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Perhaps its the legislation or financial overseer institutions that make banking pure hell? Banks are required to for example know their customers before givin
by antocv 13y ago
Perhaps its the legislation or financial overseer institutions that make banking pure hell?
Banks are required to for example know their customers before giving them accounts, and can be held responsible for money or shady laundering.
Im all for the idea anyway but lets talk real, how would it work? It has to be for profit else its not a business but a welfare whixh the banks will go to for bailouts next. Owned by all members?
We had such discussions before on hn conclusio was that current laws and requirements dont make that possible.
- niallpaterson 13y agoSee how simple do it in the US? They've a partner bank, which handles that side of things. I'd be optimistic the same could work.
- notahacker 13y agoBut then it isn't really "non-profit", it's "doing work for a big shady corporation without making any margin on it"...
- niallpaterson 13y agoI think it's unavoidable to have a partner bank (at least for now) but considering they wouldn't get as much, that would surely be better? I completely get what you mean, and agree in many ways, but is there any other way?