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Junior Varsity
Electronic Bank Transfers
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<blockquote data-quote="John Roberts" data-source="post: 92705" data-attributes="member: 126"><p>Re: Electronic Bank Transfers</p><p></p><p></p><p></p><p>Banking in the US is very highly regulated but not quite a utility yet. There are good arguments for finishing the beat down (aka Dodd-Frank) and making them just like water and electric companies. Opinions vary, but I suspect bankers can afford major lobbying efforts. </p><p></p><p>Until then congress makes sport of closing the sundry honey-pots that banks use to make a profit, so the banks scramble for new ways to make money. The most recent target from congress for a bank profit center to squash was bounced check fees. Often as they make it harder for banks to make a profit the unintended consequence is that they price low income customers out of normal bank services, driving them to payday check cashing services and payday loan scams. Before long people without accounts will get paid using debit cards. </p><p></p><p>I don't feel too sad for bankers who have been receiving a huge subsidy for years due to unnaturally low inter bank borrowing rates (presumably to rebuild balance sheets slammed by the credit bubble collapse in 2007/2008). So banks can borrow for almost nothing and lend it out for a little more to make a lot more ( a math thing). However the shadow hanging over the economy has discouraged private business from doing too much borrowing. </p><p> </p><p>I suspect most US bank customers do not know what they can or can't do... or what it cost them. Checks are a form of contract. </p><p></p><p>JR</p><p></p><p>PS: I recall the old days when they used to fly airplane loads of paper checks back and forth across the country to clear them. Now that they do this all electronically, why don't they clear checks and credit our accounts faster?</p><p></p><p>PPS: Oz isn't that backward... Last time I was there I could get a proper bottle of stout, but the football is odd, and what's the deal with cricket? If you think a double-header is long, you don't want to watch a cricket match. <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /></p></blockquote><p></p>
[QUOTE="John Roberts, post: 92705, member: 126"] Re: Electronic Bank Transfers Banking in the US is very highly regulated but not quite a utility yet. There are good arguments for finishing the beat down (aka Dodd-Frank) and making them just like water and electric companies. Opinions vary, but I suspect bankers can afford major lobbying efforts. Until then congress makes sport of closing the sundry honey-pots that banks use to make a profit, so the banks scramble for new ways to make money. The most recent target from congress for a bank profit center to squash was bounced check fees. Often as they make it harder for banks to make a profit the unintended consequence is that they price low income customers out of normal bank services, driving them to payday check cashing services and payday loan scams. Before long people without accounts will get paid using debit cards. I don't feel too sad for bankers who have been receiving a huge subsidy for years due to unnaturally low inter bank borrowing rates (presumably to rebuild balance sheets slammed by the credit bubble collapse in 2007/2008). So banks can borrow for almost nothing and lend it out for a little more to make a lot more ( a math thing). However the shadow hanging over the economy has discouraged private business from doing too much borrowing. I suspect most US bank customers do not know what they can or can't do... or what it cost them. Checks are a form of contract. JR PS: I recall the old days when they used to fly airplane loads of paper checks back and forth across the country to clear them. Now that they do this all electronically, why don't they clear checks and credit our accounts faster? PPS: Oz isn't that backward... Last time I was there I could get a proper bottle of stout, but the football is odd, and what's the deal with cricket? If you think a double-header is long, you don't want to watch a cricket match. :-) [/QUOTE]
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