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We all want to, but there's an inertia problem. From some quick research there is approximately 6,799 banks in the US and 5,757 credit unions. That's over 12,5
by astura 7y ago
We all want to, but there's an inertia problem.
From some quick research there is approximately 6,799 banks in the US and 5,757 credit unions. That's over 12,500 entities that need to communicate with each other. It takes a massive political will (not to mention money) to update the legacy federal systems that tie it all together.
Here's some more information:
https://www.npr.org/sections/money/2018/01/10/576879734/episode-489-the-invisible-plumbing-of-our-economy https://www.npr.org/sections/money/2018/01/10/576879734/epis...
The UK has "over 300 banks" by comparison.
- mixmastamyk 7y agoIt's not that hard, and the absolute number is not that important, just that a majority decide to use it, forcing the rest. I'm guessing USicans just don't realize the world has moved on. Large countries tend to be isolating and the US is no exception.
- astura 7y agoI didn't say it was "hard," it's an inertia and funding problem. We know how better it is in other parts of the world, we aren't dumb.
- mixmastamyk 7y agoMost Americans don’t know anything about banking in other countries.