4 ms·

Every bank is a private company and can choose there customers. So if no bank want you (what reason ever) you just fall out of the system complete.

mikekchar 7y ago
I totally agree with this. Japan is still mostly a cash based society. One of the things I love about it is that I can still rent a car or book a hotel room without a credit card. This keeps people on an even footing. If you are homeless without an address (and therefore a bank account), you can still buy things. If you have poor credit, then you can still pay with cash for anything. The anonymity of cash is nice, but the lack of discrimination of cash is its real feature.
- ekianjo 7y ago
  Mostly cashless still in Japan but changing fast with PayPay and its competitors leading the adoption for many daily point of sales already.
tw04 7y ago
How so? You can work for cash and never interact with a bank at all.
- skrause 7y ago
  How do you work for cash in a future cashless society?
flukus 7y ago
Nationalized banks with universal service obligations do/did exist. Even for a private bank it's pretty sweet deal though, practically every kid in Australia for the last 50 years got a savings account from ours, even though it was fully privatized 20 years ago many of us still use the same account, they've made some massive profits from that obligation.
tastroder 7y ago
> Every bank is a private company and can choose their customers. Not really, basic payment accounts are backed by quite a few legislations with pretty strict exceptions (i.e. money laundering or terrorism financing in the EU wide case): EU (since 2014): https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm https://europa.eu/youreurope/citizens/consumers/financial-pr... Germany (over a century): https://translate.google.com/translate?hl=en&sl=de&u=https://de.wikipedia.org/wiki/Jedermann-Konto&prev=search https://translate.google.com/translate?hl=en&sl=de&u=https:/...

mikekchar 7y ago

I totally agree with this. Japan is still mostly a cash based society. One of the things I love about it is that I can still rent a car or book a hotel room without a credit card. This keeps people on an even footing. If you are homeless without an address (and therefore a bank account), you can still buy things. If you have poor credit, then you can still pay with cash for anything. The anonymity of cash is nice, but the lack of discrimination of cash is its real feature.

ekianjo 7y ago
Mostly cashless still in Japan but changing fast with PayPay and its competitors leading the adoption for many daily point of sales already.

tw04 7y ago

How so? You can work for cash and never interact with a bank at all.

skrause 7y ago
How do you work for cash in a future cashless society?

flukus 7y ago

Nationalized banks with universal service obligations do/did exist. Even for a private bank it's pretty sweet deal though, practically every kid in Australia for the last 50 years got a savings account from ours, even though it was fully privatized 20 years ago many of us still use the same account, they've made some massive profits from that obligation.

tastroder 7y ago

> Every bank is a private company and can choose their customers. Not really, basic payment accounts are backed by quite a few legislations with pretty strict exceptions (i.e. money laundering or terrorism financing in the EU wide case): EU (since 2014): https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm https://europa.eu/youreurope/citizens/consumers/financial-pr... Germany (over a century): https://translate.google.com/translate?hl=en&sl=de&u=https://de.wikipedia.org/wiki/Jedermann-Konto&prev=search https://translate.google.com/translate?hl=en&sl=de&u=https:/...