Movenbank finally admits that it is not a bank

Posted on June 29, 2012 by editor

Here is a chronology of some events:

Betabeat calls Movenbank a bank.

In the comments section of the Betabeat blogpost, the head of Movenbank responds to the question from inaccurateinformation.info, “@brettking, is Movenbank a bank?”

Social network interaction.

The head of Movenbank sends email.

A page titled “Movenbank is not a bank” appears on inaccurateinformation.info because Movenbank is not a bank.

The head of Movenbank states, “Clearly, to be a deposit taking bank and offer products like Mortgages[SIC], loans, savings accounts and so forth, it would be easier to have a bank charter.”

The head of Movenbank addresses @inaccurateinfo with “Apple™ is not a fruit!! Better get on it!”

inaccurateinformation.info replies, “In Delaware, it wouldn’t be just easier, it would be required.”

While misinformation remains (see below), a link to a Movenbank blogpost appears.  Movenbank states, “From a regulatory perspective, we don’t have a banking charter (some call this a banking license), so we’re technically not a bank.”

In reply, the post you are reading now appears on inaccurateinformation.info.

Brett King, who Movenbank.com calls the “Founder[SIC] of Movenbank,” states, “Bank Freedom, from Irvine California, offers a pre-paid Mastercard Debit Card but isn’t regulated as a bank.”

But, Bank Freedom makes it perfectly clear:  “Bank Freedom is not a Bank[SIC].”

So does Simple (formerly BankSimple):  “Simple is not a bank.”

Movenbank, however, has a hard time being as direct, writing, “From a regulatory perspective, we don’t have a banking charter (some call this a banking license), so we’re technically not a bank.”

But now that that is settled (technically), what happens to the information published by the dupes who believed that Movenbank is a bank?  This website is not about banking, per se; it is about inaccurate information.  Here is some more:

“Best selling author of the groundbreaking book BANK 2.0, Brett King is the founder of the first direct mobile bank in the US and UK (Movenbank) and a strategic advisor to the world’s leading financial services organizations.” – American Banker, Investcorp

“Movenbank is an online bank in private alpha release that replaces plastic credit and debit cards with a mobile device such as an iPad or smartphone.” – BetaBeat, Observer Media Group

“Movenbank’s alpha site went live on Saturday, October 1, hitting the deadline set by the bank’s co-founder and chairman Brett King at the Sibos International banking conference in Toronto last week.” – MyBankTracker.com

“Brett King, Banking[SIC] futurist, has recently launched his own bank, Movenbank, with many innovations that would disrupt the banking industry… ” – Speakers Connect

“Movenbank is the world’s first everyday cardless bank.” – PYMNTS.com

“The bank, known as Movenbank, is coming to Australia in the not-too-distant future.” – Financial Review

“Movenbank-World’s First Online Bank.” – Visionwiz

“Facebook Friends = Good Credit At New Bank” – The Young Turks

“As of 1st October, Movenbank, the world’s first everyday cardless bank, will begin to ‘alpha test’ its services with a select few members of the public.” – Movenbank

Movenbank, what are you doing about the inaccurate information in the last item above?

Since Movenbank, itself, has admitted that it is not a bank, then it is time for others to do something about the documents that contain that misinformation, too.  When are they going to correct the record?  When are the people who created the inaccurate information going to try to make it not exist?  And will they take even one extra step to dispel the myth that they helped create?

The word bank is one powerful thing

Let’s say you want to start a religion.  You can do that.  Or a club.  Or a knitting circle.  You can start those, too, and you can call yourself founder, chairman, CEO, president or Grand Poobah, lord-on-high, king of all you can see.

But, let’s say that you want to start a medical practice.  That’s different, of course.  An airline?  That’s different, too.  Law practice: different.  Public utility: different.

Now, let’s say that you want to start a bank.  Way different.  In the too-big-to-fail world, citizens have (and have had for decades before 2008) protections from those who want to start banks without the requisite credentials.  It is elementary: a bank is not a bank–no matter what anybody says nor how eloquently and convincingly they say it–unless it is a bank.

Megalomania

Included in Movenbank’s admission that it is not a bank is this: “That is why we’ve outsourced our bank charter to some great partners who really get this stuff, and then we’ve built something truly different on top of that.”

