Banks are like dinosaurs, and cryptocurrency is like a meteor storm
A trip to the bank reminded me why the world needs cryptocurrency.
I rarely go to the bank, especially because of Covid. But the other day I needed to move money fast, and it exceeded online transfer limits. So I did what any 30 year customer does, I called the bank to ask for an exception.
It started with a transfer limit
I wanted to transfer my money to an account I use exclusively for crypto. The amount exceeded the daily transfer limit. I called the bank for help, and they said just write a check, come down to the bank and we will help you out.
Seven day hold
I followed their instructions, and went down to the bank. There I presented my check, my identification, and my best smile.
No problem they said, except a seven business day hold on the funds. My jaw dropped in surprise.
I expected 2-3 days, but hoped for no days…
The banks are two blocks away
I pleasantly asked why my money would take 7 days to literally move two blocks. The teller said it’s over X dollars. I inquired about a wire transfer or cashiers check?
The tellers face formed a big smile as she said “Oh that would only be a five day hold’. As if that was a huge improvement.
Then she said they were literally going to mail a photocopy of my check to my other bank…
I was stunned.
I literally can Venmo a thousand dollars to someone in two minutes and they can withdrawal the money and pay their rent. But my bank needs seven days.
A bank or a dinosaur?
I literally was thinking as I listened to the rules, that my bank was a dinosaur and cryptocurrency and other technologies like Venmo were meteorites which had struck the earth…
And they were slowly throwing dirt into the sky and soon would deprive my bank of the light and warmth of the sun. Then my bank and others would wither and die.
It was quite the visual.
Cryptocurrency transfer is instantaneous
I also reflected on my ability to send as much cryptocurrency as I want, to anyone in the world with a wallet in less then 30 minutes.
And I looked at the bank manager and asked myself: Do they know they are dying?
I am old enough to remember a time when if you needed to send someone money or pay a bill, you wrote a check, and put it in the mail. The real mail as in United States Postal Service.
But I haven’t done that in over 10 years.
Banks are in trouble.
I read a book on disrupters in the banking industry, and the author said “Banks will change or die” “the digital banking industry will eat the banking dinosaurs alive.”
Today after my banking experience…
I say Bon Appetit digital banks, enjoy your meal.
Posted Using LeoFinance Beta