[Plan in Motion] Banking and FedNow

[LGHDR+]

Shifty like what?

If we're talking about This US Bank, they once tried to steal 5 figures of money from my dead mother's account because "No will? Fuck you, that's why".

We got it back after a lawyer friend cracked off an letter explaining how "next of kin" worked, but I'd trust the content of a Pat Tomlinson message before trusting money with those fuckheads.

 

[Prince Vegeta]

Not a solution but maybe a loop hole you could use:

If you would live in an EU state you could open a so called "Jedermann" account within every bank in Germany as they are legally required to grant everyone who is living in an EU country a basic bank account. It's based on an EU law itself.

The Jedermann account allows you to transer money on/from the account by ordinary bank transfer or any other transfer method that is equal to it, like using a PayPal account.

More information here (German text).

We have different types of banks in Germany, one of them are the so called Sparkassen (english wiki). They do kick people though but it's harder for them bc of the Jedermann-law and since that EU law got introduced I haven't heard/read about people getting kicked.

So maybe the trick works with
1. registrating a place to live in an EU country. Maybe Romania where they don't give a shit.
2. using the Jedermann-law to open a bank account.

Thinking about it with all circumstances (you being American living in an European state that is not part of the EU) it's probably way to complicated but maybe it's an option nevertheless.

This idea is good on principle, and could help Null have a personal account if he doesn't already, but I would not recommend it for Lolcow LLC. The amount of regulation for money trafficking between EU and non-EU or offshore accounts is retarded and all the bank needs is one report or flag from international databases or private complaints saying that account has suspicious activity and they can freeze that shit for the next decade without telling you shit. Sadly, that is all I can contribute.

 

[Onni Kalsarikännit]

This idea is good on principle, and could help Null have a personal account if he doesn't already, but I would not recommend it for Lolcow LLC. The amount of regulation for money trafficking between EU and non-EU or offshore accounts is retarded and all the bank needs is one report or flag from international databases or private complaints saying that account has suspicious activity and they can freeze that shit for the next decade without telling you shit. Sadly, that is all I can contribute.

Oh yeah, right. Completely forgot about this LLC stuff and you are right. It's probably way more complicated for a company, probably not safe enough and in the end not worth the hussle.

 

[Null]

I don’t understand

1. "Send money to kiwi farms at US Bank account number 69420"
2. troons call bank, accuse of terrorism money laundering cyberstalking
3. no more bank account

therefore I need a bank that either will not or cannot deplatform me.

 

[AnOminous]

If we're talking about This US Bank, they once tried to steal 5 figures of money from my dead mother's account because "No will? Fuck you, that's why".

We got it back after a lawyer friend cracked off an letter explaining how "next of kin" worked, but I'd trust the content of a Pat Tomlinson message before trusting money with those fuckheads.

Never trust a bank. You're literally safer with it in a mattress. Trust a credit union instead. There's a reason jersh prefers those.

Also this may sound insane but have you considered a 501(c)(3)?

Seriously if it worked for Scientology it's not as insane as it sounds.

 

[Vince McMahon]

Also this may sound insane but have you considered a 501(c)(3)?

But he's not going to be a "church" nor an expressly charitable foundation, how would that specifically work? Honest question.

 

[Null]

Also this may sound insane but have you considered a 501(c)(3)?

Yes, but the IRS requires a 3-member board.

 

[Piggle Rick]

This is almost surely a dumb idea, sorry in advance, but could people send old-fashioned cheques? You could have them sent to one trusted person (made out to whatever name you said) who sent them on to another trusted person etc and they eventually made their way to you, maybe by depositing in a German account in that name. Can banking/smart people pls tell me how that process could be tracked by troons? I know cheques aren’t common these days but they still exist. I am not sure a post office would be too interested in opening letters received by a customer (a crime, where I live). Would these dickless wonders have a way around that? My guess would be that plenty of members have post office boxes and you could just keep changing it up if anything did happen.

 

[DavidS877]

This is almost surely a dumb idea, sorry in advance, but could people send old-fashioned cheques? You could have them sent to one trusted person (made out to whatever name you said) who sent them on to another trusted person etc and they eventually made their way to you, maybe by depositing in a German account in that name. Can banking/smart people pls tell me how that process could be tracked by troons? I know cheques aren’t common these days but they still exist. I am not sure a post office would be too interested in opening letters received by a customer (a crime, where I live). Would these dickless wonders have a way around that? My guess would be that plenty of members have post office boxes and you could just keep changing it up if anything did happen.

Similar problem to the registered agent. Still has to have an address. But it could just be a PO Box. So would need someone trusted to pick it up and forward it. Only difference is they wouldn't need their real name like a registered agent would. But it's probably best if he can find a registered agent and mail forwarder.

 

[AnOminous]

This is almost surely a dumb idea, sorry in advance, but could people send old-fashioned cheques?

Most people are such absolute faggots they won't.

