Ask HN: How can I start my own bank? (Let's redesign banks)

Re:Ask HN: How can I start my own bank? (Let's redesign banks) by Travis on Wednesday January 13, 2010 @05:26PM (#1051348)

I actually signed up for a USAA free checking account minutes ago. Fully online. Not military -- they just opened it up. They gave me the option to select an overdraft account. I chose not to. So I'll get point of sale declines if I ever were to go in the red.

Highly recommend them. Take pictures of your check with an iphone to deposit. They cover other banks' ATM fees up to $30/month, so that's pretty much eliminated as well (for me, at least).

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Re:Ask HN: How can I start my own bank? (Let's redesign banks) by pbhjpbhj on Thursday January 14, 2010 @07:52AM (#1052461)

Cheques must work differently over there. Here you get a guarantee card (usually your Maestro/cash machine card) which states the amount the bank will cover you for - retailers can then take payment up to this amount without risk of losses. If you have £20 in your account and write a cheque for £50, provided the cheque is properly endorsed with your card number and details, then the amount is credited to the retailer by your bank. This results in an unauthorised overdraft and ensuing charges.

Or are you using "checking account" as a loose term? I always assumed it meant an account one could write cheques from?

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