In The UK, I believe the government requires the major banks to offer ‘basic’ bank accounts - these are free to use but do not come with a debit card or cheque book - they give you an ATM card and the ability to make and receive payments and that’s it - they are designed for people who can’t get normal accounts (bad credit history/bankruptcy, that kind of thing). This has been in force for donkey’s years so certainly isn’t a response to electronic banking, but it does mean there are no barriers to having a bank account of some description.
As for fees, standard current accounts are free in the UK. Monthly fees only kick in if you have a premium account that offers additional benefits (mine has worldwide travel insurance, car breakdown assistance, mobile phone insurance and a bunch of other stuff I can’t remember for £10 a month).
It is already happening in some countries. I was reading that in India, cellphones are a common way of transferring funds. Cellphone companies are becoming banks.
Not exactly – you can pay for things by entering your pin number, but it’s still the old magnetic strip. No secure chip and pin (some places have it but it’s very rare).
America does have one great banking innovation, though: drive through cash machines. They’re everywhere. In the field of catering to the fat and lazy, American banking leads the world.
Indeed. People who are paid under the table often avoid having a bank account to avoid showing any income to IRS. They have to hit the bank on Friday to cash their paycheck.
I love it. There’s something a bit Alice’s Restaurant-ish about finding that there was an arrest warrant out for you, dangerous international criminal mastermind that you are. Scary, but funny in retrospect, I suppose. Also, explaining the difference between a bank and a train station must have been fun.
When I moved to Minnesota a decade ago I was amazed at how common check writing was. People wrote checks everywhere, even at McDonalds. Even now restaurants often sport signs warning that they no longer take checks, usually next to the sign saying they don’t allow concealed weapons.
Its really worrying,if someone gets their hands on your debit/credit card then they can spend your money.
I.M.E.(very recently) the people that you’re paying don’t really care if you’re the genuine owner of the card as they are going to get your money, so that their security checks are desultory most of the time and quite often non existent
Its like going back in time,I almost expected to see horse and buggies running around the streets after I’d made a plastic transaction.
