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There are many banks out there that aggressively complete.
by wbl 2y ago
There are many banks out there that aggressively complete.
- palmfacehn 2y agoThis is a valid point. Banks should compete for customers by providing value. They should also be free to decline customers to ensure quality. However, debanking due to perceived or real regulatory risk is ultimately a political act. The banks may not be exclusively political actors, but they are incentivized to act outside of market concerns by state pressure. Similarly, one of the alleged intentions of the cryptocurrency movement was to decouple the state from monetary control.
- wbl 2y agoNo it isn't political it's a "you guys are expensive and flighty and killed two banks that served you" decision. VCs pull money out of banks having a hard time while JP Morgan put money in.
- stainablesteel 2y agothere's really only a small number of banks in the US after the 2008 crash, they were all consolidated. what used to be thousands became like 3
- TeaBrain 2y agoAt the end of 2023, there were still over 4000 commercial banks in the US. https://banks.data.fdic.gov/explore/historical/?displayFields=STNAME%2CTOTAL%2CBRANCHES%2CNew_Char&selectedEndDate=2023&selectedReport=CBS&selectedStartDate=1934&selectedStates=0&sortField=YEAR&sortOrder=desc https://banks.data.fdic.gov/explore/historical/?displayField...