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This is why America needs to work beyond it's fascination with creditcards. Your bank can't block shit and has to process whatever transaction you want short o

This is why America needs to work beyond it's fascination with creditcards. Your bank can't block shit and has to process whatever transaction you want short of the terrorist watchlist.

guerrilla 5y ago
> Your bank can't block shit and has to process whatever transaction you want short of the terrorist watchlist. Is that true?
- pvarangot 5y ago
  No. I'm in the US and my bank even blocked sign in bonuses "just to be sure everyone is ok with it because it's a lot of money". Using plain old inter banking transfers for something like OnlyFans subscriptions is suicide and the new APIs like Zelle or Venmo are subject to even more internal regulations than credit cards regarding percentage of fraud transactions/porn.
  - mopsi 5y ago
    Seems like it's the cost of fraud protection then. The European SEPA has virtually no fraud protection, unless it was a technical error (duplicate payments etc). The upside is that no-one cares who you transact with. All payments are final.
    - guerrilla 5y ago
      > The European SEPA has virtually no fraud protection, unless it was a technical error (duplicate payments etc). The upside is that no-one cares who you transact with. All payments are final. Yeah, I'm used to using that domestically and rarely for business. We usually use Giros[1] for business and now Swish for more personal stuff. I think most areas now have Klarna (even the US according to Wikipedia). I wonder how much they would interfere in things like this. 1. https://en.wikipedia.org/wiki/Giro https://en.wikipedia.org/wiki/Giro 2. https://en.wikipedia.org/wiki/Swish_(payment) https://en.wikipedia.org/wiki/Swish_(payment) 3. https://en.wikipedia.org/wiki/Klarna https://en.wikipedia.org/wiki/Klarna
    - L3viathan 5y ago
      Not with SEPA Direct Debit (which accounts for most of my online payments); I can "return" (get back) money spent like that easily via my bank.
- jhgb 5y ago
  Yes, they will even support drug cartels and actually even terrorists -- at least until they get caught. Nobody goes to prison anyway and the resulting fines are just price of business. See HSBC, for example.
jjulius 5y ago
And yet they all stopped processing payments for PornHub. Please cite a source(s) for your claim, re: "banks can't block shit"
- aj3 5y ago
  PH was blocked by payment processors (Visa and Mastercard): https://www.theguardian.com/us-news/2020/dec/10/pornhub-mastercard-visa-rape-child-abuse-images https://www.theguardian.com/us-news/2020/dec/10/pornhub-mast... Parent is making distinction between credit cards and banks.
  - jjulius 5y ago
    Fair point, though I'd still like to see a source, re: banks not being allowed to "block shit".
thebean11 5y ago
Weren't banks closing accounts over Coinbase transactions a couple years ago?
ipsum2 5y ago
> Your bank can't block shit and has to process whatever transaction you want I don't think this is true for things that are in a gray area - storing profits from cannabis where its legalized and purchasing cryptocurrency https://decrypt.co/39226/banks-still-blocking-crypto-transactions https://decrypt.co/39226/banks-still-blocking-crypto-transac... https://www.forbes.com/sites/roberthoban/2020/08/18/the-cannabis-industry-needs-banking-now/ https://www.forbes.com/sites/roberthoban/2020/08/18/the-cann... (Although the cannabis one seems to have changed recently)
bitwize 5y ago
Since the Obama administration the government has been using threats of increased regulatory scrutiny against banks that do not block transactions dealing with certain undesirable industries including guns, cannabis, and porn -- whether such transactions are legal or not.
eximius 5y ago
Our banks are horribly, horribly insecure. I use a credit card because we don't have a good way to use our banks.
mbesto 5y ago
> Your bank can't block shit and has to process whatever transaction you want short of the terrorist watchlist. Try opening a bank account at BoA for your cannabis business.

This is why America needs to work beyond it's fascination with creditcards. Your bank can't block shit and has to process whatever transaction you want short of the terrorist watchlist.

guerrilla 5y ago

> Your bank can't block shit and has to process whatever transaction you want short of the terrorist watchlist. Is that true?

pvarangot 5y ago
No. I'm in the US and my bank even blocked sign in bonuses "just to be sure everyone is ok with it because it's a lot of money". Using plain old inter banking transfers for something like OnlyFans subscriptions is suicide and the new APIs like Zelle or Venmo are subject to even more internal regulations than credit cards regarding percentage of fraud transactions/porn.
- mopsi 5y ago
  Seems like it's the cost of fraud protection then. The European SEPA has virtually no fraud protection, unless it was a technical error (duplicate payments etc). The upside is that no-one cares who you transact with. All payments are final.
  - guerrilla 5y ago
    > The European SEPA has virtually no fraud protection, unless it was a technical error (duplicate payments etc). The upside is that no-one cares who you transact with. All payments are final. Yeah, I'm used to using that domestically and rarely for business. We usually use Giros[1] for business and now Swish for more personal stuff. I think most areas now have Klarna (even the US according to Wikipedia). I wonder how much they would interfere in things like this. 1. https://en.wikipedia.org/wiki/Giro https://en.wikipedia.org/wiki/Giro 2. https://en.wikipedia.org/wiki/Swish_(payment) https://en.wikipedia.org/wiki/Swish_(payment) 3. https://en.wikipedia.org/wiki/Klarna https://en.wikipedia.org/wiki/Klarna
  - L3viathan 5y ago
    Not with SEPA Direct Debit (which accounts for most of my online payments); I can "return" (get back) money spent like that easily via my bank.
jhgb 5y ago
Yes, they will even support drug cartels and actually even terrorists -- at least until they get caught. Nobody goes to prison anyway and the resulting fines are just price of business. See HSBC, for example.

jjulius 5y ago

And yet they all stopped processing payments for PornHub. Please cite a source(s) for your claim, re: "banks can't block shit"

aj3 5y ago
PH was blocked by payment processors (Visa and Mastercard): https://www.theguardian.com/us-news/2020/dec/10/pornhub-mastercard-visa-rape-child-abuse-images https://www.theguardian.com/us-news/2020/dec/10/pornhub-mast... Parent is making distinction between credit cards and banks.
- jjulius 5y ago
  Fair point, though I'd still like to see a source, re: banks not being allowed to "block shit".

thebean11 5y ago

Weren't banks closing accounts over Coinbase transactions a couple years ago?

ipsum2 5y ago

> Your bank can't block shit and has to process whatever transaction you want I don't think this is true for things that are in a gray area - storing profits from cannabis where its legalized and purchasing cryptocurrency https://decrypt.co/39226/banks-still-blocking-crypto-transactions https://decrypt.co/39226/banks-still-blocking-crypto-transac... https://www.forbes.com/sites/roberthoban/2020/08/18/the-cannabis-industry-needs-banking-now/ https://www.forbes.com/sites/roberthoban/2020/08/18/the-cann... (Although the cannabis one seems to have changed recently)

bitwize 5y ago

Since the Obama administration the government has been using threats of increased regulatory scrutiny against banks that do not block transactions dealing with certain undesirable industries including guns, cannabis, and porn -- whether such transactions are legal or not.

eximius 5y ago

Our banks are horribly, horribly insecure. I use a credit card because we don't have a good way to use our banks.

mbesto 5y ago

> Your bank can't block shit and has to process whatever transaction you want short of the terrorist watchlist. Try opening a bank account at BoA for your cannabis business.