Shared, Co-operative banking

2897D64F00000578-3077773-image-m-7_1431445606983[1]I’m still mystified over banking here in the USA, some 20-years after leaving the industry in 1986. Arcane rules; differences from State to State; duplication, overlap and the too-big-to-fail banks. I’ve complained here before.

My current frustration comes from trying to maintain two different credit union accounts. One in Texas with Amplify FCU (the ex-IBM Employee credit union) and another in Colorado, Elevations FCU. Elevations web and mobile apps are far better than those from Amplify. But both seem to be “hand-tied” by rules that were credited back in the 1980’s.

Today’s frustration is summarised in these tweets.

This, after trying to move $1,000 online from an account at Amplify, to another Amplify account, only to be told that Texas laws only a minimum of $4,000 to be transferred daily, after you transfer $4,000, you can transfer back $3,000 the same day. Huh ?

Either way, money takes forever to move around, and often comes with a heavy charge. Miss the 2:30pm deadline for transfers in Texas, that’s a different charge if you go overdrawn. Meanwhile, I can transfer money from one bank to another in the UK in less than 15-minutes, no charge. I can also transfer money from a UK Bank to a German Bank within 2-hours, no charge.

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