 

[Ikea Shelf]

The people who keep posting “such and such bank is on the list, give them a call” really don’t know what they are talking about. The FedNow service appears to be an updated version of the FedWire service. How the FedWire service works is that Bank A wants to wire Bank B money. Both banks are members of the Federal Reserve. Bank A initiates a FedWire wire through the Federal Reserve and gets a confirmation number. The Federal Reserve contacts Bank B and says “Hey, Bank A wired you this amount.” While most banks will post the amount to the account of Bank B the same day, the bank itself usually doesn’t do a true up until overnight. The confirmation number from the Fed means that they will get the money.

There are limitations to the FedWire service. Yes, the Federal Reserve does regulate all of it’s member banks, but the funds being available the same day for Bank B really is just Bank B relying on the word from the Federal Reserve. Due to the true up process, FedWire wires can only be sent Mon-Fri until 7:00 pm Eastern. Any wires sent after that will be processed the next day. 7:00 pm Eastern sounds great for people who live in the Eastern time zone. It kinda sucks for people on the West Coast.

How FedNow appears to work is that it replaces the overnight true up process with a digital backed currency. When Bank A sends money to Bank B, Bank B can actually get the money right away since it is backed by the digital currency and not just the word of the Federal Reserve. Because of that, funds can be sent and received outside of the normal business hours.

OK, back to the “such and such is on the list, give them a call” comments. The FedWire service has been around for a long time. Pretty much all banks use it. That being said, does the average person know what the FedWire service is? No. Do banks advertise the FedWire service to it’s normal customers? Maybe, but I have never seen it.

For companies that are not banks but need to do a large number of wire transfers each day, most banks have a step-by-step guide for setting that up and are completely open to helping companies configure it, right? Wrong. It is a pain in the ass to get this working and usually takes months. And that is for companies that will guarantee a ton of business.

Basically what I am trying to say is that I don’t think any banks will be offering FedNow any time soon. The ones on the list probably just did a test with the Federal Reserve to see if it was possible. I assume that payment processors will probably jump on this first. I know that payment processors are not Null’s favorite people, so that it out. Basically, until a bank advertises this on the front of their homepage or app, it won’t be a reality. And it probably won’t be widespread until a bank like Wells Fargo (yes, they are on the list) or Citibank pushes it.

* I probably stated some things ambiguously or slightly incorrect, go ahead and nitpick away assholes.

 

[Neo-Nazi Rich Evans]

if the bank doesn't have to be american, then what about a swiss bank or one in the bahamas, you know the kind rich people and criminals use to launder money? i know it wouldn't be ideal, but if you need a bank then you could try one of the kind which doesnt ask too many questions and is used to having less than ideal clients.

 

[Null]

could people send old-fashioned cheques

Absolutely. Once we get the RA set up I can accept cheques by mail.

 

[Clout $ Monei]

Someone mentioned Romania and that made me think of my experience with SEPA (the IBAN/BIC euro system).
In theory all banks in the SEPA agreement should be able to receive and send money to all other banks, no question asked. In practice, banks take it upon themselves to apply additional conditions for transfers. In my case, I was able to send money without problem to the Netherlands, Italy, Germany, and others ; but when I tried sending to Romania, the country wasn't listed on my bank's front end. This is because my bank is RACIST against Romanians, and requires a phone call to give the account info directly to an employee for manual approval. So what should be a 5mn process took 5 days because week-end and availability and so on.
The bank employee told me they restrict automatic approval of new beneficiaries from certain countries because of high levels of scam (see: RACIST) and unregulated crypto trading (which to be fair was exactly what I was doing, but also what I had been doing with people in the other mentioned countries).

All that to say that unless FedNow has a specific clause about not discriminating banks/account in any way, it is possible that "high risk" banks/accounts could be subject to similar bullshit of manual approval. Technically you would still have access to FedNow, but it would severely diminish the ease and speed of use.

 

[doodoocaca]

if the bank doesn't have to be american, then what about a swiss bank or one in the bahamas, you know the kind rich people and criminals use to launder money? i know it wouldn't be ideal, but if you need a bank then you could try one of the kind which doesnt ask too many questions and is used to having less than ideal clients.

Open one of each. They do not care.

 

[Vecr]

if the bank doesn't have to be american, then what about a swiss bank or one in the bahamas

Can't do that after the PATRIOT act. Or at least it's not worth it anymore.

 

[WelperHelper99]

Yes, but the IRS requires a 3-member board.

Well... do you have any IRL friends you could trust?

 

[Piggle Rick]

Absolutely. Once we get the RA set up I can accept cheques by mail.

I can’t be your RA but if you need the RA to send cheques through a few postal addresses for security, I’m okay to be one of the guys in the middle of the chain. I have a long-standing postal address that isn’t in my own name (inherited).

 

[Cap-tan]

Yes, but the IRS requires a 3-member board.

But I've seen troons start them and they have no member

 

[gampboonerisms]

I guess Western Union is out of the question. That's the only thing 'not a bank' I can think of that allows over sea transactions.