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Disrupted... how? Consumers suffer... how? Is depositing money hard or something? Is spending money using a debit card online difficult? Because those two thi

Disrupted... how? Consumers suffer... how? Is depositing money hard or something? Is spending money using a debit card online difficult? Because those two things are the primary purpose of consumer banking.

dunpeal 8y ago
> Consumers suffer... how? Looked at bank fees recently? Why should it cost $50 to change some values in a database?
- simplecomplex 8y ago
  No, because there are no consumer bank fees for depositing and spending money. That’s what I and most consumers use a bank for. In the US, consumer banking is free. Most checking accounts have no cost and neither do the debit/credit cards. What $50 fees are you talking about? I’m assuming you mean interbank transfers ?
  - greycol 8y ago
    I'll say that the typical consumer in my country uses intra and inter bank transfers (nationally) for quick payments between other consumers(instead of say handing a mate a 20 dollar bill you'd just transfer it). Now personally I wouldn't be doing that if it cost $50 dollars (or even $5) instead of being free. On a side note I now understand the popularity of apps like venmo considering the environment they are in.
  - deleted 8y ago
    [deleted]
PeterisP 8y ago
Yes, compared to the rest of the first world, USA consumer banking sucks and consumers suffer. Fees are higher than in other rich countries, there's lots of unbanked people who aren't able to get free or near-free bank accounts, there is a lack of fast&cheap wire (account-to-account) transfers, the identity theft problems of USA consumer banking are like almost nowhere else, USA seems to be way behind on contactless card payments, and automatic electronic payment of all (or almost all) household bills also isn't a thing yet there as far as I understand. Those all are a major parts of consumer banking experience, and there is a lot of aspects that can be improved and disrupted in USA.
- simplecomplex 8y ago
  What fees? Depositing and spending money at all the major consumer banks in USA is free.
  - Rebelgecko 8y ago
    Some (maybe most or even all?) banks will charge a fee if you don't maintain a minimum balance in your savings or even checking accounts. Some banks will waive this fee (and related ones like inactivity fees) if you have direct deposit set up, which isn't always an option for people. Banks will also do things like reordering transactions to maximize overdraft fees.

dunpeal 8y ago

> Consumers suffer... how? Looked at bank fees recently? Why should it cost $50 to change some values in a database?

simplecomplex 8y ago
No, because there are no consumer bank fees for depositing and spending money. That’s what I and most consumers use a bank for. In the US, consumer banking is free. Most checking accounts have no cost and neither do the debit/credit cards. What $50 fees are you talking about? I’m assuming you mean interbank transfers ?
- greycol 8y ago
  I'll say that the typical consumer in my country uses intra and inter bank transfers (nationally) for quick payments between other consumers(instead of say handing a mate a 20 dollar bill you'd just transfer it). Now personally I wouldn't be doing that if it cost $50 dollars (or even $5) instead of being free. On a side note I now understand the popularity of apps like venmo considering the environment they are in.
- deleted 8y ago
  [deleted]

PeterisP 8y ago

Yes, compared to the rest of the first world, USA consumer banking sucks and consumers suffer. Fees are higher than in other rich countries, there's lots of unbanked people who aren't able to get free or near-free bank accounts, there is a lack of fast&cheap wire (account-to-account) transfers, the identity theft problems of USA consumer banking are like almost nowhere else, USA seems to be way behind on contactless card payments, and automatic electronic payment of all (or almost all) household bills also isn't a thing yet there as far as I understand. Those all are a major parts of consumer banking experience, and there is a lot of aspects that can be improved and disrupted in USA.

simplecomplex 8y ago
What fees? Depositing and spending money at all the major consumer banks in USA is free.
- Rebelgecko 8y ago
  Some (maybe most or even all?) banks will charge a fee if you don't maintain a minimum balance in your savings or even checking accounts. Some banks will waive this fee (and related ones like inactivity fees) if you have direct deposit set up, which isn't always an option for people. Banks will also do things like reordering transactions to maximize overdraft fees.