But, Movenbank does not have a bank charter to outsource.

The title of the post is “When is a bank not a bank?”

The answer is Never.  A bank is always a bank until it ceases to be a bank.  But nobody is talking about a bank called Movenbank, and that is because it does not exist except in the mind of King and his minions.  The question is When is a company not a bank?

He just can’t help himself.

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Do not call your company a bank if it is not a bank

Posted on June 20, 2012 by editor

As Brett King name-drops, he’s dropping the word “bank,” too.  That is because Movenbank is not a bank.  A bank accepts deposits.

Gaining experience

Scrambling to scrub his reputation, King replaced the word bank, with “banking experience” on his about.me page:

THEN:  “I’m a bestselling author and the founder of the world’s first direct mobile-only bank Movenbank.” — on one of his websites, Banking4Tomorrow.com, and previously on about.me

NOW:  “I’m a bestselling author, American Banker’s Innovator of the Year (2012) and the founder of the world’s first direct mobile-only banking experience Movenbank.” — on about.me

There is also “banking start-up,” “new direct mobile-banking concept” “exciting new banking concept” and “breakout new retail banking concept.”

Litter

Unfortunately, the B word stain remains.  This still appears on americanbanker.com: “Best selling author of the groundbreaking book BANK 2.0, Brett King is the founder of the first direct mobile bank in the US and UK (Movenbank) and a strategic advisor to the world’s leading financial services organizations.”

You can’t buy cred like that.

However, even the Movenbank website dogma dances around the word, stating, “Movenbank is not your typical bank.” Then it asks the question: “So are we a bank or aren’t we?” and fails to answer it.

Of course, Movenbank is not a bank (typical or otherwise), at all–despite the flurry of announcements, interviews, videos, tweets, hopes, dreams, fantasies and general hoopla about a prediction of a coming revolution of magic phone-waving.  Anybody can predict the future.  Go ahead.  Try it:  say, “Someday you will __________.”

The jacket cover of King’s book, proclaims, “BANK 2.0 PREDICTS THE END OF BANKING AS WE KNOW IT” (as in the end of the world as we know it).  More prophetic than predictive, he has wishful followers far and wide.

But this is a guy who cites Wikipedia.

Definitions of bank; banking

The title of King’s June 4th Banking4Tomorrow.com blog post is “Do you need a Banking License to do Banking?”

To answer the question, Yes.

His headline on another blog he writes, BANK 2.0,  is: “Can you do banking without a banking license?”

No.

The first sentence on both blogs (inaccurateinformation.info needs only one) is, “Clearly, to be a deposit taking[SIC] bank and offer products like Mortgages[SIC], loans, savings accounts and so forth, it would be easier to have a bank charter.”

In Delaware, it wouldn’t be just easier, it would be required.  The state’s law states, “No banking business or the business of a trust company shall be conducted within this State except under a corporate charter valid in this State authorizing the conduct of such business in this State.”

New York’s law goes like this:  “Use of sign, or words, indicating bank or trust company by unauthorized persons prohibited.”

Here are the the definitions of the word bank in those two states’ laws:

“Bank” means every bank and every corporation conducting a banking business of any kind or plan whose principal place of business is in this State, except a national bank.

and

The term, “bank,” when used in this chapter, unless a different meaning appears from the context, means any corporation, other than a trust company, organized under or subject to the provisions of article three of this chapter.

But, aside from the legalities, logically, there is no other type of bank that has savings accounts than a deposit-taking one.

Adult supervision

In April, the Movenbank man made this statement in an interview with the BAI Banking Strategies managing editor:  “We’re working with bank partners behind the scenes, such as Bancorp Bank, which will provide the basic bank account utility. In other words, we’ll have an underlying partner who provides the FDIC-insured bank account but all of the customer interface, all of the front-end branding will be through Movenbank.”

Last month, somebody at American Banker wrote, “Movenbank has signed a deal with Bancorp Bank in Delaware and is in talks with additional banks.”

That’s it for now.  But, that only covers the blog posts’ titles and part of the first sentence.

