— VerifyYourBrain

rarej in #hive-167922 • 3 years ago

Banks in my country have recently started implementing new and increasing existent percentage fees for not only withdrawing money but also for depositing it on the bank. This seems almost illogical to pay the bank to put my money in their hands just so they can make more money of it and tell me my funds aren't fully available when I want to withdraw them again.

The logical conclusion for everyone using at least a bit of their brain power is to explore alternative financial strategies. This is the way.

3 years ago in #hive-167922 by rarej

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taskmaster4450le 3 years ago

Yep. It is the way they operate since they had a monopoly for so long. Yet now a new system is springing up, one that could obliterate them.

In the end, I foresee most banks going the way of newspapers. There will be a few that survive but more will merge or go out (well banks dont go out of business but get eaten up).

Overall, their pie will get smaller.

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rarej 3 years ago

What happened to newspapers happened in many other spaces as well where a new system overtakes the old. Music cassette companies have failed, as have vhs video stores, people who stuck to faxing, and so on.

Most banks probably either think they are the exception or they expect to win the war, even though they are already losing a few battles.

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taskmaster4450le 3 years ago

That is true. This is not exclusive to newspapers. It is simply the path of technology and disruption.

Most end up out of business. Streaming killed the video cassette rental business.

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