More Bank Fails!
Haha... at this point, it is becoming more and more clear that banks and their legacy infrastructure belongs in the pen and paper era. Sure, they have "updated" to have digital front facing user interfaces... but it is still hilariously archaic in the backend and the rest of the financial interface, and it creaks and groans with the demands of a real-time userbase.
Why are transactions held up for 24 hours? To do checks? ... and then transactions still get sent out to scams and all the of the rest of that, and banks just throw their hands up and say, not our problem and nothing we can do! Well, if the purpose of the trusted third-party is performing the same interaction as a decentralised network... but chomping down on that tasty rent-seeking tolls each and every time... well, perhaps it is time to dump them. En masse.... and at some point, people do need to realise that the banks are not our friends, and that they aren't even doing their jobs well.
We used to not have a different option... and now we are getting the glimmers of an alternative financial infrastructure and ecosystem. Sure, it is dangerous still... but the banks aren't doing anything to make it seem like they are anything else! At least with DeFi and crypto, you aren't getting an illusion of safety!
This crossed my feed today... Commonwealth Bank of Australia, one of Australi's largest had an outage... and when things came back online, lol... double spending issues! Something that Bitcoin had fixed a long long long time ago! Pity for the people who are getting negative balances and hit with overdraft fees... if you are lucky, the bank will fix it... if not, then you have to spend hours "chatting" with support... and that already is wasted time anyway. Seriously, just fixing the problem isn't enough... I often waste hours of my own time rectifying mistakes that a company has made... just to start where I should have started at. There needs to be serious penalties and compensation for companies that screw up their digital interactions...
... otherwise, they just laugh it off... and don't give a crap. And we know that the CEOs only see digital stuff as an expense to be minimised and a way to dump workers.
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The credit union that I use (which to be fair, is better than most banks in several ways) recently upgraded their online banking system. Somewhat unsurprisingly they had unexpected downtime so that you couldn't access certain functions for a day or two. Wasn't a big deal for me as there wasn't anything critical I needed to do then but I could definitely see how it could have been a real hassle for some people.
Ooooh, some people here were having lots of trouble... especially as not many people are able to keep a large buffer to get through.
It's all part of the plan to usher in the CBDC.
Hopefully we can dodge that!
I stopped being a fan of banks a long time ago and actually ended up being a part of a class action lawsuit against Bank of America over various fees and sneaky exchange rates that they were putting in there hoping nobody would notice. They are putting up one hell of a fight resisting crypto as a method of purchasing but I think even they realize the tech is superior to their own.
Wow, a class action lawsuit... I really think that they really stopped trying a while back, they have a pretty nice position where they can't be replaced (until now...).