Are Banks becoming obsolete?

This question, while it may not be relevant in some circles, is becoming more and more acute in my circle.  Mine is the circle of those without pristine credit scores and have had a few problems keeping their average balance above that minimal balance standard required by many of them.   It is also quite relevant because of the advent of Reloadable Pre-Paid Debit Cards and of course companies like PayPal.

The reloadable debit cards and PayPal offers the same as the online banking does from many banks and while them do have a monthly maintenance fee, it’s often times much cheaper than many traditional financial institutions.   Some of the other advantages are listed below.
·         No overdraft charges- With the reloadable debit cards, you will never be able to go over your limit because the transaction would be declined.
·         No credit score required- This is a good thing because those good people that have experienced some bad things are no longer denied.
·         Better customer service- Any dispute can be handled with one phone call and takes about three (3) days to settle any investigation while it takes much longer with traditional financial institutions and you may need to speak to several different people.

As more and more people who have been denied access to local financial institutions become aware of these same services availability, I believe that the number of those who use them will increase.  These reloadable debit cards and places like PayPal offer the exact same services as the traditional financial institutions without the frills and gadgets and of course the strange and ever increasing fees.  For example the typical time if takes to pay a bill through these debit cards and PayPal is three to seven (3 to 7) days, while many financial institutions claim three (3), but experience has shown that those who say three (3) normally will have a programmed response to any inquiry on why it is taking longer.

America has felt and enjoy the freedom that on-line banking and bill pay allows but the few who used to only dream about being a part of that revolution can now take heart that soon they too will be able to enjoy this as well.  I am sure that it will not be too much longer before these reloadable debit cards and PayPal start marketing mobile banking services soon.   All that is mostly required now is internet access and with these “smart phones”, this is happening right now.

Comments

Post a Comment

Popular posts from this blog

Movie Review-Harlan Coben's Shelter

  The movie Shelter is based on the bestselling series by Harlan Coben, it follows the story of Mickey Bolitar (Jaden Michael) after the death of his father leads him to start a new life in suburban New Jersey. When another new student disappears, Mickey finds himself tangled in a web of secrets. With the help of two new friends, Spoon (Adrian Greensmith) and Ema (Abigale Corrigan), they reveal a dark underground that may hold the answers to decades of disappearances. Keeping me totally engrossed from the first episode to the last was not really the storyline or the actions and dramas, it was how awesomely those actors and actresses played their roles.   It seemed so effortless, watching them, that it was easy to forget it was a movie/series. I could not control my anxiousness to start the next episode.   Not many movies can make me feel the same emotions that the players were supposed to feeling but man, this was one and that journey this series took me on was one that I must go on
Read more

The Determination of History to Repeat Itself is Due to our Cowardice to Stop It

  America has always been the land of opportunity however we have become lax in our efforts to ensure that this right is made available for all of us to achieve and enjoy.   Far too often, those who see themselves in a position of authority or great wealth begin to confuse themselves with an idea that since you may be thought of as successful, means your now have the power and authority to dictate to everyone else. This lying power makes those allowed to flex it feel bigger and better than they really are.   It gives them a false sense of righteousness and security over all people, places, and things which must be corrected before we completely lose our very humanity. Every last one of us knows this is wrong but history has allowed these individuals to exercise this false position of power without consequences and punishment. Every one of us is guilty of sitting on our hands and waiting on someone else to save us instead of finding our own intestinal fortitude to save ourselves.   We
Read more

Something to Think About Regarding These State’s Abortion Bans

  According to an article titled “The Conversation- A concise history of the US abortion debate, by Treva B. Lindsey, Professor of Women's, Gender and Sexuality Studies, The Ohio State University, Published: June 10, 2019, https://theconversation.com/a-concise-history-of-the-us-abortion-debate-118157 . History has again been totally ignored and the lesson lost.   This being the case, it bears out the great need for educated people to finally diagnose history as it happens and make the necessary changes to ensure that this particular piece of history is not constantly repeated. Consider this, “While many may think that the political arguments over abortion now are fresh and new, scholars of women’s, medical and legal history note that this debate has a long history in the U.S.   It began more than a century before Roe v. Wade. As of 2019 “around 1962 the Food and Drug Administration approved the first commercially produced birth control pill, Enovid-10. Although various forms of b
Read more