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WYSIWYG Banking

WYSIWYG Banking

What the heck is WYSIWYG Banking? Why is it not possible to have a single bank account, that I can do all my banking with, without having to worry about transaction counts, and fees? This was the core of the presentation from Dan Dickinson of EQ Banks on the weekend, where they explained how their single account solution works (Tangerine also has a similar type of account), but this got me thinking about how (thanks to technology) banking has changed, yet, some “traditions” continue on (i.e. the Chequing Account, the Savings Account and the High Interest Savings Account).

Bank Fees and accounts should be WYSIWYG Banking

What are you seeing ?

What do I mean by WYSIWYG (pronounced “wiz-ee-wig”) ? In the 80’s the tech world wondered at text editors which were WYSIWYG, but in the 60’s we loved a song by the Dramatics of the same name:

What You See is What You Get

OK, so the Dramatics song is actually called Whatcha See is Whatcha Get, but you get my point. Having an editor that showed you what your final document might look like was a huge breakthrough.

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What do I mean by this archaic technology phrase? Why is it that if someone talks about a new and exciting banking account it comes with about 30 disclosures/commentaries (usually in a very small font at the bottom of the page) (disclosure: I stole that line from the EQ Bank guy), how is this that much different from one of the standard accounts I have.

If I do more than 2 withdrawals or payment transactions on my HISA (High Interest Savings Account), I get dinged with a huge fee (I think it’s like $7.50), and my chequing account pays no interest whatsoever, but I keep asking why? Yes, in the days of ledgers, and paper records keeping this made sense (maybe), but now the record-keeping is all technology based, so why can’t I have a single bank account? Why must I have:

  • A chequing account, where I do most of my banking like paying bills, writing cheques, etc.,
  • A savings account (or a HISA) to put my rainy day money
  • An Emergency Account, that is a safe place to put money, but I can still get at quickly if there is a problem.
  • Not to mention all the registered savings accounts that I have.

It is starting to get to the point that I have as many bank accounts as I do log in IDs on the Internet (OK not that many but I have well over 10 different accounts, and that is only with 1 bank, I have other accounts at other banks).

Tangerine and EQ Bank look like they are trying to get to a single bank account (or WYSIWYG Banking), but they are not quite there yet.

Yes, this is a great song too!

Feel Free to Comment

  1. Very good article in the shadow of the Wells Fargo fiasco caused by senior management wanting to sell 8 accounts to each client. I do think that the emergency funds and investments need to be kept separate from the chequing account.

    However, I would probably go with a single account that could be linked to my credit card(s) for easy payment. Then I’d keep all long term, short term, and emergency funds in an online investment broker.

    I currently bank with RBC and have two accounts. I certainly don’t need my savings account. That is a throwback to a long ago age.

    Time to catch up with the younger generation.

    thanks for the article. cheers….

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