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With an aversion to technology, i really wonder how this bank supports electronic transfers like ATM, ACH, wires etc. Is there a core banking system running
by adrr 4y ago
With an aversion to technology, i really wonder how this bank supports electronic transfers like ATM, ACH, wires etc. Is there a core banking system running?
- Kerrick 4y agoIt seems not to support ATMs, as mentioned in the large sub-heading (the "deck" as it's known in news parlance). > There’s no ATM, no website and constant worries about being “too small to survive.”
- deathanatos 4y agoThere are multiple ways to read that: as a bank, you can have no ATMs, but still allow your customers to withdraw money via other banks' ATMs, though there is almost always a fee for this. (But I can even see one still claiming "no fees at this bank", as the fee could be assessed by the ATM-owning bank.)
- deleted 4y ago[deleted]
- xeromal 4y agoThe article states they do none of that. Just savings that you can drop off or pick up at the branch.
- adrr 4y agoSo fees don't matter if you offer no services.
- kibwen 4y agoAnd vice versa, for some.
- xeromal 4y agoThe service is your money being safer than under the mattress. They also make home loans.
- moffkalast 4y agoWell you are trusting someone else with it, that doesn't sound much safer.
- xeromal 4y agoIt's FDIC insured and regulated.
- deleted 4y ago[deleted]
- moffkalast 4y agoSo hold on, if these credit unions are so small and still get insured, why not just make one for yourself? Put your money into it, gamble to your heart's content, either you win big or the FDIC takes over and gives you your money back since you're technically a depositor lol. Literally cannot go tits up.
- xeromal 4y agoI'm sure if it was that easy people would be doing it.
- moffkalast 4y agoHmm from what I can find there's two things, FDIC doesn't handle credit unions but NCUA, and a credit union may need a minimum number of depositors for protection to apply. Maybe one can convince enough people to deposit $1 with a contract that they get a share of the gambling winnings in case there are any.
- dimitrios1 4y agoAs far as ACH goes, the same way they did it 30+ years ago. You don't need to be technology inclined to perform ACH transactions. NACHA was around in 1974. The ACH network has existed for most of its history without any notion of the modern internet or our current digital world, and most of it still works "offline"
- adrr 4y agoNACHA requires you to upload a formatted file and it's a character offset format that you can't do by hand. There's a computer in the mix. There is also ACH pulls that you need have error handling around for invalid account numbers and insufficient funds. I guess you could just do it by hand.
- dimitrios1 4y agoTheres 100s of services that will do it all for you (you meaning bank). In fact if you join NACHA itself, I am sure they offer some or at least have affiliates.
- humanistbot 4y ago> Is there a core banking system running? The Minimum Viable Bank System is a paper ledger, paper Know Your Customer records, and cash in a locked container. You don't have to support electronic transfers or even paper checks. Just let people withdraw and deposit in-person at the only physical office.
- bob1029 4y agoI can't comprehend how this bank would be able to afford any variety of digital core banking system. Compliance & management over the IT stack alone would probably be cost prohibitive. You can outsource just about everything, but at some point you still need a physical person to come in and manage the computer your part-time teller uses.