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It seems there is a huge opportunity for someone to “disrupt” our banking system beyond saving fractional dollars and cheap trading. A simple, online only (or m
by moorhosj 8y ago
It seems there is a huge opportunity for someone to “disrupt” our banking system beyond saving fractional dollars and cheap trading. A simple, online only (or mostly, like Schwab) credit union could find a big audience.
It could be marketed as low fee, community-centered banking. Offer no ATM fees and low mortgage rates without the typical profit motive.
- jkaplowitz 8y agoThere already are such. One example is Alliant Credit Union, which is where my main US account lives.
- moorhosj 8y agoWow, this is right in my town and I had no idea! Kind of re-enforces my point as I am their prime market and not familiar with them at all. On second glance, it looks like I don't qualify, which is probably a barrier for larger market share.
- jkaplowitz 8y agoAnyone can join them - like many credit unions these days, they've hacked the statutory rules restricting credit union membership, and one of the ways to join them is to allow them to pay $5 to a charity once on your behalf: https://www.alliantcreditunion.org/help/who-is-eligible-to-join-alliant https://www.alliantcreditunion.org/help/who-is-eligible-to-j... I'm not sure about who their primary market is now, though - they grew out of United Airlines as their primary employer group, and now have many others (I joined through Google). I think they're among the largest credit unions in the US. Regardless of the primary market question, they meet the needs you outlined.
- noumenon 8y agoThere are some banks doing this as well. Check out Radius bank for example - online only and unlimited ATM fee rebates