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Alternative Banking category??


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I have had an idea for a category for a while, but I'm not ure how "international" it is.

 

Banks are worldwide. Here in the USA, when I was growing up, there were banks and Savings & Loans. Banks did all the bank-like things. S&Ls did savings accounts and mostly home loans. When I got out on my own, I learned about Credit Unions - they did savings accounts, and all kinds of loans, but couldn't do checking accounts (now they can). Big difference - credit unions are member-owned, to join, you become a shareholder and get dividends (as well as the regular interest on accounts). Banks and S&Ls have investors that make money off dividends, clients only get the interest on accounts.

 

My question here is -- do other countries have alternatives to regular banks? Would this be something someone would be interested in making a category?

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Western Union is a popular baking alternative. Stores and locations which host those services are called "Agents". 
And as well in other counties, things like remittances are popular as well. 

To me it makes sense to have a catch-all. maybe even with sub-cats for things like WU. 
There's also physical branches for generally online banks like - I think it's Chase? 

Definitely interesting to see how banking is evolving. 

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9 minutes ago, Wolfen32 said:

Western Union is a popular baking alternative. Stores and locations which host those services are called "Agents". 
And as well in other counties, things like remittances are popular as well. 

To me it makes sense to have a catch-all. maybe even with sub-cats for things like WU. 
There's also physical branches for generally online banks like - I think it's Chase? 

Definitely interesting to see how banking is evolving. 

I could be mistaken -- I often am. But I don't know that you can open an account and deposit money into WU. I believe they are just a money-delivery system. Pay no interest, make no loans.

 

Chase is a regular bank. There are branches around here in Oklahoma and I know of some in Florida by my mother's house.

 

The problem with this category may be "what makes it NOT a bank". In the US, it would easily be - if it is FDIC insured, it's a bank. S&Ls use FSLIC, and Credit unions use their own insurance, NCUA.

Edited by vulture1957
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On 2/17/2021 at 10:09 AM, Wolfen32 said:

Western Union is a popular baking alternative

 

As in WU Cookies, sold on the street by young people?? :) ;)

 

Seriously though, here, north of the 49th, Credit Unions are very popular. I've banked with CUs exclusively for many decades now.

I recently opened an account with an online-only bank, as they are the only ones paying interest of any sort on savings.

Online-only banks, however, would be a tad difficult to Waymark.

Keith

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40 minutes ago, ScroogieII said:

 

As in WU Cookies, sold on the street by young people?? :) ;)

 

Seriously though, here, north of the 49th, Credit Unions are very popular. I've banked with CUs exclusively for many decades now.

I recently opened an account with an online-only bank, as they are the only ones paying interest of any sort on savings.

Online-only banks, however, would be a tad difficult to Waymark.

Keith

but an online-only BANK is still a bank.Whereas Western Union is a "financial institution."

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The topic is interesting, especially from a global point of view. How do different parts of the world handle these things. But as a Waymarking category? I don't really see why I should want to waymark a banking alternative or an alternative bank.

 

Furthermore, at least in my neck of the woods, traditional banks get rid of as many of their offices as they can, and the new fin-tech alternatives are not keen on brick and mortar either. They exist, but they don't have public accessible offices with opening hours.

Edited by fi67
typo
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6 hours ago, fi67 said:

Furthermore, at least in my neck of the woods, traditional banks get rid of as many of their offices as they can, and the new fin-tech alternatives are not keen on brick and mortar either. They exist, but they don't have public accessible offices with opening hours.

 

So, if they are not a dime a dozen, that seems like a Good Reason to waymark them!

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In France, we have what we call "Credit municipal", when you need money you can leave a valuable objet, they give you money according to the value of the object and after you can use it to pay you electric bill

I thought Pawn shop worked like that.

It's a kind of alternative bank, a kind of loan

But may be i am wrong....

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9 minutes ago, Alfouine said:

In France, we have what we call "Credit municipal", when you need money you can leave a valuable objet, they give you money according to the value of the object and after you can use it to pay you electric bill

I thought Pawn shop worked like that.

It's a kind of alternative bank, a kind of loan

But may be i am wrong....

I'm referring to banks as they started -- a safe place to "hold" your money until you need it, rather than just having it in a jar in the house. Or, like a piggy bank. A place to keep your money. It has only been since the 1900s that banks had checking and such. You had to go to the bank and get your money out in cash, and that's how everyone paid - in cash.

What you are referring to would be Alternative Lending Institutions.

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On 2/23/2021 at 8:47 AM, vulture1957 said:

so, I think this has answered my original question. Not really internationally available, and trying to do a write-up to clarify what would be acceptable would be a terror! I think we can put this to rest.

Personally, I don't particularly find credit unions (or savings and loans) an interesting topic to waymark. Credit unions are very popular in my neck of the woods (Oregon) and their buildings are mainly newer, and non-historic, so for me, visiting one would be like visiting a fast food restaurant. There's a particular group who loves Waymarking everything on the planet and alternatively, there's a group who only waymarks interesting, historical and/or meaningful subject matter. I fall in between. I know that Waymarking has slowly evolved over the years to become more exclusive and particular in what the community wants, so everyday entities like restaurant franchises and other corporate-owned businesses are frowned upon as new category proposals (along with redundant category ideas, one which was rejected recently, thankfully). 

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2 hours ago, NW_history_buff said:

Personally, I don't particularly find credit unions (or savings and loans) an interesting topic to waymark. Credit unions are very popular in my neck of the woods (Oregon) and their buildings are mainly newer, and non-historic, so for me, visiting one would be like visiting a fast food restaurant. There's a particular group who loves Waymarking everything on the planet and alternatively, there's a group who only waymarks interesting, historical and/or meaningful subject matter. I fall in between. I know that Waymarking has slowly evolved over the years to become more exclusive and particular in what the community wants, so everyday entities like restaurant franchises and other corporate-owned businesses are frowned upon as new category proposals (along with redundant category ideas, one which was rejected recently, thankfully). 

TACAN/VorTac buildings are interesting?? Hell, I'm retired Air Force and I find them uninteresting.

I can find a whole lot of categories that I personally do not find interesting. But does that take away from it being considered for a new category? I have met people that are terrified of going to a cemetery, but we have plenty of categories about cemeteries and headstones.

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48 minutes ago, vulture1957 said:

TACAN/VorTac buildings are interesting?? Hell, I'm retired Air Force and I find them uninteresting.

I can find a whole lot of categories that I personally do not find interesting. But does that take away from it being considered for a new category? I have met people that are terrified of going to a cemetery, but we have plenty of categories about cemeteries and headstones.

I also don't find TACAN/VorTac buildings interesting unless there's some history attached to them.

 

My last remark was mainly to point out that since credit unions are commercial entities (and possible mainstream across America), they will probably not get much support in the Waymarking community since the group is becoming more finicky over the years with world-presence (including me). Look at the last 20-30 approved categories. All but a few are focused on niche, somewhat-uncommon subject matter (I never heard of dovecotes, lych gates and chronograms until they became categories). They incite me to go out and try to seek and document some of of them, much like treasure hunting (brings Geocaching to mind!). With that said, I'm not discouraging you from trying, just offering a different perspective. I've had a few category ideas go to a vote and fail in this community over the years that I thought would be fun and interesting to document (Food-eating contests and Former Brothels are a couple). This forum is a good gauge of how far to pursue a category idea. Start looking for your next topic to propose!

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