Simple bank shutdown goes awry, leaving customers without account access

Re:Simple bank shutdown goes awry, leaving customers without... by toomuchtodo on Sunday May 09, 2021 @11:57PM (#27102536)

Don’t offer checks nor overdraft protection. That way, you’re not offering credit and don’t need to gate them from a deposit account because of a previous bad check or other derogatory credit event.

Simple did not offer checks (at least pre BBVA acquisition, when I had an account with them), for example.

The Fed is rolling out instant payments in 2023, after which I expect checks to be obsolete and no longer offered by financial institutions.

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Re:Simple bank shutdown goes awry, leaving customers without... by notyourday on Monday May 10, 2021 @08:34AM (#27105276)

> The Fed is rolling out instant payments in 2023, after which I expect checks to be obsolete and no longer offered by financial institutions.

We are at least a decade away from the time when checks are not used, probably two. For that to happen the baby boomers must be nearly completely gone from the workforce. The reason why we still use checks is because a lot of businesses are still owned and operated by the boomers whose processes are

send out bills => receive checks => mark payments on accounts in folders => deposit a batch of checks into an account.

Those are the lifestyle business whose owners/managers are in the last decade of retiring. They won't be either upgrading or selling them.

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Re:Simple bank shutdown goes awry, leaving customers without... by unbalancedevh on Monday May 10, 2021 @02:13PM (#27109021)

Some places add on fees for paying by EFT or credit card. When the fee is something like the greater of $3 or 3%, that's an incentive to continue paying by check.

[ Parent | on HN ]