4 ms·

> will tie that account directly to the political success of whoever was sitting across the desk from you when you signed the paperwork. I don't think the end

> will tie that account directly to the political success of whoever was sitting across the desk from you when you signed the paperwork. I don't think the end user of a bank's services can or should be expected to know about, or take this factor into consideration when choosing to close their account or drastically change how they use it, however. It's not personal, it's business, and to a certain extent any large US domestic bank is functionally equivalent to the other in features, fees and risk level. If I closed everything I have with Wells Fargo tomorrow and reopened it with BOA or Chase I would expect about the same functionality.

swatcoder 4y ago
It’s not the historical or national norm to be handed a $1M check, drop it into a bank account like birthday card money, and then conduct all your banking business digitally. Some of that’s a startup thing and some of that’s a generational modern thing. Traditionally, businesses establish relationships with their banker (a person), who helps steward their accounts, apply for loans, understand and pursue savings and investment options for held balances, etc Banking organizations are built around this very very long-standing model. There are processes and spreadsheets and powerpoints and dumb little mugs for high performers and all those things. Clearly, with the consolidation of banks and the pervasiveness of online banking, this is in the process of changing. This story captures one of those transitional moments, where a young kid with a startup is completely blind to what bankers expect to be doing. But your version of “how things are” is very contemporary, and wasn’t quite the way of things when this story takes place.
- deleted 4y ago
  [deleted]