Millions of dollars are stolen from credit card holders each year. It is practical to utilize a credit card and a debit card with a credit card symbol without a pin number. All credit cards, including debit cards that can be utilized like credit cards, should require use of pin numbers, both on and offline, unless the cardholder specifies otherwise. Every credit card holder should be presented with the option to place a pin number on their credit cards and/or debit cards as a safety measure. A random stranger should not be capable of utilizing anyone’s credit card if the owner happens to lose it or it is stolen. Requiring use of pin numbers on and offline on credit cards would prevent many incidences of credit card fraud and translate to tremendous savings for consumers and banks, et cetera that must replace swindled funds for bogus purchases.
Typically, ATMs (Automatic Teller Machines) do not receive or dispense coins, and they do not dispense smaller bills like 10s, 1’s, or 5’s, reasonably, due to limited space in the machines, though they do accept smaller bills in any denomination. There is a way that ATM machines can accept and dispense coins and smaller bills of all sorts…
Pneumatic tubes, or systems that propel solid, cylindrical objects through networks of tubes by vacuum could be connected to stacks of relevant coins and bills in stored cash reserves at each bank, and could be propelled through the relevant tubes when requested or deposited by bankers.
I discussed in a previous post the need to incorporate all external tellers into bank and other synonymous buildings for the protection of armored guards who deliver cash to ATMs, etc. This would facilitate the coin dispensing process.
Exclusively digital currency would be the very best form of universal monetary exchange; until this is realized and/or implemented, traditional currency in all denominations should be conveniently accepted and dispensable from any automatic teller.
All external Automatic Teller Machines should be incorporated into bank and other buildings for the protection of armored guards who deliver money to them. Banks should have garages for armored vehicle entry during cash deliveries. Bank representatives would remotely open facility garage doors once armored drivers are identified via video intercoms, and close the garage doors once the armored vehicles have fully entered the facilities. The armored guards would accordingly load the external tellers from inside the banks, and without ready threat of harm and/or of losing cash during any potential robbery…
Multiple external automatic tellers could be placed on a single wall or on two or more walls, and situated with sufficient distance between them to accommodate an equal number of vehicles. This would provide increased safety to customers in that a potential robber could not easily approach a drive-through customer with such limited space between the customer’s vehicle and the wall encompassing the ATM that they’d be utilizing, whereas a potential robber could readily approach customers utilizing traditional external automatic tellers that are distanced from their branch facilities and separated by lanes and merely the compact ATMs (If there were walls on each side of each lane encasing the distanced ATM machines, and automatic doors that would open and close for each individual vehicle, including armored vehicles, however, the arrangement would suffice).
Incorporating all external automatic teller machines into building walls of banks and removing them from distanced lanes would provide additional safety to customers, etc. in that there would be ample room for driving customers to readily pull off if they feel that their safety is at risk.
The World Bank is an international financial institution that provides loans to developing countries for capital programs. It consists of 188 country shareholding members. It’s lending to developing countries is primarily financed by selling of AAA-rated bonds in the world’s financial markets.
The World Bank could benefit significantly from proliferation of global branch banking locations, and specifically deposits from a vast and previously untapped market of customers.
Such an initiative would avail opportunity for some charitable giving or investment by the World Bank and set a precedence for other banks to follow as with hiring urban planners and economists to urbanize and maximize the potential of natural and other resources of developing/poor nations that may not otherwise be empowered to make the most of traditional loans.
It is fathomable and there are already discussions of printed currency becoming obsolete and money interchange becoming exclusively electronic. This would yield a number of benefits. First and foremost, it would be sanitary.
It would additionally and significantly secure the safety of both cash and employees; there would be no more incidences of cash robberies. Electronic currency would also eliminate black markets and massive episodes of crime affiliated with them, because all monetary transactions would be tracked.
It would be impossible to unlawfully purchase guns, which should all be registered and all owners licensed. It would be impossible to unlawfully traffic drugs, people, counterfeit merchandise, etc.
Major reform programs should be enacted in and out of correctional facilities to educate and provide support to detained and other individuals who are interested in forming and developing legitimate businesses.
Electronic currency would also be a convenience for consumers, who would be privileged to electronically and remotely pay bills that they wouldn’t or couldn’t ordinarily pay where some companies do not presently accept electronic payments, or the consumer wouldn’t bother otherwise to open and use a checking account/bank card or utilize other means of making electronic payments. All eligible persons should be encouraged to open checking [and savings] accounts with local banks, and to enroll in direct deposit with their employers.
Others should be required to acquire prepaid debit cards or similar alternatives to make purchases, etc. Some companies automatically provide and pay applicable employees via prepaid debit cards…
A surge in traditional and other bank accounts would scintillate the economy while facilitating exchange between businesses and consumers. The government would additionally save the substantial revenues and other resources that it spends/utilizes to print and recycle money.