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What's surprised me in moving to the US from the UK is just how effective the light touch approach has been for the UK from a consumer perspective. In effect, b
by jackweirdy 10y ago
What's surprised me in moving to the US from the UK is just how effective the light touch approach has been for the UK from a consumer perspective. In effect, banks are told to get in a room and ensure they're not worlds apart technically. The outcome of that has been Faster Payments and the SMS transfers that followed it, and soon a read and write open banking API.
In the US I still get charged for withdrawing from my Wells account at a Chase ATM.
- robhu 10y agoThe banking API stuff is mandated by Europe (PSD2) and the Competition and Markets Authority. The banks didn't come up with the APIs by getting in a room together - the authorities are imposing the APIs on them.
- guitarbill 10y agoIf memory serves, the fees UK banks were charging were outrageous compared to other EU countries. Only recently via government pressure have fees got more reasonable. Make no mistake, UK banks are also scum. The only time it works without regulation is when banks' interest align with customers, e.g. contactless payment. For the bank, less PIN exposure so less chance of compromise and liability. For customers, quick tap-to-pay. Win-win for once.
- jackweirdy 10y agoFees for what? The only bank fee I've ever paid is a £1 fee for paying by card in a non GBP currency.