[blunte]

EU is WAY ahead of the US in many areas. I daresay that's because corporate monopolies have a bit less power here (Europe).

The older folks in the US (the same group who put the US in the situation it's in now) are still writing paper checks, putting them in envelopes, and sending them through the postal service. Sure, you can send a bank wire, but the sender will pay $15-30 for the privilege, and the receiver often has to pay $15 or more as well. Oh, and it can take 1-2 business days; and the receiving bank may decide, based on whatever reason, to hold the funds for 10 business days.

Things are slowly changing with US banking, becoming slightly more modern; but it's still the dark ages.

I'm amused when I visit family in the US and hear local people expressing superiority over the rest of the world, while Kenya has been doing mobile banking for 10 years.

Anyway, until you've lived in the US, you don't know how sucky banking is. Any extra-bank financial system in the US is better than what they have now!