A looming copper crunch and why recycling can’t fix it

Re:A looming copper crunch and why recycling can’t fix it by kube-system on Sunday July 31, 2022 @04:33PM (#32298566)

It depends on what side of town you're on. There is a big class and culture gap in the US financial system. Everyone on this forum from the US likely is well banked. But a large chunk of the US is not. A large number of people either do not meet the requirements (undocumented immigrants), distrust the system, or don't meet minimum balance requirements (or don't want to deal with those requirements).

https://www.cnbc.com/2019/03/08/25percent-of-us-households-a...

https://www.npr.org/2021/04/05/984475870/unbanked-what-it-me...

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Re:A looming copper crunch and why recycling can’t fix it by bee_rider on Sunday July 31, 2022 @07:20PM (#32299846)

I'm "well banked" I guess, but the laundromat nearest me still only takes quarters for some godforsaken reason and sometimes it is convenient for parking meters (although most of them use the same app nowadays).

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Re:A looming copper crunch and why recycling can’t fix it by nradov on Sunday July 31, 2022 @04:42PM (#32298646)

Prepaid debit cards are now widely used by unbanked people in the US. Some employers will even do direct deposit to those cards.

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Re:A looming copper crunch and why recycling can’t fix it by kube-system on Sunday July 31, 2022 @04:47PM (#32298687)

This is true, but cash is still widely used by the unbanked as well. Go to a grocery store in a poor part of town and you will see plenty of cash being handled at the checkouts.

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Re:A looming copper crunch and why recycling can’t fix it by jeltz on Sunday July 31, 2022 @05:12PM (#32298888)

Minimum balance requirements? Why is that a thing?

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Re:A looming copper crunch and why recycling can’t fix it by kube-system on Sunday July 31, 2022 @06:09PM (#32299329)

Banks make money by lending on deposits. If you have no deposits, they can't make any money. Although, almost universally, banks will allow you to pay a few dollars per month for your account instead. But, people who don't have very much money usually don't have much of a need to spend spend money for a service to hold on to their money, because they don't have any.

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Re:A looming copper crunch and why recycling can’t fix it by kwhitefoot on Sunday July 31, 2022 @06:47PM (#32299592)

But it still needs an explanation because European banks don't charge for a current account.

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Re:A looming copper crunch and why recycling can’t fix it by kube-system on Sunday July 31, 2022 @07:39PM (#32299986)

I don't think a few dollars here and there is not really indicative of a huge difference in anything but product/marketing strategies and consumer preferences. Banks have a lot of different fees that vary not only between continents, but between banks that literally sit across the street from each other.

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Re:A looming copper crunch and why recycling can’t fix it by Scoundreller on Monday August 01, 2022 @03:29PM (#32310961)

I thought most European banks do charge for basic accounts?

"Free" accounts seems like a big US thing because there's lots of competition between a highly fractionated banking industry. Something like 4000 banks in USA and next biggest is Russia with ~400

https://www.helgilibrary.com/charts/what-country-has-the-mos...

Reviewing some traditional French banks and their "mobile" offerings are still 2EUR/month, and students can get a 1EUR/month plan.

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Re:A looming copper crunch and why recycling can’t fix it by kwhitefoot on Wednesday August 03, 2022 @02:33PM (#32335267)

Perhaps it's just UK and Norway then

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Re:A looming copper crunch and why recycling can’t fix it by eru on Monday August 01, 2022 @07:00AM (#32304291)

There's lots of other differences.

For example historically and until fairly recently, most American banks were prohibited from having more than one branch. In total.

That's called unit banking. And that's why you have those small-town American banks, and national chains almost everywhere else.

Obviously, that bank with only one location is much more dependent on the fortunes of its only location. This makes for a hilariously brittle financial system.

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Re:A looming copper crunch and why recycling can’t fix it by aidenn0 on Sunday July 31, 2022 @09:44PM (#32300903)

So they can make money charging you fees when you go under the minimum? /S

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Re:A looming copper crunch and why recycling can’t fix it by heavyset_go on Monday August 01, 2022 @04:51PM (#32311878)

No sarcasm needed, this is a big reason.

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