Tag: finance

banking, LifeLeave a comment

Shared, Co-operative banking

Mark Cathcart

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 … Continue reading Shared, Co-operative banking

Life, technologyLeave a comment

Laughing at US Banks

Mark Cathcart

aka too big to do anything useful. So, most mornings lately, during breakfast, Chase Bank has been running these commercials on TV. Yep, they are selling their bank on the basis of being able to make easy check deposits. Most US Banks and Credit Unions provide some form of ATM check deposit, similar to this… So while most western countries are running from checks as fast as they can, some have even announced the end of checks/cheques as we know them, the US is not only persisting with the check model and clearance process, they are making ATM’s better at … Continue reading Laughing at US Banks

LifeLeave a comment

It’s all greek < How the US owns the Greek crisis

Mark Cathcart

It’s worth remembering that while people criticize Greece and their socialist aka “communist” government for overspending and debt, while they’ve not been in great shape since the late 1990’s, all the US Media coverage conveniently omits the fact that is was the illegal activities of the too-big to fail US Banks, and the fraudulent bundling of worthless US mortgages… that caused the 2008 crisis that took Greece down. The NPR reporting of this is woefully inadequate, the LA Times at least mentions it. Continue reading It’s all greek < How the US owns the Greek crisis

technologyLeave a comment

Two small deposits

Mark Cathcart

I’ve often commented on my absolute disdain for the US Banking system. I’ve been poking around with what I can do to remove some of the barrier to the time delay and inefficiency in the system. I used my online banking system to add the bank details of a friend. I did it by adding it as an “external account”, providing the ABA routing number and the account number. It informed me that two small deposits would be made into the account, and once I had the details to come back and confirm. I emailed my friend and said I’d … Continue reading Two small deposits

LifeLeave a comment

Banking like it’s 1985

Mark Cathcart

Every time I deal with my UK bank, I’m reminded how utterly useless, inefficient, and expensive the US Banking system is. I just paid my UK credit card from my UK bank and got this response The payment has been accepted by the beneficiary’s bank who advise that it will be credited by the next working day. Yes, I paid it on Saturday from FirstDirect, a subsiduary of HSBC. The payment was sent direct to MBNA Limited(UK) bank, who accepted it and will credit it to my account on Monday. I then went and paid my US CapitalOne credit card … Continue reading Banking like it’s 1985

LifeLeave a comment

Check’s in the mail

Mark Cathcart

Another frustrating, and wasted effort trying to deal with my FCU over online/electronic payments. I tried to set up an online payment to pay my Attorneys. They gave me all their banks details and double checked they could receive online payments. I went online entered my Attorneys details, it asked for the account number but not the ABA Routing number. I asked online via chat and then in person while at a branch doing a wire transfer today, both reps from the bank confirmed that when I made a payment, the payment would generate a check; the check could be … Continue reading Check’s in the mail

politicsLeave a comment

Dust to Dust

Mark Cathcart

Friedman wrote in this Sundays column in the NY Times “Over the years, I’ve seen an America that was respected, hated, feared and loved. But traveling around China and Singapore last week, I was confronted repeatedly with an attitude toward America that I’ve never heard before: “What’s up with you guys?”” Friedman was talking about the way the United States was/is perceived in the lead up to, and since the Government shutdown. It’s well worth a read. However, in many ways were are increasingly being judged both through the political shenanigans, but also for the lack of progress we are … Continue reading Dust to Dust

LifeLeave a comment

ACH – We got ya by the checks

Mark Cathcart

The Planet Money podcast has a great summary of the topic I was frustrated and grumpy over about 15-months ago, the US Payments clearing system, known as the Automated Clearing House. which I discussed in a follow-up comment to this post. Except, they really didn’t get to the bottom of the problem. I wrote in a comment on their facebook page, here, but figured I’d post my comment here as well. “I was excited to hear this and actually set aside time to do it via the podcast. Your description of the problems and the explanation of the ACH was … Continue reading ACH – We got ya by the checks