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> Our current financial system has issues, but the best system for 99%+ of people. I have to violently disagree with that statement. For a good chunk of peopl
by x-complexity 3y ago
> Our current financial system has issues, but the best system for 99%+ of people.
I have to violently disagree with that statement.
For a good chunk of people (> 10%), the current system is a vampire on the efforts of people, draining them via transfer fees, account fees, overdraft fees & whatever new fee they can come up with today. Their failures are bailed out because "tHeY'rE tOo BiG tO fAiL", influencing politicians into using the funds of the State to give themselves a pillow to land on. They deem themselves to be above the effects of "the hand of the market" that everyone else has to go through. Screw that: They must be able to fail like the rest of us, with no soft landing given to them when they do so.
- m00x 3y agoYou've got too much wrong in that comment for me to answer to all of them, but you don't sound like you know much about the banking world. If they're charging fees, it's because it costs them something to offer these services. If they had their way, they just wouldn't offer services to poor people since it's more trouble than its worth. Neobanks like Chime are tackling that issue with pretty good success, but they're shifting the costs from consumer to merchant. Nothing is perfect, but it's pretty darn good for most.
- nradov 3y agoNo one has to pay overdraft fees. Account holders can disable overdraft on any account if they don't want it.
- littlestymaar 3y agoAnd then you pay “rejection” fees (or whatever they call the fees they charge you when a payment bounces), which are in the same ballpark…
- Femolo 3y agoThose fees pay for all the services people need. Account recovery, fraud detection, ATMs everywhere, etc.
- verdverm 3y agoThings noticably missing from the cryptoschemes...