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.

1. Credit Union shared branch banking is totally backward. Can login account at FCU A. and take money from FCU B. @ElevationsCU @AmplifyCU

— Mark Cathcart (@cathcam) August 2, 2016

2. but can’t login to FCU B. & send money to FCU A. @ElevationsCU @AmplifyCU

— Mark Cathcart (@cathcam) August 2, 2016

3. also write checks, pay-in picture of check from either FCU either to other FCU other @ElevationsCU @AmplifyCU

— Mark Cathcart (@cathcam) August 2, 2016

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.