Why are US banks 20 years behind?

[Saigon]

It's interesting at a time when European banks are starting to phase out some technologies that we have used for 20 years to think that the US has never had them.

Checks disappeared from much of the developed world in the 1990's, and have been entirely replaced by internet banking services.

Paypal was redundant 10 years ago, and I thought it was a joke when a US site asked me to use it the other day. Why can't I just pay through web-banking?

Almost all of my household bills are sent electronically direct to my web-bank, where they can be paid with a couple of clicks. I can buy everything from movie tickets to plane tickets through the internet direct from my bank account - no invoices, instant payment.

Likewise credit/debit cards here stopped useing magnetic strips around 2000, replacing them with harder to scim magnetic chips.

This year we will see contactless debit cards introduced, and Poland is already rolling out ATMs with biometric finger vein scanners.

So why is the US still stuck with old technologies?

 

[Quantum Windbag]

It's interesting at a time when European banks are starting to phase out some technologies that we have used for 20 years to think that the US has never had them.

Checks disappeared from much of the developed world in the 1990's, and have been entirely replaced by internet banking services.

Paypal was redundant 10 years ago, and I thought it was a joke when a US site asked me to use it the other day. Why can't I just pay through web-banking?

Almost all of my household bills are sent electronically direct to my web-bank, where they can be paid with a couple of clicks. I can buy everything from movie tickets to plane tickets through the internet direct from my bank account - no invoices, instant payment.

Likewise credit/debit cards here stopped useing magnetic strips around 2000, replacing them with harder to scim magnetic chips.

This year we will see contactless debit cards introduced, and Poland is already rolling out ATMs with biometric finger vein scanners.

So why is the US still stuck with old technologies?

Two words, government regulations.

 

[Saigon]

QW -

If that is true, that would be terrible. It really holds US banks back, because it is hard to European consumers to buy products online, for instance.

But what regulations could prevent backs adding microchips to debit cards?

 

[Politico]

Not everyone wants to live in socialist debit world.

 

[Saigon]

Not everyone wants to live in socialist debit world.

Ah...so capitalism, banking and free trade are socialist. Interesting.

 

[Mad Scientist]

Not everyone wants to live in socialist debit world.

Ah...so capitalism, banking and free trade are socialist. Interesting.

Very good Saigon. Promote Electronic Banking wherever you go. It's easier for the Banking Cartels that run this country to manipulate an electronic currency. Plus if the Banks or Government want to take the money, for whatever reason, it's much easier when it's in Electronic form.

Can I make a suggestion? You should discourage the use of Gold and Silver as a viable form of currency, the reason being is that it's mush more difficult for the Banks to manipulate the price of Precious Metals.

The Banking Cartel wants a money supply that they can inflate and deflate and create asset bubbles with the stroke of a keyboard.

 

[Saigon]

Mad Scientist -

Are you aware that you pay FAR higher fees on checks than you would on electronic invoicing?

 

[CrusaderFrank]

I've have to replace my debit card on average once a year because my account gets hacked; my checkbook has been the same for 30 years

 

[Skull Pilot]

I like being able to write a check.

Quite frankly my debit card has been hijacked more than once so I don't trust all that computer banking any where near enough for it to be the only option. In fact I have a separate checking account solely for internet purchases.

 

[Saigon]

I've have to replace my debit card on average once a year because my account gets hacked; my checkbook has been the same for 30 years

You have just explained what is wrong with the US system.

 

[Mad Scientist]

Mad Scientist -

Are you aware that you pay FAR higher fees on checks than you would on electronic invoicing?

Psst! Hey! That's the Banks plan to get us all under Electronic Banking.

Offer two plans to give the illusion of choice because Banks control both.

Force the public to the Electronic version by hiking fees for everything associated with regular paper checking accounts.

Then when everyone has Electronic Banking hike the fees on THAT. F*ckin' brilliant aint it? American are so stupid! All you have to do is promote something as "New and Improved" and they run to it without even thinking!

But hey, let's just keep this between ourselves ok?

 

[Saigon]

Mad Scientist -

So you would prefer NOT to have cheap, excellent and efficient banking services.

Got it.

 

[EdwardBaiamonte]

The Banking Cartel wants a money supply that they can inflate and deflate and create asset bubbles with the stroke of a keyboard.

I doubt it given that the last asset bubble in housing wiped many of them out. Sorry!!

 

[Skull Pilot]

Mad Scientist -

So you would prefer NOT to have cheap, excellent and efficient banking services.

Got it.

No electronic transaction will ever be as safe as cashing a check.

 

[Quantum Windbag]

QW -

If that is true, that would be terrible. It really holds US banks back, because it is hard to European consumers to buy products online, for instance.

But what regulations could prevent backs adding microchips to debit cards?

Privacy laws.

 

[Quantum Windbag]

I've have to replace my debit card on average once a year because my account gets hacked; my checkbook has been the same for 30 years

You have just explained what is wrong with the US system.

Actually, you have just read what is wrong with it. The government is full of people who, like Frank, prefer paper trails. Personally, I prefer to use cash to avoid anyway that the government can come in and track my purchases, but I am a crazy nut that thinks the government is stockpiling data on everyone.

 

[EdwardBaiamonte]

I've have to replace my debit card on average once a year because my account gets hacked; my checkbook has been the same for 30 years

You have just explained what is wrong with the US system.

Actually, you have just read what is wrong with it. The government is full of people who, like Frank, prefer paper trails. Personally, I prefer to use cash to avoid anyway that the government can come in and track my purchases, but I am a crazy nut that thinks the government is stockpiling data on everyone.

I have Jewish friends who won't use Easy Pass because they don't want the government tracking them.

 

[Quantum Windbag]

You have just explained what is wrong with the US system.

Actually, you have just read what is wrong with it. The government is full of people who, like Frank, prefer paper trails. Personally, I prefer to use cash to avoid anyway that the government can come in and track my purchases, but I am a crazy nut that thinks the government is stockpiling data on everyone.

I have Jewish friends who won't use Easy Pass because they don't want the government tracking them.

It isn't like any government in history ever rounded up Jews and confiscated all their property, they must be crazy.

 

[EdwardBaiamonte]

Actually, you have just read what is wrong with it. The government is full of people who, like Frank, prefer paper trails. Personally, I prefer to use cash to avoid anyway that the government can come in and track my purchases, but I am a crazy nut that thinks the government is stockpiling data on everyone.

I have Jewish friends who won't use Easy Pass because they don't want the government tracking them.

It isn't like any government in history ever rounded up Jews and confiscated all their property, they must be crazy.

well it is hard to believe but Jews and blacks must be a little crazy to want more and more powerful government when it has always been government that has killed them in the millons. It shows what an uphill battle conservatives face!!

 

[Saigon]

No electronic transaction will ever be as safe as cashing a check.

They are MUCH safer.