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> Until 1995, US banks couldn't operate in more than one state. I can't think of a worse example of regulation. People obviously want to be able to access thei

> Until 1995, US banks couldn't operate in more than one state. I can't think of a worse example of regulation. People obviously want to be able to access their money when they travel 30 minutes away. Your example undermines your point.

mulmen 5y ago
Huh? My money stays in my bank. If I want to spend it in another state that's what Visa and MasterCard enable, or I can carry cash, or directly transfer to another bank account in another bank across state lines. My bank can do business with any number of companies offering the ability to spend money nationally such as Visa, MasterCard, PayPal, Venmo, Zelle, Coinbase, etc. Separating these concerns is good for consumers because it encourages competition and innovation and banks themselves are incentivized to offer access to new capabilities instead of preserving the status quo because they profit from owning the means of spending money.
- will4274 5y ago
  Yes, and everybody attends college in state. Look, I understand most hacker news readers do banking online, but the notion that banks are limited to a single state requires either that people rarely go out of state or never need to go to a physical branch. Neither is true in 2021. The former (not traveling) is more common than the later (not needing to go to a physical branch). You seem to be proposing purely online banking. I take it you don't own a home or a car or a business? Most loans still require an in person meeting.
  - freeone3000 5y ago
    I was approved for a $550,000 mortgage over the phone, during COVID times. They verified my identity documents electronically, verified that the place I was buying existed using the digital property registry, had their appraiser go out, charged me for the appraisal, and placed the money in escrow with my notary. If they can do this during a pandemic, why can't they do it all the time?
- andrewjl 5y ago
  > My money stays in my bank. That's not quite right. [1] [1] https://www.investopedia.com/terms/f/fractionalreservebanking.asp https://www.investopedia.com/terms/f/fractionalreservebankin...
  - deleted 5y ago
    [deleted]

mulmen 5y ago

Huh? My money stays in my bank. If I want to spend it in another state that's what Visa and MasterCard enable, or I can carry cash, or directly transfer to another bank account in another bank across state lines. My bank can do business with any number of companies offering the ability to spend money nationally such as Visa, MasterCard, PayPal, Venmo, Zelle, Coinbase, etc. Separating these concerns is good for consumers because it encourages competition and innovation and banks themselves are incentivized to offer access to new capabilities instead of preserving the status quo because they profit from owning the means of spending money.

will4274 5y ago
Yes, and everybody attends college in state. Look, I understand most hacker news readers do banking online, but the notion that banks are limited to a single state requires either that people rarely go out of state or never need to go to a physical branch. Neither is true in 2021. The former (not traveling) is more common than the later (not needing to go to a physical branch). You seem to be proposing purely online banking. I take it you don't own a home or a car or a business? Most loans still require an in person meeting.
- freeone3000 5y ago
  I was approved for a $550,000 mortgage over the phone, during COVID times. They verified my identity documents electronically, verified that the place I was buying existed using the digital property registry, had their appraiser go out, charged me for the appraisal, and placed the money in escrow with my notary. If they can do this during a pandemic, why can't they do it all the time?
andrewjl 5y ago
> My money stays in my bank. That's not quite right. [1] [1] https://www.investopedia.com/terms/f/fractionalreservebanking.asp https://www.investopedia.com/terms/f/fractionalreservebankin...
- deleted 5y ago
  [deleted]