Closed Economy...

When I got down in Massachusetts, I was able to open an account with Bank of America real quick, using my passport alone. I was happy to know that system of BoA is created in keeping expatriates in mind. They provided two checking (current) account, one for debit card purchase and another for online purchase, and one savings account; and there are lot of ATMs. Life made simple w.r.t to handling money.

But when I reach Missisippi, it was contrastive experience. There is only one BoA ATM and no branches in 100 mile circle (If I searched for 200 mile circle, results might have been the same). So I went to local banks to open an account. No one could help us without SSN number. So later I went to the same bank with SSN. After I spent 1 hour in filling applications, they realized that their banking system doesn't allow opening an account without state approved ID card like State ID card or Driver License. Next we went to Highway Patrol Office to get State ID card where my application got rejected as I dont have DoB certificate. So only options left out is getting driver license for which I need to wait three or four weeks atleast.

Then we realized that the banking system which we develop for our clients does allow opening an account without SSN. So we thought of going to a local bank which uses our banking product. And that idea was also dropped as they dont have many branches and online facility.

While thinking of ditching account opening idea, we decided to check with another small bank. Suprisingly their software allowed to create an account without a State ID. But this account comes with some cost for Cheque processing and have no option of inter bank transfer. With no options left out, we opened an account finally. "Banking since 1890" was printed on the promotion cards of the bank!!!


Within two month time, I got to live with contrasting USA. One with virtually no barriers, another without knowing a customer type 'Expatriates'. I was surprised to know that no big banks setup their branches in Mississippi. Later I came to know thru my colleague that Mississippi does not allow big banks to protect the interests of small, local banks.

Recently I read an article which critized USA for not allowing Indian banks branches in USA to create pressure on India to open financial sector market bit more. And there are lot of pressure on other sectors, like agriculture, to be opened up apart from financial sector which is the sole reason for recent WTO trade talk failures.

I wondered how a country can mount pressure on other country which is not able to persuade its own state to open market for their own banks!!!!

Enna koduma saravanan ithu ?!?!!!??