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Movenbank is not a bank

Posted on May 30, 2012 by editor

“Just because you’re a bank and you have a banking license doesn’t mean you have an exclusive on banking.” — Brett King, “Bank 2.0 – The Movie” video

Actually, that is exactly what it means.

“Banking business must not be undertaken in Australia without authorisation from APRA.” — “ADI Authorisation Guidelines” (for authorised deposit-taking institutions), Australian Prudential Regulation Authority

Apologies to Tasmania.

Movenbank is not a verb

BANK.  “A truly mobile bank – built from the ground up for mobile banking and payments.” — Movenbank

NOT A BANK.  “Movenbank itself is technically not a bank… ” — BAI Banking Strategies Daily

—

BANK.  “Movenbank will be the first bank to be launched globally that has no paper, no plastic and no fees.” — Movenbank

NOT A BANK.  First of all, we need to clarify that MoveNBank is not a bank itself… ” — Trish Burgess-Curran

—

BANK.  “As of 1st October, Movenbank, the world’s first everyday cardless bank, will begin to “alpha test” its services with a select few members of the public.” — Movenbank

NOT A BANK.  “If you understand the way banking is regulated in many markets, what’s abundantly clear is that movenbank won’t actually be a bank… ” – CEXify

—

BANK. “I’m a bestselling author, American Banker’s Innovator of the Year and the founder of the world’s first direct mobile-only bank Movenbank.” — Brett King, Movenbank

NOT A BANK.  “As Movenbank moves closer to launch later this year, it’s being closely watched by at least three different industries – banking, mobile commerce and payments – even though it’s not a bank, telecom or card company.” — American Banker

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The top person of Onward State

Posted on January 23, 2012 by editor

Jim Sheridan, a member of the legislature in the United Kingdom, asked Rupert Murdoch, chairman and CEO of News Corporation, “I know that this is a very stressful time for yourselves, but Mr Murdoch, do you accept that ultimately you are responsible for this whole fiasco?”* (37:31)

Regarding a fiasco in the U.S.–a premature report and successive rumor of the death of Joe Paterno of Penn State University–Devon Edwards resigned as the managing editor of Onward State, the publication who made the report.

However, Edwards is still listed as managing editor on the Onward State masthead.  His associated email address is the same as Drew Balis, the Football topic editor.

Davis Shaver is listed variously as Onward State “Founder and General Manager,” “Publisher,” “Editor-at-Large,” and ” Creator and General Manager.”

While Shaver claims to be the publisher, the Onward State masthead says that it is published by Lazerpro Digital Media Group.  A note to a September story on onwardstate.com says Lazerpro manages Onward State.  A March story titled “StateCollege.com and OnwardState.com Forge Online Partnership” names Dan Myers as “owner and publisher of StateCollege.com,” and says that he founded StateCollege.com in 1996.  Elsewhere, Myers lists himself as “CEO/Publisher at StateCollege.com.”

Myers is also the registrant of the domain lazerpro.com.  Lazerpro is the registrant of onwardstate.com.  Meyers is also the CEO at Lazerpro and owner of “Local Motion DJ’s.”  He was, formerly, the president of Lazerpro.

The top person of Onward State is difficult to ascertain.

 

* www.parlimant.uk states: “Any public use of, or reference to, the contents should make clear that neither witnesses nor Members have had the opportunity to correct the record. The transcript is not yet an approved formal record of these proceedings.”

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Wikipedia on the length of the Panama Canal

Posted on January 19, 2012 by editor

On its page titled, “Thai Canal,” Wikipedia states, “Compare this to the Panama Canal: length of 77 km (48 mi), but highest point at the Gaillard Cut was only 64 m (210 ft) above sea level.”

However, in “Panama Canal,” Wikipedia claims, “The Panama Canal (Spanish: Canal de Panamá) is a 82-kilometre (51 mi) ship canal in Panama that connects the Atlantic Ocean (via the Caribbean Sea) and the Pacific Ocean.”

Later in the same article, it concludes, “Thus, the total length of the canal is 77.1 km (47.9 mi).

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Listverse error about the Bible, Elisha, his curse and the bears

Posted on January 5, 2012 by editor

Listverse refers to biblical figure Elijah.

But Elijah was having none of this, he turns round and curses them in the name of the Lord, and instantly two female bears emerge from a nearby wood and maul all 42 children to death… The moral of this story? Don’t make fun of bald people.

