4 ms·
Why is it not efficient though? How many times do you need to open an bank account? Once every few years. And I think you need to do it once to establish a rela
by YeBanKo 3y ago
Why is it not efficient though? How many times do you need to open an bank account? Once every few years. And I think you need to do it once to establish a relationship, once you have it, opening an additional account would not require another trip. Seems reasonable and secure.
- lxgr 3y ago> How many times do you need to open an bank account? Once every few years. This is exactly why European banks aren't offering market-level deposit interest rates. KYC friction like this introduces a huge market entry barrier. It should be perfectly normal to open a new bank account with a new bank online!
- YeBanKo 3y agoThe US banks aren’t exactly eager to offer market level interest rate either. KYC has very little to do with deposit interest rate. They don’t have to, so they don’t.