Are any banks better than others?

[thelittleguy]

I’m currently using one of the major banks, and I want to switch due to them not taking security seriously. Are there any banks that you can recommend that have good security, preferably allow TOTP codes, and are not as anti-consumer as others? Would a local credit union be better? I’m a bit of a beginner to banking in general. I don’t really plan to spend with this bank unless absolutely necessary as I prefer cash and Monero btw, I just need a place to keep my money and savings in.

[anon4124882]

You can always inquire about making an account and all the features the app may entail when it comes to your account security.

But without knowing more details about your location or region, it’s hard to say anything one way or the other with specificity.

[Expert4870]

Kraken is a crypto exchange that allows passkeys and probably totp without ever really needing phone number without signing up. Unfortunately I don’t know that it can be used exactly like a bank.

[anon4124882]

I think the first few words in your first sentence answers your last few words posed as a question.

Kraken is not a bank indeed.

[Expert4870]

@anon4124882

Kraken is not a bank indeed.

You can put money in it though.

[FranklyFlawless (Frank Lý)]

@thelittleguy

I don’t really plan to spend with this bank unless absolutely necessary as I prefer cash and Monero btw, I just need a place to keep my money and savings in.

We have a very similar financial workflow, except I am unbanked at this point. Right now I simply hold cash or purchase more cryptocurrencies.

[thelittleguy]

I will definitely ask the bank about those things and do research before signing up. I was just wondering if anyone had any good experienced in the United States. I probably shouldn’t say my state for privacy reasons.

[thelittleguy]

I wish I could do this but I need a bank to receive my paychecks and to invest from.

[Expert4870]

Maybe you could find one that supports different security methods. https://passkeys.directory/, 2FA Directory

[thelittleguy]

Thank you this is very helpful!

[Dellsam1]

How do you deal with services that require card details? I don’t know of any service that reliably provides a card without bunch of caveats

[FranklyFlawless (Frank Lý)]

@thelittleguy

I wish I could do this but I need a bank to receive my paychecks and to invest from.

Okay, well depending on your employer, you may be able to receive your paychecks in physical cheques to bring to a cash-chequeing service, although they typically charge an item fee for such a transaction. I do not (need to) know your investment portfolio and/or workflow in detail, but if you are specifically investing in cryptocurrencies, there are P2P exchanges to faciliate that, such as Bisq, Retoswap and RoboSats.

@Dellsam1

How do you deal with services that require card details?

Prepaid gift cards up to $500 CAD and/or various proxy services.

See also:

How to sign up privately when vpns are blocked on sites?

I cannot answer that question on your behalf, but I can give you a comparison against my current financial workflow. I only use cash and cryptocurrencies, so any proxy service with the claimed ability to perform any task on my behalf while accepting my preferred payment methods is sufficient for me to consider trusting them to begin with. When bootstrapping trust, I start by requesting small tasks with minimal cost/risk, then as they become fulfilled by the provider, I can choose to scale up or …

Is there a diminishing return in chasing privacy and security?

One of the most important changes I made to my financial workflow a year or so ago was eliminating credit card possession and usage. That eventually leads to a milestone where the credit report/score associated with my legal name will no longer be retained: For better or worse, I was and still am financially responsible, so I have a lot of positive information on the credit score/report that will take TransUnion 20 years to no longer retain.

[Anvil]

I recall that years ago Michael Bazzell recommended going with local banks or credit unions over national ones because they tend to be better privacy-wise. Not sure if he would still say that now because I don’t keep up with his latest stuff anymore. But I have noticed that many local credit unions make it very easy to see what information they collect/share in table form. Here’s a random example from a NYC credit union’s privacy policy.

What I did was collect a list of local credit unions in my area, narrowed it down to ones that had certain other things I wanted (e.g. participation in the enormous co-op atm network which is important for easily getting cash anywhere without paying fees). I then chose the one with the best privacy policy.

[thelittleguy]

Thank you. I’m going to research this.

[Tux]

Just make sure that the bank does not require an “app” and that online services can be accessed by means of a Web browser. (The problem is phone apps is that they tend to be privacy invasive and are sometimes restricted to work on devices certified by Google or Apple only.)

[thelittleguy]

Yes I make sure to look out for this because I don’t use proprietary apps on my phone.

[anon4124882]

You can put money in a safe too. Doesn’t make a bank. You can add money to your Apple account via Apple Cash. Doesn’t make it a bank.

It’s a false equivalency.

[Throwaway]

I don’t have any credit union experience and unsure if they qualify as a bank. One thing is for sure: do not put your money with any “bank” if your account is not FDIC insured (this is a USA thing). All legitimate banks are FDIC insured. If the bank fails your saving are protected up to a certain amount.

[Anvil]

@Throwaway

unsure if they qualify as a bank

Credit unions are definitely enough for most people’s banking needs and have certain advantages like no minimum balance requirements

@Throwaway

All legitimate banks are FDIC insured.

The credit union equivalent is NCUA

[overdrawn98901]

I was also going to say a credit union is likely the better comparator to a bank, rather than one bank to another.