Riddle me this, why do people use banking apps on mobile devices in the first place? Why put all your financial data in an eggshell just waiting to get dropped or stolen?
Bank cards have had the whole tap to pay thing for quite a while now. I drop my phone, busted. I drop my bank card, it’s fine, I just pick it right back up, and it stays in my wallet unless in use, not in my hand where it’s infinitely more likely to get lost or stolen.
You want a banking app, do so from your home computer, not a fragile mobile device literally designed to fail if it so much as falls out of your hands.
Because they incentivize it. Some banks are better at incentivizing it than others. My bank for example, allows the highest daily limit (by a factor of 5x) if you use the app. Online banking has a lower limit, and cards lower still. I don’t appreciate them holding my own money hostage, but the sad reality we live in precludes me from having enough remaining mental bandwidth and effort reserve to commit it to fighting against it in such an empty and unwinnable battle. Money is a scam anyway.
In the US, I largely agree with you. Or use a website from a mobile browser. Different story in different countries where a smartphone might be the only compute the average person has, or where state services are tied to a mobile ID or bank app.
Not saying that should be the case, but if the choice is between running niche FOSS apps and removing yourself from societal benefits structures, I know what most people will pick. That’s the real danger of allowing one company to own an entire ecosystem and have enough power that they have conversations directly with governments about their people instead of with their people.
I don’t know how online banking access is around the world, but here in brazil, they made it completely impractical to use from computers by applying artificial restrictions. Some payment institutions doesn’t even support access from computers anymore. Meanwhile, accessing from the phones has been made easier and less restrictive, so basically everyone has to do banking from the phone. It has even become a popular thing to have a separate “banking phone” to use at home, but many people can’t affort that.
We got a large gift card as an incentive to renew our lease at our current apartment vs moving. The format they sent it in had no physical card and would only work on either online stores or through a service like Google Wallet AKA a banking app on a mobile device as you mentioned.
So to get groceries while waiting on a tax refund (thanks crappy American economy and taxation methods) we had no choice but to connect and use it that way.
Oh, I have a choice alright, I chose to withdraw all my money and cancel my bank account like 11 years ago, because my bank refused to accept my tax return as a direct deposit. TurboTax had to reprocess it and send my return as a paper check after the bank refused a fucking direct deposit!
Besides, when the electricity goes out for two weeks after a hurricane or other natural or manmade disaster, how you gonna get groceries or gasoline with electronic money anyways? Give me a paper check to exchange for paper money, paper money still spends even when the electricity goes out.
If it’s a service that only deals with electronic transfers, well I ain’t signing up, and you can just keep that gift card if it requires an app to even use.
Every single day I assume that tomorrow there might not be electricity, it’s amazing to me that people have come to rely on it so much and assume it’ll always be there.
Oh I have lived outside the USA at one point and I’m well aware electricity isn’t magic. There were other places too but Guyana most definitely doesn’t have a stable power grid.
I’m not going to starve my kids over that kind of stance on cash only either though.
I can’t understand why banks are as stupid as they often are. Why would you refuse money from the federal government. What do you think we successfully stole money from the IRS through a direct deposit?
Riddle me this, why do people use banking apps on mobile devices in the first place? Why put all your financial data in an eggshell just waiting to get dropped or stolen?
Bank cards have had the whole tap to pay thing for quite a while now. I drop my phone, busted. I drop my bank card, it’s fine, I just pick it right back up, and it stays in my wallet unless in use, not in my hand where it’s infinitely more likely to get lost or stolen.
You want a banking app, do so from your home computer, not a fragile mobile device literally designed to fail if it so much as falls out of your hands.
Anyways, riddle me that…
Because they incentivize it. Some banks are better at incentivizing it than others. My bank for example, allows the highest daily limit (by a factor of 5x) if you use the app. Online banking has a lower limit, and cards lower still. I don’t appreciate them holding my own money hostage, but the sad reality we live in precludes me from having enough remaining mental bandwidth and effort reserve to commit it to fighting against it in such an empty and unwinnable battle. Money is a scam anyway.
I couldn’t agree more 👍
In the US, I largely agree with you. Or use a website from a mobile browser. Different story in different countries where a smartphone might be the only compute the average person has, or where state services are tied to a mobile ID or bank app.
Not saying that should be the case, but if the choice is between running niche FOSS apps and removing yourself from societal benefits structures, I know what most people will pick. That’s the real danger of allowing one company to own an entire ecosystem and have enough power that they have conversations directly with governments about their people instead of with their people.
I don’t know how online banking access is around the world, but here in brazil, they made it completely impractical to use from computers by applying artificial restrictions. Some payment institutions doesn’t even support access from computers anymore. Meanwhile, accessing from the phones has been made easier and less restrictive, so basically everyone has to do banking from the phone. It has even become a popular thing to have a separate “banking phone” to use at home, but many people can’t affort that.
I have a concrete and very stupid example.
We got a large gift card as an incentive to renew our lease at our current apartment vs moving. The format they sent it in had no physical card and would only work on either online stores or through a service like Google Wallet AKA a banking app on a mobile device as you mentioned.
So to get groceries while waiting on a tax refund (thanks crappy American economy and taxation methods) we had no choice but to connect and use it that way.
Oh, I have a choice alright, I chose to withdraw all my money and cancel my bank account like 11 years ago, because my bank refused to accept my tax return as a direct deposit. TurboTax had to reprocess it and send my return as a paper check after the bank refused a fucking direct deposit!
Besides, when the electricity goes out for two weeks after a hurricane or other natural or manmade disaster, how you gonna get groceries or gasoline with electronic money anyways? Give me a paper check to exchange for paper money, paper money still spends even when the electricity goes out.
If it’s a service that only deals with electronic transfers, well I ain’t signing up, and you can just keep that gift card if it requires an app to even use.
Every single day I assume that tomorrow there might not be electricity, it’s amazing to me that people have come to rely on it so much and assume it’ll always be there.
Ask anyone in Cuba how that’s going right now…
Oh I have lived outside the USA at one point and I’m well aware electricity isn’t magic. There were other places too but Guyana most definitely doesn’t have a stable power grid.
I’m not going to starve my kids over that kind of stance on cash only either though.
I can’t understand why banks are as stupid as they often are. Why would you refuse money from the federal government. What do you think we successfully stole money from the IRS through a direct deposit?