this post was submitted on 27 Oct 2023
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692
Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’ (www.theverge.com)
submitted 10 months ago by [email protected] to c/[email protected]
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“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

Well that sounds terrifying!

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[–] [email protected] 4 points 9 months ago (1 children)

Most of those online only banks subcontract out the banking part to a real bank

[–] [email protected] 2 points 9 months ago* (last edited 9 months ago)

I have a Revolut account and they're an actual bank these days in the EU but not a bank in other places like the UK where they're still waiting for a licence. N26 is also a proper bank in Europe. I wouldn't like to use an online bank which is not a bank since if the platform collapses then you have no guarantees on your personal savings and the platform could be doing all kinds of unregulated shady shit.

I should mention that while Revolut is a bank now, I sometimes get grief with it. e.g. I went to collect a car rental in the UK and the desk point blank refused the my Revolut card exclaiming it's a prepaid card when it was actually a Mastercard Debit, a world elite one no less. Didn't do me any good to argue though because they had some dumb rule and they stuck to their guns. If they had used their own eyes or stuck the card in the reader they could have seen what the card was but nope, policy meant they had to refuse it.