On September 23, 2009
Could Financial Crisis Lead To Cheaper, More Efficient, Virtual Banking?
The recent announcement by Bank of America and JPMorgan Chase that they will change their policies on overdraft fees has me thinking about what other kinds of changes to the U.S. banking system might come about in the aftermath of this year’s bankruptcy bloodbath. (Wednesday, BofA said that it won’t charge customers fees for overdrawn accounts of $10 or less, and JPM won’t charge customers who go less than $5 overdrawn). It’s a well-known fact across the world that the American banking system is the most antiquated there is of any developed country. The use of checks alone is enough to raise eyebrows among most Europeans and Asians, whom are more accustomed to regularly making cheap wire transfers or setting…
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