They do have an existing, simple standard to transfer money. It's called ACH, and it's been around for decades. It works quite well.
ATM fees should not be run by separate companies -- then you'd have a company that would need to profit off ATM transactions, instead of using them as a loss leader, which means higher fees and more of them.
Credit cards can't be run by non-banks, b/c they are loans, and state and federal law limits the institutions that can issue variable-size loans.
Furthermore, the OAuth system would not work. Period. A customer being able to cut off the card issuer's access to their account? You would never get any card issuer to agree to use the system, because of the enormous potential for fraud (run up the bill, cancel the issuer's access before payment). BTW, you can already manage your card's limits -- just use the online portal, or call your company.
Finally, advertising is an overrated business model. Believe it or not, at some point, you need to make money off an actual valuable service or product. As mentioned above, transaction fees would need to be jacked up (for the institution to make money), eliminating any reduced costs benefit to consumers.
ATM fees should not be run by separate companies -- then you'd have a company that would need to profit off ATM transactions, instead of using them as a loss leader, which means higher fees and more of them.
Credit cards can't be run by non-banks, b/c they are loans, and state and federal law limits the institutions that can issue variable-size loans.
Furthermore, the OAuth system would not work. Period. A customer being able to cut off the card issuer's access to their account? You would never get any card issuer to agree to use the system, because of the enormous potential for fraud (run up the bill, cancel the issuer's access before payment). BTW, you can already manage your card's limits -- just use the online portal, or call your company.
Finally, advertising is an overrated business model. Believe it or not, at some point, you need to make money off an actual valuable service or product. As mentioned above, transaction fees would need to be jacked up (for the institution to make money), eliminating any reduced costs benefit to consumers.