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I find quite often in India that whem networks are down, ATMs go down displaying a network failure error message on screen. I've never heard of anyone being abl
by sfifs 10y ago
I find quite often in India that whem networks are down, ATMs go down displaying a network failure error message on screen. I've never heard of anyone being able to overdraw an account. Credit cards also need authorization both through PIN on terminal and bank authorization over the networks (which do fail from time to time). Over the Internet, two factor authentication is pretty much mandatory especially for credit cards.
Therefore this whole Banks don't value consistency argument feels very fishy to my experience. Is this a uniquely American thing like lack of chip and pin?
- carlob 10y agoI don't know about India, but I know that in many western European countries overdraft fees such as those that are common in the US would be considered above the maximum legal interest rate, because of that the bank has no big incentive in letting you withdraw money you don't have. Consider also how much more widespread chip and pin cards are on this side of the pond, and you're starting to make me suspect that the wider adoption of chip and pin might have been helped by usury laws.