However, on another Listverse page, Elisha, not Elijah, is the man teased for being bald.

Elisha is seen walking up to Bethel, when a gang of children follow him, teasing him for being bald. He turns and calls the wrath of God upon them, and two bears instantly pounce on them from the woods and rip 42 of them to pieces.

 

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New York Times claims it made podcasts as early as 2003

Posted on December 27, 2011 by editor

“We’ve been producing podcasts for more than eight years.” – Statement attributed to John Geddes, New York Times at http://jimromenesko.com/2011/12/27/new-york-times-drops-many-podcasts/, 12/27/11.

Eight years prior to that date is December, 2003.  However, the first use of the word podcast at nytimes.com was in October, 2004.  The Guardian merely suggested that word in an item in February of that year.  The writer of that piece claims to have coined the term.

On the other hand, Times executive editor Jill Abramson said that it is urealistic to maintain an “immutable, permanent record of everything we have done.”

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BankSimple is not a bank, it’s just simple

Posted on December 22, 2011 by editor

This is an old story.  It goes back decades.

What’s in a name?

Things got so out of hand in America that in 1926 Congress passed a law to restrict the names of banks.  The Federal Reserve Bulletin proclaimed, thusly:

Attention is called to the fact that this act makes unlawful, with certain specified exceptions, the use of the word “Federal,” the words “United States,” or the word “reserve,” or a combination of such words as a portion of the corporate title or trade name of any person, firm, or corporation engaged in the banking, loan, building and loan, brokerage, factorage, insurance, indemnity, or trust business, and also makes unlawful any advertisement or representation by a nonmember bank that it is a member of the Federal reserve system.

On a message board, Alex Payne, Simple co-founder and chief technology officer, commented: “The ‘Bank’ in ‘BankSimple’ was problematic for us. We’re technically not a bank.”

The word simple, which, in one sense, means stupid, was probably not the plan.  A press release spins it: “We love our name and the high standard it sets.”

Right.

The Simple website’s “Vision” page says, “Are we a bank?  No. We’re something new in finance, a well-designed everyday experience.”

They’re just Simple.

Movenbank

Meanwhile, the head of Simple wannabe competitor Movenbank (Move-N-Bank, Move-and-Bank– get it? It’s like PB n’ J, Guns N’ Roses, Rock ‘n’ Roll– or Veg-o-Matic, Bucket o’ Beer/Chicken, Smell-O-Vision and Bowl-O-Rama (-lama ding-dong, didgeridoo)), ties himself into knots trying to explain.

To be sure, Movenbank boldly calls itself “the world’s first everyday cardless bank.”

The New York Observer, on its blog it calls Betabeat, created a ruckus recently with a dark fantasy-gone wild about a future society where social media play a part in lending decisions.  The next thing you know— well, you do know.  It’s not hard to guess what happened next.

You can’t just blithely go off, willy-nilly, half-cocked, calling yourself a bank.  OK, maybe in Tasmania, or somewhere like that.

But not in the U.S. of A., bloke.


I could never become a banker.

 

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New York Observer claims that Movenbank is a bank

Posted on December 20, 2011 by editor

The New York Observer published, “‘Credit score is a lagging indicator,’ said Brett King, a tall, puffy Australian with white blond hair who is the founder of the online-only bank Movenbank and author of BANK 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services.”

In the same story, the organization also states, “Movenbank is an online bank in private alpha release that replaces plastic credit and debit cards with a mobile device such as an iPad or smartphone.”

There is a correction regarding another organization on the story’s internet page.

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Equifax says that its name is 100 years old, but that is not true

Posted on December 7, 2011 by editor

Equifax claims, “The Equifax Finance Blog features practical personal finance advice from the most trusted name in credit for over 100 years and some of the best-known experts in the industry on topics like insurance, real estate, tax, retirement and of course, credit.”

That is not true.

According to Equifax’s own filing with the Securities and Exchange Commission (form 10-K, fiscal year ended December 31, 2007), “We were founded in Atlanta, Georgia, in 1899, incorporated in Georgia in 1913, and have been known as Equifax Inc. since 1975.”

 

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