reason.com
When the Irish Improvised a DIY Banking System
Just try to order a Guinness in a regular bank.

Patrick Cockburn remembers how the Irish got by while a strike shut down the country’s traditional banks for six and a half months in 1970:

Undated cheques, often endorsed over to others but never cashed, became a form of currency. When the supply of cheques dried up, people wrote new ones on any available piece of paper, sometimes adding a postage stamp to give it an official appearance. There was talk of some cheques being written on beer mats and lavatory paper. It was a system that worked because it drew on local knowledge and trust. The people exchanging cheques and IOUs knew each other well, and if they did not, they could soon find the necessary information to assess each other’s credit-worthiness. At that time there were 11,000 pubs in Ireland and 12,000 shops that became substitutes for the banks. Antoin E Murphy, who carried out a study on the strike’s effects, found the public’s ability to assess risk “was based on a vast pool of information available to transactors on the credit-worthiness of other transactors”.

Indeed, their information was likely to be much better than a bank manager or his staff. The accuracy of their judgement was demonstrated when the strike came to an end with most pieces of paper turning out to be worth what was written on them. There were few insolvencies, the largest being a transport company called Palgrave Murphy, which was in trouble anyway. Overall, imports, which were expected to be badly hit, turned out largely unaffected.

Cockburn does note that “certain transactions, such as buying and selling property, became impossible or very complicated because essential documents proving ownership were locked in the vaults of strike-bound banks.” His aim, he says, is to show that “the disaster that follows a bank shutdown is not total,” not that “a home-grown people’s banking system would grow up to replace commercial banks.” But that home-grown people’s banking system does sound rather more effective than you might expect.

Antoin Murphy’s paper on the period can be read here. I enjoyed his brief account of how pubs came to take on some of the banks’ old functions: “one does not after all serve drink to someone for years without discovering something of his liquid resources.”

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Anonymous said:

A skeleton banker who takes his job very seriously is trying to explain finances to a couple but they’re too occupied by the fact that he’s a skeleton.

Skeleton Banker didn’t get a Master’s Degree in Business Administration to put up with this shit.

anonymous asked:

So i need to pay for my classes asap and I want to do an e-check but am curious is my routing number the same as my account number?

No, certainly not. The routing number basically tells the system how to get in contact with your bank; the account number is specific to you.

Here’s a handy image I borrowed from Nationwide

blackenterprise.com
Black Banks Shut Out of New Federal Tax Credit Program
Minority-owned banks are claiming that the federal government has shut them out of tax credits intended to spur economic development in under-served communities. They are referring to last month’s distribution of funds by the Community Development Financial Institutions (CDFI) Fund, an arm of ...
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Jamie Dimon, the billionaire CEO of JP Morgan Chase and face of Wall Street bankers, doesn’t think Senator Elizabeth Warren “fully understands the global banking system” but he’s reportedly offered to meet with her and explain a few things. Dimon, head of the world’s largest bank with assets of $2.6 trillion, told a group of bankers at a luncheon for The Executives’ Club of Chicago today, in what was described as a particularly political speech, that although he agrees with some of the concerns expressed by America’s most vocal critic of Wall Street, he just doesn’t think that Warren, a former Harvard Law bankruptcy expert, actually gets how the whole global banking thing works.

Wall Street arrogance? Check! Gross mansplaining? Check!

In the “The business of writing” dep’t, #8354763 in a series: Things That Arrive In The Mail

Oh look, it’s the big green window-envelope the appearance of which fills with happy anticipation all West Coast-based writers who receive it (or ones for whom WGAw acts who’re living further away). In my case this apparition means residuals for the various animation work I did back in the day, or for ST:TNG.

And it contains…

…um…

…Okay.

Postage cost, US to Ireland: USD $1.20. (Or something like three-quarters of the check’s value. Really, guys? Really?)

Cost for me to mail this to my bank: €0.68 (about $0.75).

What my bank will charge me to handle a paper-based payment (less and less common in this neck of the woods) and specifically one drawn on a foreign bank: €7.50 or so. (Might be more, I think the charges have gone up again… but let’s go with the numbers I know for the moment.)

The check’s approximate value when it clears: €1.37, give or take.

What I make off this transaction (because I just cannot, cannot rip up and throw away a check for a whole dollar fifty and a bit, having lived through times when a buck fifty was enough for canned soup and bread – a meal that meant your blood sugar stayed high enough to finish the day’s writing): -€6.81.

(wry look) …The sooner the Guild goes over to EFT, the better their expat members will like it.

(wanders off muttering)

ETA: Another one came through today for a significantly larger amount, so they’ll both get deposited together. But still… (sigh)

Also, just as a general point of information: the problem isn’t so much the value of the paper as what it costs your European bank to process it – said cost being passed on to you the moment you lodge the check. The concept of taking a picture of your check and sending that to the bank for clearance is unquestionably cool, but at present no bank in Ireland supports it.

