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Our banking system certainly leaves a lot to be desired but I’d take Bank of America over Facebook pretending to be a bank 100% of the time. And I have never s

Our banking system certainly leaves a lot to be desired but I’d take Bank of America over Facebook pretending to be a bank 100% of the time. And I have never said a nice thing about BoA in my life. What’s scarier to me is that Facebook is deliberately and admittedly targeting the unbanked - the people most in need of a bank but also the people most at risk of being taken advantage of. I’m afraid this will be the silicon valley version of a prepaid debit card/check cashing business run by Facebook instead of Wal-Mart.

cjslep 7y ago
It's a whole new avenue for predatory lending practices such as payday loans, too.
nickbauman 7y ago
I was just thinking exactly that: this is a check-cashing "bank" that preys on the poor and disenfranchised especially.
- gridlockd 7y ago
  Yeah, we should totally leave that business to the payday loan shacks, right?
  - nickbauman 7y ago
    Right, and let Facebook do it _at scale._ What could possibly go wrong?
logfromblammo 7y ago
I would stake Bank of America through the heart, bind it with chains until sunrise, vitrify the dust, and then dump the evil slag into an ocean trench, and I'd still bank there long before trusting Zuckerberg's Facebook with my money.
gridlockd 7y ago
> Our banking system certainly leaves a lot to be desired but I’d take Bank of America over Facebook pretending to be a bank 100% of the time Facebook isn't pretending to be bank. Facebook is pretending to be a payment processor. What's the big deal? Nobody is telling you to put all your savings into a centralized cryptocurrency, especially considering you're a US citizen with access to relatively good banking system.
- elliekelly 7y ago
  Name one payment processor that (1) doesn’t require users link a bank account, (2) takes deposits, and (3) issues a token in their own denomination based on those deposits that’s pegged to a mystery “diversified global currency reserve” to be invented at a later date/altered to suit Facebook’s needs. It kind of sounds like it’s a money market account to me. Minus all the pesky regulation, of course. Like the required banking license to offer those in the US.

cjslep 7y ago

It's a whole new avenue for predatory lending practices such as payday loans, too.

nickbauman 7y ago

I was just thinking exactly that: this is a check-cashing "bank" that preys on the poor and disenfranchised especially.

gridlockd 7y ago
Yeah, we should totally leave that business to the payday loan shacks, right?
- nickbauman 7y ago
  Right, and let Facebook do it _at scale._ What could possibly go wrong?

logfromblammo 7y ago

I would stake Bank of America through the heart, bind it with chains until sunrise, vitrify the dust, and then dump the evil slag into an ocean trench, and I'd still bank there long before trusting Zuckerberg's Facebook with my money.

gridlockd 7y ago

> Our banking system certainly leaves a lot to be desired but I’d take Bank of America over Facebook pretending to be a bank 100% of the time Facebook isn't pretending to be bank. Facebook is pretending to be a payment processor. What's the big deal? Nobody is telling you to put all your savings into a centralized cryptocurrency, especially considering you're a US citizen with access to relatively good banking system.

elliekelly 7y ago
Name one payment processor that (1) doesn’t require users link a bank account, (2) takes deposits, and (3) issues a token in their own denomination based on those deposits that’s pegged to a mystery “diversified global currency reserve” to be invented at a later date/altered to suit Facebook’s needs. It kind of sounds like it’s a money market account to me. Minus all the pesky regulation, of course. Like the required banking license to offer those in the US.