Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Cautionary tale on using Chase bank for indie business

jxnl.co

Post reply on HN
Print view View original

211–220 of 282 posts

Re: Cautionary tale on using Chase bank for indie business

#211

Post by commercialnix »

lisper wrote: post #182
ravenstine wrote: post #113

Earlier quoted context omitted.

> managing your crypto keys, which is a skill in and of itself. Um, depending on how complicated/paranoid you want to get? Install the Phoenix wallet app and you've got your keys and Lightning node ready to go, pending added liquidity. Sure, it's not maximally secure, but a person can perform transactions outside the banking system pretty easily this way. No need to so consciously "manage" anything. Phone not secure…

> Install the Phoenix wallet That's trusting a third party. > get a hardware wallet like Ledger Again, trusting a third party, and one which had a data breach less than a year ago: https://www.ledger.com/blog/security-incident-report And even if you want to discount that, you still have the risk of physically losing the wallet or having it stolen. > If, by hiring someone, you mean using a custodian like Kraken, Yes,…

> and one which had a data breach less than a year ago

Did not impact the viability of the hardware product at all.

Re: Cautionary tale on using Chase bank for indie business

#212

Post by calmbonsai »

ethbr1 wrote: post #166
calmbonsai wrote: post #97

Earlier quoted context omitted.

Ah, Citi. Related to an earlier comment I posted on a different thread https://news.ycombinator.com/item?id=41316889 , I didn't name the "national bank", but I now feel perfectly comfortable outing "Citibank" as the national bank that I will no longer (personally) do business with. Corporate stuff is a different matter. As a matter of policy, they do not empower their front-line (personal) banking CSR reps, and even…

> As a matter of policy, they do not empower their front-line (personal) banking CSR reps This appears to be the original sin in most of these scenarios. Eventually, automation and predictive analytics will break. If you do not have a customer service org empowered and staffed to (a) investigate what went wrong & (b) make it right, then you will lose customers. And maybe you're fine with that trickle, but know that t…

Truth re:Amazon. I think my longest support call with them (~30min) over decades of service was with their pharmacy and the root cause turned out to be related to the Change Healthcare hacks.

Even though it wasn't their fault and they could do nothing, at the time, to source the medication, I received instant credit (very expensive med) and they even talked to my insurance (with me on the line) to smooth-out the instant re-issuance of the prescription with an alternative vendor.

Re: Cautionary tale on using Chase bank for indie business

#213

Post by tadfisher »

pdonis wrote: post #199
benzible wrote: post #18

Earlier quoted context omitted.

Just for posterity, we received this on 6/28/2013. Looks like they actually gave us 60 days. > Dear [redacted] Inc. > A review of our records indicates that we are unable to retain your above-referenced account(s) (the "Accounts") at JPMorgan Chase Bank, N.A. (the "Bank"). > The terms and conditions governing the Accounts ("Account Rules") provide that the Bank may close your Accounts at any time. Although the Accoun…

> the Bank may close your Accounts at any time...the Account Rules do not require the Bank to provide you with advance notice of the termination of the Accounts I assume most of the big banks probably have similar language, which would be a huge red flag to me for a small business account. But what about banks like Mercury Bank, mentioned in the article as being more supportive of small businesses? Do their terms of…

https://en.wikipedia.org/wiki/Bank_Secrecy_Act

"A financial institution is not allowed to inform a business or consumer that a SAR is being filed, and all the reports mandated by the BSA are exempt from disclosure under the Freedom of Information Act."

(not speaking on behalf of my employer)

Re: Cautionary tale on using Chase bank for indie business

#214

Post by calmbonsai »

77pt77 wrote: post #163
arcanemachiner wrote: post #130

Earlier quoted context omitted.

Couldn't hurt to keep an eye on the account to make sure those dummies don't start tacking on some "account dormancy fee" or other nonsense like that.

Or just go down the Wells Fargo road and start opening accounts on his behalf.

LOL!

Re: Cautionary tale on using Chase bank for indie business

#215

Post by ianhawes »

galaxyLogic wrote: post #90

Consider also that you probably could not sue your Bank if you wanted to. All the small print you agreed to. This was brought to my awareness due to the recent news about how somebody could not sue Disney because they had opened a Disney+ streaming account. We need financial reform customer protections. Let us hope the party that fights for big businesses and billionaires does not win in the next election.

Ugh, that lawsuit is the new McDonalds hot coffee.

