Chapter
The Future of Banking Fees
38:07 - 44:12 (06:04)
Jason Calacanis believes that people want a service provider who gives them the ability to make payments and earn interest, and is willing to pay for services such as payroll and payables, money market funds and white glove service but not allow the banks to take that money and loan it out or do things with it.
Clips
The speaker suggests paying banks for specific services rather than allowing them to profit from the money deposited, recommending startups pay for white glove service or wires instead of banks using their money for loans.
38:07 - 42:27 (04:19)
Summary
The speaker suggests paying banks for specific services rather than allowing them to profit from the money deposited, recommending startups pay for white glove service or wires instead of banks using their money for loans. Instead, consumers and small businesses should review banks' financial statements when opening an account.
ChapterThe Future of Banking Fees
EpisodeE120: Banking crisis and the great VC reset
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Traditional banking services are not just a commodity service, but a risky investment decision for customers.
42:27 - 44:12 (01:45)
Summary
Traditional banking services are not just a commodity service, but a risky investment decision for customers. Banks need to use customer's money to make investments and participate in gains, or else they have to charge them for services.