Maybe I need to put the pipe down too, but this movement away from banks (MyEcheck is but one facet) has the possibility of unleashing social change that would make the most powerful people in the world quiver and knock their knees together.
Can you imagine? Banks saying, OH! But we have great rates, no fees, come do business with us, PLEAASE! And the common people just saying simply...
"No, I don't use banks anymore" (They have the power to say No, they have a choice!)
We may be edging back to the days of, you either have money or you don't. Credit lines/Credit scores, the whole credit industry may just take a dive.
I think we were all burned in some way from the housing crisis, many people still underwater on their homes. Getting a mortgage used to be seen as an accomplishment, a source of pride, now we associate the word "mortgage" with debt, immobility, and just flat out "being owned" by a creditor and being forced to stay where you are. It's almost not even worth it.
We may be moving to paying for homes outright, or renting, or leasing, or some other arrangement that allows us to get out of it when we need to.
The world is becoming more mobile. Living in the same spot all of your life or even, more than 10 years is almost non-existent, that is if you are working. If you aren't working, then you can stay where you are.
In 2012 I ordered Euros from Wells Fargo online. No bank around here sold Euros. I hadn't been to Europe since 2006, so things changed that fast. Years before, you went to a bank, placed an order, and waited a week or so for the foreign currency to come.
I went to London last year, and used the ATM to get money (British Pounds) at the airport once I got off the plane. MYEC has a foreign exchange widget in their app. We won't even need an ATM debit card anymore!
Everything is mobile now. Banks gotta change to the point where they are no longer banks.