Front line lawyers at megacorps will respond with anything and their argument about arbitration because of Disney+ (they also claimed arbitration because the plaintiff did in fact also buy a park ticket on their website) was withdrawn shortly after the media shitstorm.

Re: Cautionary tale on using Chase bank for indie business

#216

Post by ciupicri »

readyplayernull wrote: post #181
nottorp wrote: post #165

Stupid question from outside the anglosphere: what's the difference between a bank and a credit union?

The main differences between banks and credit unions are that banks are for-profit institutions owned by shareholders, while credit unions are not-for-profit organizations owned by their member account holders. Credit unions typically have lower fees, higher interest rates on savings, and a focus on serving their members' financial needs, rather than maximizing profits like banks. Credit unions also have membership r…

Is the money stored at a credit union insured or can you lose it all?

Re: Cautionary tale on using Chase bank for indie business

#217

Post by ianhawes »

shahzaibmushtaq wrote: post #77

Everyone wants to open their first bank account in one of the big banks, I was one of those. Later I found out that not-so-famous big/small banks are far superior for SMBs. Revolut, Mercury, Meow and Payoneer (Personally using myself) are all leading online businesses.

Payoneer should be not be on that list. They recently shut down our account with zero warning. Fortunately we did not funds with them, but the account was 6 years old and had processed a considerable amount of funds outgoing to contractors.

Re: Cautionary tale on using Chase bank for indie business

#218

Post by ok_dad »

ProllyInfamous wrote: post #41
CliffStoll wrote: post #26

Similar experience: Citibank Retirement. I had about $80,000 in IRA/CD's. I'd created & contributed to them over a period of 35 years. Last year, it's time to retire, and Citibank won't give me half the money. It seems that some CD's are for "Cliff Stoll" and some for "Clifford Stoll". Citibank Retirement demanded a "Marriage Certificate, Divorce Decree, or Court Order" to demonstrate that "Cliff Stoll" is the same p…

I'm having the same issue due to changing my surname (male). So far I've mentioned that millions of women experience name changes during marriage... to deaf ears. The good news for this is that my primary stock has gone up 80% (since this issue became apparent, just two years ago), and it has encouraged me to live more frugally. Eventually? Unrelated: thanks for the awesome Klein Mug, Cliff!

Millions of people experience name changes… and have to file paperwork. I don’t know how many copies of my marriage cert I’ve had to send out now. I had to send one to a multiplayer video game company to change an account name, for example. It’s not just a given that you can change your name on certain records!

Re: Cautionary tale on using Chase bank for indie business

#219

Post by lisper »

throw101010 wrote: post #195
lisper wrote: post #182

Earlier quoted context omitted.

> Install the Phoenix wallet That's trusting a third party. > get a hardware wallet like Ledger Again, trusting a third party, and one which had a data breach less than a year ago: https://www.ledger.com/blog/security-incident-report And even if you want to discount that, you still have the risk of physically losing the wallet or having it stolen. > If, by hiring someone, you mean using a custodian like Kraken, Yes,…

> That's trusting a third party. It's not, Phoenix is a non-custodial wallet. They provide one shortly-custodial service to on-board on the Lightning Network (to provide a seamless experience, but you can do the process manually with your own node if you prefer). Once the channel on LN is open, it is non-custodial and trustless. For Hardware Wallets, plenty of other providers exist, exempt of data breaches and dodgy…

> It's not, Phoenix is a non-custodial wallet.

What difference does that make? You're still trusting them not to have put in a backdoor, and to have sufficient security in their development process that an attacker cannot insert a backdoor.

Also, what happens to your keys if your smartphone fails? Is there a backup? Is that self-hosted too? Is it adequately encrypted?

Unless you do everything yourself (which ultimately means running your own foundry) you cannot escape having to trust someone. It might as well be your banker.

> full control of your assets

Until your keys are lost or compromised. Then you are irredeemably screwed.

Re: Cautionary tale on using Chase bank for indie business

#220

Post by lisper »

commercialnix wrote: post #211
lisper wrote: post #182

Earlier quoted context omitted.

> Install the Phoenix wallet That's trusting a third party. > get a hardware wallet like Ledger Again, trusting a third party, and one which had a data breach less than a year ago: https://www.ledger.com/blog/security-incident-report And even if you want to discount that, you still have the risk of physically losing the wallet or having it stolen. > If, by hiring someone, you mean using a custodian like Kraken, Yes,…

> and one which had a data breach less than a year ago Did not impact the viability of the hardware product at all.

Maybe. How can you be sure the attackers didn't insert a backdoor into Ledger's source repo?
Post reply on HN