341–350 of 452 posts
I'd be thrilled if US banks figured out how to do "instant" money exchanges. Today, if I pay my credit card from an account with a different bank, the payment is reflected immediately in my Visa account, but takes 3-5 days to reflect in my main checking account. It's completely bonkers that a 100% electronic transaction takes days to fulfill.
The products being pointed out in this article as an attempt to disrupt banks seem to be basically the same product for a different price. Like, a high-yield savings account is just a savings account with a better price, right? How do you disrupt an industry by selling the same products? The advantage of startups is that they're more nimble, can pivot to fit the market better, and can adapt to customer requests faste…
I can tell you right now what I want from a "bank" as a consumer: Putting the consumer first, not seventeenth or whatever I typically experience with retail banks. As a random example, I had $3,600 stolen from one of my accounts by transactions labelled "Microsoft Online Services" or something like that. The bank reversed most , but not all of the transactions, and then had the nerve to lecture me -- an IT profession…
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> I prefer retaining the option to sue people that pull stunts If that's an option for you, sure. I work in finance and retain FINRA arbitration as a customer. When I'm signing with clients, I do not like to include it--I have a strong advantage in court and don't want a venue that's biased against me as a professional. All of this is totally irrelevant to ETFs, mutual funds and CMOs because those are distributed fun…
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Zero competent securities lawyers will argue waiving FINRA arbitration universally puts one into a more robust legal position.
For most Americans, it waives significant consumer safeguards and opens up realms of litigation tactics that are barred by industry rules but not law.
What isn’t the bank doing for me that is in need of “disruption”? High Yield Savings Accounts? Amex offers a HYSA that is 3.8% vs LendingClubs 4.5%. How many people have enough money in savings to make the difference worthwhile and make them willing to trust a non traditional bank? I have a year’s worth of expenses in mine (in addition to retirement savings) and I wouldn’t even bother. My bank is there to accept my m…
What does "disruption" look like in the banking space? Banks want the perception of immovable, confidence, reliable, resilience, etc. It's what gives them the credibility to move big money. They don't want to "move fast and break things". Some may think about digital currencies. My warning is this: Be careful what you wish for. If we were to switch to a full digital currency, there are significant concerns that money…
The other thing stopping it is the law and the fact that the US dollar is the global reserve currency and that would be a pretty great way to ruin that
Not really. It would be similar to tax rules—not really applicable to non-American depositors.
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Crypto has never posed a credible threat to any aspect of the establishment, and it never will. Need proof? You don't have to go through an arduous screening process to acquire and deploy compute. The finance industry saw a pool of dumb money forming and predictably decided they'd like a slice of the action.
> an arduous screening process to acquire and deploy compute That right there is more unlikely than crypto becoming a credible threat to the banking establishment. If you want to see a lot of dead bodies of rich people in the street, tell the rest of the world they can't have their smartphone and laptop and Xbox and Playstation. That's a great way to get yourself killed.
Follow the money: Wall Street loves and lobbies for crypto.
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This account posts a lot of off-topic straw-man arguments, and wild context guesses like regular bot slop. My issue with bank-fool recommend mutual funds is primarily they are often a self-serving structured product. i.e. the odds a sucker never sees a consistent behavior is far greater than random chance, and a unconstrained arbitrary guess of a chicken would likely perform better in the markets. Best of luck, =3
> bank-fool recommend mutual funds…the odds a sucker never sees a consistent behavior is far greater than random chance Again, you’re criticising active management in general. (And seem to be mixing up alpha and tracking error. Passively-managed funds aren’t aiming to outperform the market.) There is no evidence actively-managed ETFs (or hedge funds, for that matter) outperform actively-managed mutual funds. There is…
You have exceeded my off-topic straw-man limit for the day.
Best of luck, =3
The collapse of Synapse is a pretty good example of why people don't -- and shouldn't -- put their money in the hands of a "fintech startup". And while not a "startup", the collapse of SVB certainly doesn't help due to its close association with SV and by extension FinTech startups. I'm happy to use FinTech startup products for certain transactions -- CashApp and Wise are great and I might keep a small balance with t…
What does "disruption" look like in the banking space? Banks want the perception of immovable, confidence, reliable, resilience, etc. It's what gives them the credibility to move big money. They don't want to "move fast and break things". Some may think about digital currencies. My warning is this: Be careful what you wish for. If we were to switch to a full digital currency, there are significant concerns that money…
Look at WIC for example, even in progressive California, they literally force you to buy only white eggs: https://docs.wic.ca.gov/Content/Documents/ShoppingGuide-EN-A... . You also can’t buy any cheese with taste, because you are poor and you don’t deserve good food.
Think of the cost of that stupid bureaucracy.