From: Duncan Frissell <frissell@panix.com>
Date: Tue, 1 Aug 95 13:46:57 PDT
To: shamrock@netcom.com (Lucky Green)
Subject: US vs Overseas Banks
Message-ID: <199508012016.QAA15599@panix.com>
MIME-Version: 1.0
Content-Type: text/plain


At 07:05 PM 7/30/95 -0400, Lucky Green wrote:

>Six years ago, you could walk into a Bank, show them your driver license,
>and open an  account.
>Today, you need several pieces of ID.
>Three years ago, you could withdraw money from your own account without
>having  your checkbook on you.
>Today, they make you pay for a "counter check".
>One year ago, you could walk into a bank an cash a check drawn onto an
>account at the very same bank.
>Today (Coast Federal), they make you pay a $10 check cashing fee.

This depends on location.  The Feds require that banks use the same ID to
open an account that they would require to cash a check.  The banks on the
Left and Right Coasts are fairly restrictive (more restrictive than they
have to be).  Banks in the Heartland (particularly the Intermountain West)
are much easier.

With a little work, it is still possible to open accounts with "soft" ID in
the more relaxed regions.  Since these banks are accessible by ATM and Fedex
and will soon be on the net (in some cases), they can be convenient to use.
Likewise Canadian banks (which routinely offer US$ accounts).  In the soft
ID category, I place Employment ID and Student ID which you are free to make
yourselves as well as the new secured credit cards; some of which can be
obtained in spite of one's lack of existence.  The latter make very good ID.

>The US banking industry has gone to the dogs. The day a non-US bank offers
>an account that can be accessed over the net will be the day I close my US
>accounts.

This will be the most interesting story of the next few years.  I will be
anxious to see if the new ease of "switching" money reverses the trend
toward decreased financial privacy caused by the war on money laundering.

DCF

"If Work, Jobs, Income, and the Middle Class Dream are all over, how come
more Americans and a higher proportion of Americans are now in paid
employment than ever before in our history."