If you want to know what's next just do some traveling. Anyplace but here in the USA you will find debit cards and such everywhere.
So why not here? Because the banks here are making a nice 3-5% on EVERYTHING we do, usually paid by the merchant. It's a 3% tax right into the banks pocket.
Don't expect to see any of these futuristic (meaning 20 years ago everyplace else) technologies in the US anytime soon. Powerful rich people will not give up their $300B yearly drain on our wallets easily.
So in other countries, banks don't charge anything for issuing debit cards, maintain the databases, routing the funds, etc.? I find this a bit hard to believe.
So in other countries, banks don't charge anything for issuing debit cards, maintain the databases, routing the funds, etc.? I find this a bit hard to believe.
Depends on your bank and country, but at mine, Handelsbanken [handelsbanken.fi] in Finland, I pay nothing for my:
accounts themselves
debit card
ATM withdrawals in Finland (any ATM) and Sweden (Handelsbanken ATMs)
online banking
electronic money transfers (within Finland, soon to be all the EU as well)
service at physical bank branches (I know my teller by first name)
And no, this doesn't require assets of 15 kazillion, I'm just an ordinary customer.
I do pay a small yearly fee (less than 50) for my credit card, and a small commission on withdrawals outside Finland/Sweden. The bank makes its share through interest in my checking account (not that Finns ever use checks...), for managing my mutual funds and interest from loans (not that I have any at the moment).
And yes, this kicks ass. Handelsbanken has been signing up a lot of people since the thousand-pound gorilla of Nordic banking, Nordea [nordea.fi], started jacking up its fees.
Every other country has solved this. (Score:2, Insightful)
So why not here? Because the banks here are making a nice 3-5% on EVERYTHING we do, usually paid by the merchant. It's a 3% tax right into the banks pocket.
Don't expect to see any of these futuristic (meaning 20 years ago everyplace else) technologies in the US anytime soon. Powerful rich people will not give up their $300B yearly drain on our wallets easily.
Re:Every other country has solved this. (Score:3, Interesting)
Re:Every other country has solved this. (Score:2)
Depends on your bank and country, but at mine, Handelsbanken [handelsbanken.fi] in Finland, I pay nothing for my:
- accounts themselves
- debit card
- ATM withdrawals in Finland (any ATM) and Sweden (Handelsbanken ATMs)
- online banking
- electronic money transfers (within Finland, soon to be all the EU as well)
- service at physical bank branches (I know my teller by first name)
And no, this doesn't require assets of 15 kazillion, I'm just an ordinary customer. I do pay a small yearly fee (less than 50) for my credit card, and a small commission on withdrawals outside Finland/Sweden. The bank makes its share through interest in my checking account (not that Finns ever use checks...), for managing my mutual funds and interest from loans (not that I have any at the moment).And yes, this kicks ass. Handelsbanken has been signing up a lot of people since the thousand-pound gorilla of Nordic banking, Nordea [nordea.fi], started jacking up its fees.
Cheers,
-j.