Those are not new banks, they’re new skins on old banks, which is a fundamentally different thing
-
-
Replying to @AustenAllred
Why do we need another bank? I’m happy with my frumpy credit union. I put money in, they don’t lose it, they don’t try to sell me financial crap, when i need some cash, i get it from an ATM. It’s all good.
1 reply 0 retweets 0 likes -
Replying to @JimYoull @AustenAllred
The basic function of a bank should be no more exciting than the basic function of Stripe. I hire both companies to displace stuff that should never bring “surprise” to my life, so i can concentrated on the stuff that does, or that should.
2 replies 0 retweets 0 likes -
Replying to @JimYoull @AustenAllred
I know a few people who started banks back in the midwest, now that you mention it. Totally forgot. That was a couple of decades ago but afaik they could do the same today if they cared to.
2 replies 0 retweets 0 likes -
-
Replying to @JimYoull
Lack of access to banking for people with poor credit
1 reply 0 retweets 0 likes -
Replying to @AustenAllred
This article says that more banks aren’t being opened because banking is less profitable than it used to be. that seems perfectly reasonable. new grocery stores, book stores, and gas stations aren’t opening all that much eitherhttp://money.cnn.com/2015/07/29/investing/dodd-frank-new-banks/index.html …
1 reply 0 retweets 1 like -
Replying to @JimYoull @AustenAllred
Also w/r/t the banks i’d like to open: many of the people who go to payday loan/cash advance/rent-to-own places don’t have poor credit and pay on time. They just don’t know how to access money in less-self-harmful ways.
2 replies 0 retweets 0 likes -
Replying to @JimYoull
I. Literally. Worked. At. A. Company. That. Tried. To. Do. Exactly. This. This is not theoretical.
1 reply 0 retweets 1 like -
Replying to @AustenAllred
Well that’s new information. Why didn’t it work? You’re not going to ever get away from ‘know your customer’ regs. but that’s what computers are for.
1 reply 0 retweets 0 likes
We weren’t the only company. Hundreds have wanted to; its borderline impossible after Dodd-Frank for about 50 different reasons.
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.