This would be because European check clearance regulations (in EU countries anyway) require outside-the-EU paper checks to be physically (i.e. by mail) sent back to their origin countries for clearance, as there’s way too much scamming of printed paper cheques going on, and digital-image scamming would theoretically be even easier. We’re just lucky to have a bank that’s less extortionate about this than most others in this market. …In any case, most European banks are moving rapidly away from handling any paper payments at all: I know a couple of banks here that won’t accept them, period.

…Not that banks over here haven’t historically been a bit squirrely about US checks anyway. When we were living in Scotland for a while just after we got married, I had the local TSB where we were banking insist on withholding-funds-until-clearance for six weeks on checks from both Walt Disney and Marvel. The reason? The checks had (respectively) Mickey Mouse and Spider-Man on them, and – so the bank teller told me without a single blush – they “didn’t look real”. As regarded the one with the Mouse on it – the results of writing an episode for Duck Tales – I was very tempted to retort that the company issuing it was real enough to buy the TSB out of petty cash if it felt like it. But Peter dragged me out of there before I could really get rolling. Ah well…

anonymous asked:

I'm in 20 and in college, and I still rely on my parents for most of my expenses (I pay for part of my rent, but that's it). And today I was at the bank and the teller suggested that I put some of my money into my savings account. But I don't plan on spending my money and time soon. How important is it to distinguish my money between checking and savings if I know that I'm not going to spend it anyway?

Okay, well, here’s the thing: the whole point of a savings account is to keep your money safe while you figure out how to spend it. It separates the money from your checking account so it’s not directly linked to checks or debit cards and doesn’t get spent on a whim, but it also lets you earn interest on your balance. If you don’t plan on spending your money, as you say, then a savings account is a really good option for you.

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What got many people so excited last year about the concept of postal banking – enabling the U.S. Postal Service to provide expanded financial services for the 68 million Americans with little or no access to them — was a government white paper from the post office’s Inspector General, outlining the benefits and advantages of such a program. In a nutshell, USPS IG David Williams explained how postal banking could promote financial inclusion and save families billions while turning a small profit for the Postal Service besides, a complete win-win idea.

It’s true!

With the development and accumulation of bourgeois property, i.e., with the development of commerce and industry, individuals grew richer and richer while the state fell ever more deeply into debt.

It is therefore obvious that as soon as the bourgeoisie has accumulated money, the state has to beg from the bourgeoisie and in the end it is actually bought up by the latter.

—  Marx - The German Ideology 1845

You Can Now Use Emoji Passwords for Online Banking

Olivia B. Waxman

A U.K. company is banking on emojis to make online passwords that are easier for millennials to remember.Intelligent Environments has launched a feature in which customers, especially those in the 20-something age range, can choose a PIN code for online banking from a menu of 44 emojis.In a press release, the company claims emoji passwords are “more secure” because there are more possible emoji permutations than 4-digit passcodes and because pictures are easier to remember than words.Experts told BBC News that it could inspire hackers to ramp up their efforts to crack emoji codes, while others expressed concern that users who are not familiar with emojis would pick the first four images, making the passwords even more predictable — i.e. four smiling poop emojis as The Verge jokes

source (where you can watch the full video)

anonymous asked:

Hi, so a few years ago (when I was 16) I had my very first actual job. To pay me, they used a bank specifically for paying employees that gave me a card to that bank account. After I quit, I forgot about that account and now it's 3 years later. The bank charges you a bit every time you used another bank's ATM. Anyways, I was stupid and forgot about the account and now I remember using it at a few ATMs and now I'm highly panicking that I owe a lot of money or something because it's been unused!!!

You need to contact that bank. Talk to them about any fees or any money still in the account and then close the account. Go to a bank that doesn’t charge you for dumb shit like this.

Elizabeth Warren Hits Back After Jamie Dimon’s Comment She Doesn’t Understand Global Banking

Elizabeth Warren Hits Back After Jamie Dimon’s Comment She Doesn’t Understand Global Banking

JPMorgan Chase CEO Jamie Dimon’s comment bashing Sen. Elizabeth Warren (D-Mass.), Wednesday, stating that he doesn’t think she “fully understands the global banking system,” only proves that the “too big to fail” bank f*cks who screwed America and the rest of the world out of any sense of financial security it may hope to have in the near-to-distant-future are also sexists pricks who, as it turns…

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6 Ways To Ensure Your Small Business Can Get The Best Loan:

Following these tips will make it easier for you to get approved for a loan at a lower interest rate:

1. Set Up The Appropriate Legal Vehicle For Your Business.

2. Start Building Your Small Business’ Credit History With A Credit Card.

3. Have A Separate Small Business Checking Account.

4. Get Help With Payroll And Benefits

Two more tips to ensure your small business gets the loan it needs.



Reblog if you would buy a “How to adult book”

It would include detailed info about: 

  • taxes
  • anything relating to medicine (Insurance, making appointments, who to call, emergency situations etc)
  • Legal/police situations
  • credit scores 
  • renting/buying a home 
  • banking 101
  • how to keep your finances straight 
  • cleaning/cooking
  • professional attire/etiquette