Online Banking

Old May 21st 2020, 4:47 pm
  #1  
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Default Online Banking

At last I have agreed to do online banking. Setting it up is not easy. Will have to call in someone younger. Why are these things so hard ?

The reality is that my credit union insists on online banking if I want to apply for a loan ! Their rates are very tempting and that is why i have been spending hours on this as-yet unfinished task.
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Old May 22nd 2020, 4:30 pm
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Default Re: Online Banking

Originally Posted by scot47
At last I have agreed to do online banking. Setting it up is not easy. Will have to call in someone younger. Why are these things so hard ?

The reality is that my credit union insists on online banking if I want to apply for a loan ! Their rates are very tempting and that is why i have been spending hours on this as-yet unfinished task.

It must be difficult to handle finances without online banking. How do you pay your bills, credit card, etc?
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Old May 22nd 2020, 4:57 pm
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Default Re: Online Banking

I go to the bank and speak to a human being. You are probably too young to remember this way of doing things. SOMETIMES I do it on the phone. I have now succeeded in setting up online banking for my credit union account. Only because they insist on it before I apply for a loan !
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Old May 22nd 2020, 6:56 pm
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Default Re: Online Banking

Originally Posted by scot47
I go to the bank and speak to a human being. You are probably too young to remember this way of doing things. SOMETIMES I do it on the phone. I have now succeeded in setting up online banking for my credit union account. Only because they insist on it before I apply for a loan !
Now you are a captive customer that they can likely hang onto when cash goes the way of the dodo and the credit union closes the branch. Also you can make your loan payments without needing to "go ito the bank" whatever than means. .... I thought that was something only rabbits and ferrets did.
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Old May 22nd 2020, 7:44 pm
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Default Re: Online Banking

What will money be when it no longer physically exists but is only a blip on an electronic device ?

And Pulaski, do not quibble about ym tyops !
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Old May 22nd 2020, 7:57 pm
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Default Re: Online Banking

Originally Posted by scot47
What will money be when it no longer physically exists but is only a blip on an electronic device? ......
Physical cash is already nothing more than a small shadow of the large amount of money stored as ones and zeros on computers. Even mid-sized and larger banks in the US are only required to have "cash" reserves of 10% of deposits, and that include "money" on deposit with the Fed, so it is highly likely that only around 3%-5% of "cash deposits" in the US could be withdrawn in physical form at short notice. In short, "money" is already an overwhelmingly electronic phenomenon, and I haven't drawn any cash whatsoever from the bank in more than two months since I was locked down.

The rot set in in 1931 and 1933 when the UK and US respectively, dropped the gold standard and money became nothing more than fancy paper that the central banks told us had value.

Last edited by Pulaski; May 22nd 2020 at 8:00 pm.
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Old May 22nd 2020, 9:05 pm
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Default Re: Online Banking

I always insist on payment in gold sovereigns.
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Old May 22nd 2020, 10:03 pm
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Default Re: Online Banking

Originally Posted by scot47
I go to the bank and speak to a human being.
I know I shouldn't but I'm now giggling at the idea of going into a bank wearing a mask.
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Old May 22nd 2020, 11:54 pm
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Default Re: Online Banking

Originally Posted by BristolUK
I know I shouldn't but I'm now giggling at the idea of going into a bank wearing a mask. ....
Bizarrely you probably won't be allowed in without one!
Originally Posted by scot47
I always insist on payment in gold sovereigns.
​​​​​​​I prefer guineas myself.
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Old May 23rd 2020, 12:45 am
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Default Re: Online Banking

Originally Posted by scot47
I go to the bank and speak to a human being. You are probably too young to remember this way of doing things. SOMETIMES I do it on the phone. I have now succeeded in setting up online banking for my credit union account. Only because they insist on it before I apply for a loan !
I’m retired just for your info. I have banked online since it first became possible. I cannot remember how to do it any other way! I don’t go to banks or credit unions.
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