From: "David Neal" <dneal@electrotex.com>
Date: Wed, 31 Jan 1996 02:30:41 +0800
To: "Joseph M. Reagle Jr." <cypherpunks@toad.com
Subject: Re: Security First Network Bank, FSB. The World's 1st Internet
Message-ID: <199601301554.JAA21481@etex.electrotex.com>
MIME-Version: 1.0
Content-Type: text/plain


> Date:          Thu, 25 Jan 1996 17:50:16 -0500
> To:            cypherpunks@toad.com
> From:          "Joseph M. Reagle Jr." <reagle@rpcp.mit.edu>
> Subject:       Security First Network Bank, FSB. The World's 1st Internet Bank

> Just got something in the post today asking for me to set up an account with
> them...
> 
> - Daily reconciled bank statement and checkbook register; All transactions are
> logged for you. - No min balance - 20 free electronic bill payments per
> month... - ATM at Honor and Cirus.. - 200 free paper checks... - plenty of
> pre-stamped deposit envolopes - FDIC insured accounts (in case anyone ever
> steals my password..) - Wired Funds..
>

Mis-features
  - Uses Public key crypto but web pages do not mention PGP,
     says keys may come in mail on floppy; how to fingerprint key?
  -  Online only based system
      Drawbacks include system downtime means being unable to
      access your 'checkbook'
      No extraction features for those of us who use true double entry
      accounting systems, much less Quicken or even spreadsheets.
  - Bill paying system
      Four day lead on bills to be paid (can you say float?)
      Laser-printed statement sent to payee for 'verfication'
       will be subject to payees security restrictions which may
       consist of tossing it unshredded into the trash.
  - No chaum-like digital money provisions.



Although it is a step in the right direction, I won't be happy until the
bank accepts e-mail directives for generating chaumian cash or
instant EFT payments via messages encrypted against PGP keys.

Lets face it FINCEN already knows all about your income sources
if they are at all bank based (i.e. excluding barter and cash), but at
least I can have my check EFT'd, encrypt a PGP transaction to send
all my money to Seychelles, and pay bills from that Offshore bank
that really does respect my privacy.  This would at least make discerning
that my foley's bill is $120 a month more difficult since FINCEN would now
have to have cooperation from the payee.