From: shamrock@netcom.com (Lucky Green)
Date: Mon, 2 Jan 95 11:03:09 PST
To: cypherpunks@toad.com
Subject: Re: Anonymous payment scheme
Message-ID: <v01510103ab2d756f56fa@[192.0.2.1]>
MIME-Version: 1.0
Content-Type: text/plain


Samuel Kaplin wrote:

>Let's suppose myself and 10,000 of my closest friends form the First
>National Cypherpunk Bank and Trust. We go through all of the hassles in
>order to be the issuer of a Master Card or Visa. Now instead of having a
>credit line, it is set up as a debit card. The card's limit is how ever
>much you have prepaid the bank in advance. Once you have hit your prepaid
>amount the card no longer gets approved. Now because everything is prepaid,
>there is no risk to me, so I'll put any name you want on the card. The
>questions I have are:
>
>Is this legal in the U.S.?
>
>If so, is anyone doing it?

This type of card is issued with just about every checking accunt in
Oregon. I don't know about other states, except that here in California I
know of only two that are doing it: Charles Schwaab and Glendale Federal.
There may be more, but I have yet to hear about them. In Oregon you get
such an ATM/Visa card instead of your regular ATM card. Good credit, bad
credit, no credit. Now if I could just remember what its called...


-- Lucky Green <shamrock@netcom.com>
   PGP encrypted mail preferred.