Welcome to Community at BECU, a place for anyone who wants to talk about money, saving, investments and everything in between. Have a question or just want to get the community’s opinion on something? This is the place. It’s a great resource for peer-to-peer advice, access to the latest BECU news and behind the scene’s insights from BECU’s experts.
I would prefer that BECU stay away from any alternative currencies that have the primary benefit of anonymity. Rather than try to enable using these currencies, which are best for criminal transactions, BECU should pursue the nirvana of real-time money (actual US Dollars) transactions. This is far bigger than BECU, but with the other banks and the fed we could enable real time payments between financial institutions. It would require that transactions include more information than they do now, and major changes to our banking systems, But it would be worth the effort to be able to conduct financial transactions in real time, auditably, and with all the information needed to perform accounting, including tax accounting. Image a bank statement that included all the details of a transaction: what you bought, the invoice number, transaction number, exact date and time, exact location, full name of the vendor or person paid, how much tax was paid, etc. You would be able to do so much more with your bank statements - determine when you last got the oil changed, determine if that discount store membership is really worth it, actually know how much money you are spending, where, and on what. Blockchain is an interesting technology, and it might be valuable in implementing an interbank exchange system. But as long as bitcoin is primarily about anonymity, it will continue to be primarily useful for criminal conduct. BECU should be about honest people and businesses conducting legal business with each other.
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Seems like a no-brainer to me. Transaction limits are basic and it should be easy to add code that pulls them from the appropriate repository and displays them with the detailed account information.
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Individual citizens suffer from many ridiculous regulations that are out of date, or contradict other regulations. It woudl be great if BECU would partner with other credit unions and/or banks to regularly bring these problems to the attention of the regulatory agency and ask that they be improved. There are many instances, I am sure. The one that got my attention today: (quote from a secure message to me from BECU today - edited for identity removal) "BECU is required by Federal Banking Regulation to provide an official statement of accounts to each primary account holder each month. In this case, [my minor child] is the primary account holder on her Early Saver account, which means that she is the legal tax owner whose social security number is used for tax reporting and under whose name the statement is issued. In order to enroll in eStatements, the primary account holder must enroll in Online Banking and opt in to electronic disclosures and eStatements. Unfortunately, this creates a predicament because the COPPA (Children’s Online Privacy Protection Act) forces us to restrict Online Banking access for persons under the age of 13, and therefore members under 13 cannot have eStatements for their accounts. Once [she] turns 13, she would then eligible to enroll in Online Banking and eStatements. Until then, we will be required to continue to send the paper statements by mail to be in compliance with banking regulation." Whichever regulatory issue requires that montly statements be sent could be encouraged to add "if the primary account holder is less than 13 years old, the statement may be electronically delivered to a parent or legal guardian". I bet there are hundreds of these cases. Let's fix the ridiculous bureaucracy!
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