Not happy about Apple getting into bed with Bankster #1, Government Sachs. I'll spare you the details, but the info is out there for anyone interested.
There are better outfits to deal with.
I would rather Apple set up a Bank as a separate but wholly owned subsidiary. They can then hire people who share the values of the company.
If Apple created their own bank they would have to deal with lots of regulators like FDIC, OCC and Fed Reserve.
Apple could create a stand alone company that operates independently after setting it up in the fashion they desire. Then IPO it with supershares that give themselves voting control. This means Apple is not the majority stockholder, yet controls the company which is a separate entity.
Supershares has long been used to exercise control after a founder or owner has divested most of the ownership. The Ford family did it when the took Ford public in the 1950s and any number of tech Billionaires have done it since.
By controlling but not owning the company, Apple avoids a lot of headaches.
Or they could simply create an Apple Credit Union instead.
I thought Apple Pay was an safer alternative to using credit cards?
My thoughts exactly. Doesn't having a physical card defeat the sole purpose of ApplePay?
You might want to learn about ApplePay. It does not replace any credit/debit card.
As per my statement, I said physical card, not that it is meant to replace any credit/debit card. I use ApplePay daily, I am very aware of how it works.
Love Pay. Tried to pay a coworker with pay cash yesterday “huh? How do you set it up?”. Turned out she was with some no-name credit union 😤. What’s the process for that anyway? Does Apple have to hunt these places down or to the CUs go and sign up somewhere and sit on a waiting list? I imagine the latter?
I thought Apple Pay was an safer alternative to using credit cards?
My thoughts exactly. Doesn't having a physical card defeat the sole purpose of ApplePay?
You might want to learn about ApplePay. It does not replace any credit/debit card.
As per my statement, I said physical card, not that it is meant to replace any credit/debit card. I use ApplePay daily, I am very aware of how it works.
Love Pay. Tried to pay a coworker with pay cash yesterday “huh? How do you set it up?”. Turned out she was with some no-name credit union 😤. What’s the process for that anyway? Does Apple have to hunt these places down or to the CUs go and sign up somewhere and sit on a waiting list? I imagine the latter?
It's the same process as any other card. Credit Unions set this up quite frequently. I can't tell you how many have as compared to banks, but it's easy enough to google or to simply try to add the card to see if it's accepted.
Maybe I'm missing something here but, this sounds like just another Department store credit card (like a Kohl's card or a Macy's card) -- just without the associated discounts.
But, people like to flash names around -- and it makes them feel important to flash a prestigious card around so...
"If Apple created their own bank they would have to deal with lots of regulators like FDIC, OCC and Fed Reserve."
I sure hope so, I've been watching Ken Burns documentary about New York City and if you want to see what disasters a non-regualted banking / financial industry can bring check out the series. I wish history was still taught in public schools, there is no better indicator of what the future may bring than looking back.
Doesn't say if it would be a Visa/MC/Amex card, so it's use in the world would be limited to Apple Pay transactions and Apple Store purchases.
That makes no sense. They could make it a visa, but tie it to your Apple Pay account. This would let you spend your Apple Pay money you have accumulated to any retailer that accepts Visa. That would avoid dumping the money back to your bank just to spend it somewhere that doesn't take Apply Pay. To me it would complete the new Apple Pay ecosystem for personal payments. For me I would rather they credit it to the card I use to fund Apple purchases. Since that is a Visa Debit card, the money would just land in my account where it belongs. But I believe there are obstacles to doing that as well as Apple would rather hold the money in your Apple Pay account.
They claim to be a socially moral company but continue to amass more and more cash for what reason? It stinks of exploitation.
I think their worst behaviour is their claim to be chartiable with ‘product Red’. If they really wanted to make money for charity they wouldnt wait 2 years to introduce the colour on a legacy iPhone, long after the bulk of the sales have happened.
Your analysis seem extremely objective, well researched and well thought out. Do you have a newsletter I could subscribe to? Fascinating stuff.
phone-ui-guy said: That would avoid dumping the money back to your bank just to spend it somewhere that doesn't take Apply Pay. To me it would complete the new Apple Pay ecosystem for personal payments. For me I would rather they credit it to the card I use to fund Apple purchases. Since that is a Visa Debit card, the money would just land in my account where it belongs.
You should be careful using your debit card as your default payment method. Debit cards don't have the same fraud protection that credit cards have. Debit cards are for getting cash out of ATMs.
Google it: fraud protection debit cards vs credit cards
Comments
That makes no sense. They could make it a visa, but tie it to your Apple Pay account. This would let you spend your Apple Pay money you have accumulated to any retailer that accepts Visa. That would avoid dumping the money back to your bank just to spend it somewhere that doesn't take Apply Pay. To me it would complete the new Apple Pay ecosystem for personal payments. For me I would rather they credit it to the card I use to fund Apple purchases. Since that is a Visa Debit card, the money would just land in my account where it belongs. But I believe there are obstacles to doing that as well as Apple would rather hold the money in your Apple Pay account.
Your analysis seem extremely objective, well researched and well thought out. Do you have a newsletter I could subscribe to? Fascinating stuff.
Google it: fraud protection debit cards vs credit cards