alt Hacker NewsWhy should the bank/institution be responsible for protecting individuals from themselves? They don't have police power- protecting people from bad actors is like, the reason to have a state. If the state wishes to farm it out to third parties, then we don't need the state anymore!
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hypeatei • last Thursday at 7:40 PM
The bank/institution is where the money is leaving from therefore they should implement policies that protect vulnerable customers like seniors, for example. I don't know how that looks but it seems reasonable that they could put limits on an account flagged "vulnerable person"
I'm not sure what you're getting at with the rant about police power and a state? Google isn't the government either. What would legislation provide that banks can't already do today?
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Yea I have no idea why the original commenter thinks Banks should have the power to tell me what I can and can't do with my own money.
It's nice that Zelle has checks and identity information shown to you when you're sending money, but if I click through 5 screens that say "Yes I know this person" but I actually don't.....no amount of regulation is going to solve that.