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MatthewBakke t1_j2zmh2h wrote

Reply to comment by NotBettyGrable in Danish bank workers celebrate first full year without robberies by asteriskspace

This is surprising to me. In the southern US I sometimes feel the only thing being built is an army of banks.

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thcidiot t1_j2zv4vi wrote

Back in 2006-2007 it seemed like a new one was popping up on every corner. Wonder what happened to cause them to start closing?

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FanClubof5 t1_j2zzcaq wrote

A big financial crisis that caused a number of banks to go under and new regulations for those that didn't.

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thcidiot t1_j2zzh4y wrote

I was trying to be tongue in cheek, but it clearly didn't come across that way

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cgknight1 t1_j316ozu wrote

Americans seems highly resistant to the cashless society and also the country lacks the types of banking regulations you see elsewhere that have enabled the transition (for example - card fees are capped at 0.5% in the EU for businesses) so that does not surprise me. Another example is that in most places in europe, cashapps are not a thing because transfers between banks are free, instant and safe.

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jamar030303 t1_j32uzni wrote

>Another example is that in most places in europe, cashapps are not a thing because transfers between banks are free, instant and safe.

Two other factors:

  1. In the US, having someone's bank routing and account number is enough to initiate a withdrawal from their account. You can't do that with just an IBAN in SEPA countries.

  2. SEPA bank transfers still require you to know someone's legal name. One thing some people like about "cashapps" is that you don't need to give the sender your legal name.

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MatthewBakke t1_j37trbt wrote

I’m familiar with this difference from friends overseas. They think it’s weird to use a third party non-bank, I think it’s weird people have their identity and the bank can see all transactions.

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Ncsu_Wolfpack86 t1_j3e6z9w wrote

This is true but Denmark also has a very common cash transfer app. You can also pay in a decent percentage of stores with it, too.

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NotBettyGrable t1_j3244gr wrote

We only have a few banks in Canada and they are billion dollar a quarter behemoths with no real competition, much like our media companies. They have gala dinners with all the important political people so I don't think that is going to change anytime soon. There are credit unions as an alternative but there are trade offs to using them, for the average person it probably has more to do with the marketing reach of the big banks, to be honest.

The crazy thing is, they want to close branches but still want you to come in for high touch service so they can try to sell you stuff. Like I was trying to transfer money in from another bank and they wanted me to come in to discuss. They have two different agendas that conflict at the moment.

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