel4.com/programmes/bank-of-dave

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

#16

Post by niallpaterson »

ProAm wrote: post #12
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

What is a 'current account'?

current account = checking account in US terms :)

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

#17

Post by antocv »

Perhaps its the legislation or financial overseer institutions that make banking pure hell?

Banks are required to for example know their customers before giving them accounts, and can be held responsible for money or shady laundering.

Im all for the idea anyway but lets talk real, how would it work? It has to be for profit else its not a business but a welfare whixh the banks will go to for bailouts next. Owned by all members?

We had such discussions before on hn conclusio was that current laws and requirements dont make that possible.

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

#18

Post by nollidge »

niallpaterson wrote: post #11
nollidge wrote: post #6

Other people brought this up, but it's strange you don't mention credit unions, since according to the Irish Examiner [0], 75% of Ireland's citizens have a credit union account, which is the greatest proportion of any country [1]. [0] http://www.irishexaminer.com/business/75-of-irish-adults-in-... [1] http://en.wikipedia.org/wiki/Credit_union#Global_presence

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

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

#19

Post by Tomdarkness »

ProAm wrote: post #12
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

What is a 'current account'?

In the UK a Current Account is basically equivalent to a US checking account. So your average day-to-day account normally with a debit card, cheque book and easy access. It might also offer an overdraft facility. Typically you'll get zero or very little interest on any money in the account.

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

#20

Post by blumentopf »

There are so-called "sustainable banks". The largest in Europe is Triodos, they also have a British subsidiary. Globally they are networked through the Global Alliance for Banking on Values (http://gabv.org). Key features of those banks are transparency as to how much money is lent to whom (there's a Google Maps based tool on Triodos' website to discover their borrowers), non-financing of certain industries (e.g. weapons), non-participation in food speculation, etc.
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