SJ in Finance 💰Gab CEO says Visa has blacklisted his family

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[–]SanAngelesPD 11 insightful - 1 fun11 insightful - 0 fun12 insightful - 1 fun -  (4 children)

Shrug

So we go the next level up.

Y'ever heard the word 系列 (keiretsu)?

The keiretsu are the Japanese mega corporations. Every one of them is built around their own, internal bank. As in, a full, real, accredited bank. That's just theirs. With all the ability to do everything a bank does.

They do this because it's much, much, much easier to move money around within one bank than it is to move money between banks. All the businesses in the group interact with each other through that bank and it reduces the transactions to little more than pushing numbers around a spreadsheet, so to speak.

[–]RalphOfPittsburgh 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Torba needs to found the "Gab Employees Credit Union" and maybe offer membership to members of the "Gab Boosters Club" which he can simultaneously found.

[–]The_Frag_Man 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

That sounds great. What happens when they blacklist your bank?

[–]SanAngelesPD 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

They can't.

The reason they can't is because check and bank-to-bank teller slip clearing isn't done over a private network the way credit and ach are. It'd done by the Federal Reserve.

There are far fewer reasons they can reject a signed transfer order cleared through the Fed. They basically have to claim it's an overdraw or it's fraudulent. And by fraudulent, I mean, they're asserting that the person who ordered the transfer isn't the person who owns the account.

[–]dittendatt 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

A bank is next. And a private security company might be useful too i suspect.