this post was submitted on 02 Sep 2025
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Actual question: why don't Americans just transfer money using a normal baning app? I just have to open the app of my bank. Enter the IBAN, name and amount, confirm and the money will be sent pretty fast. No need for either party to use any third party app.
A surprising number of people don't have a bank.
How do they have or add money in the app then? Sorry, in the UK banks have a legal obligation to provide basic accounts for anyone.
https://www.gov.uk/government/collections/basic-bank-accounts
https://england.shelter.org.uk/housing_advice/homelessness/how_to_open_a_bank_account
That's great. Canada has very strong credit union adoption. The US is often more predatory. Banks can put people into minimum balance type accounts and fee you until the account runs dry. Not all, but some do. If you live in a rural area, you may not have many options. There's a host of reasons. https://www.fdic.gov/household-survey
Credit unions can be predatory, too. The US's largest credit union, Navy Federal, has one of the highest rates of fees charged per customer, even compared to banks. https://www.nclc.org/resources/top-overdraft-fee-offenders-hitting-civilian-military-families/