Part of the pitch, at least in the Yglesias take on this, is that there's no "open an account". You get an account when you're born, tied to your social security number. You have that account until you die.Aresen wrote: ↑02 Apr 2021, 21:35And you will have politicians huffing and puffing about 'taking the money people NEED TO LIVE in order to pay debts'. And that's assuming the individuals involved do not simply open a different account for the new deposit. (Which is where that large database I mentioned comes in.)Jadagul wrote: ↑02 Apr 2021, 21:25You're gonna have money in there eventually. Tax refund or stimulus payment or welfare or social security.Aresen wrote: ↑02 Apr 2021, 21:09You are assuming there is anything in the account. Unless you are going to put a hold on every deposit until the check has cleared*, it doesn't work that way. People want to cash checks so they can spend the money.
*We did this in the bank where I worked for anyone who was not an established customer. We had an average of one screaming mad customer every day because of it.
So I guess yeah, that does imply a giant database.
Edit: I didn't mean "they'll put your tax refund and social security there if that's where you choose to have it deposited". I meant "They'll put your tax refund and your social security there, and then if you want it somewhere else you can do a bank transfer".