Why is the US banking system so far behind that of many European countries?

Anti competitiveness is the main reason for lagging behind the banks in the rest of the world. In Europe you can sign a debit order for any account regardless of where the person you want to pay, banks. In the US you are required to bank at the same bank as the person you want to pay. No autopay is allowed to credit accounts at other banking institutions.

In the rest of the world , if one bank should be too full, you can draw money from another bank. After all, the ATM will give you the money and your balance. Why can’t you go into the bank to do the transaction? My request to draw cash from my foreign credit card was rejected because I didn’t bank with them. I went outside to the same bank’s ATM and was able to draw in multiple amounts of $1000 per day. This rejection makes no sense at all when all the details including authorization from foreign banks are available. After all, when U.S citizens want to use their debit or credit cards in the rest of the world, they will receive authorization and goods without any rejection or decline. The banks form part of a banking forum and share their experiences whilst finding solutions jointly.

Another concern I have is that they have a so called “seven days check clearance” which excludes weekends: Saturdays and Sundays even though they are open on Saturdays. Effectively, it is an 11 day check clearance where you receive no interest during that period.

Then one bank provided me with a receipt stating funds will be available on the 12th but when I signed an online CD with another European bank, they released the $35 000 then recalled it again on the same day although I have proof that the amount is cleared and they transferred the funds then subsequently recalled it. How can you give a date that funds will be released (cleared) and then decide against it? This almost made me lose the interest rate I locked it in with. It is impossible to invest in the banks of this country. I’m unsure why consumers identities cannot be verified. Legitimate social security numbers are claimed as fraud. Your credit score is available every month on all the credit bureaus but when you attempt investing, your social security number does not exist. A legitimate tax payer cannot be verified by U.S banks?

ATM’s at one bank only disperses $20 notes which means the ATM doesn’t hold much cash. Higher notes are not available at this specific ATM. This could potentially pose as a problem with the current crisis involving social distancing. Surely it should disperse more than the lowest bill available at ATM’s.

Try investing money with some of the U.S banks, they will ask you whether they currently hold the funds or if it is new money coming in. If it is new money they will offer you a favorable rate of 1.4% only for a 6 month CD. They cannot make it for longer because after 6 months it is no longer classified as new money but money they currently hold. The rate will drop drastically to something like 0.02% per year. This makes absolutely no sense to me because you can move your money and they won’t have your “old money”any longer. You invested your money with them for a certain period which would be six months as stipulated by them. When your CD matures you have every right to invest it at another bank: they haven’t inherited it as their “old money”. Why would they drastically reduce the interest rate and expect you to allow them to keep your money as their “old money” When did the investors money become the possession of the bank (OLD MONEY)? What’s they don’t realize is that although the money is currently invested at that bank, the investor could withdraw it at any time and it will be neither old nor new money. Funds are invested with them but not owned by them. Their logic makes no sense whatsoever. The rest of the world values clients investing with them and value their support. They’ll even offer a slightly better rate to existing account holders.

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