Are these really innovations, or just convoluted workarounds for problems that other countries have actually solved? I don't think anyone under 40 in Europe has ever written a check, for example, because wires are far more convenient there.

LOL. In Australia, an inter-bank ACH transfer was typically complete within the hour, worst case. Usually within minutes. Without fees. In 2002.

OK, how about mentioning something that isn't typical in the EU while still adhering to Basel III. Plenty of time here...

Meanwhile, how close is the US to making Chip-and-PIN a thing?

And who still uses cheques these days?!

We have had check deposits with smart phone cameras for over a decade. I’ve done it with Schwab since college, and while I won’t share my graduation year, it’s been well over a decade lol

So, they restrict my access to money that is mine for less time? I’m not sure I would call this an innovation.

And how did that work out for them? Are many of the people who were using SVB yesterday happy about their decision today? If they could go back in time and give up whatever that innovation was, and not be praying that they still have their money next week, are you saying most of them would be happy where they are? The problem here is that the system just isn't transparent enough: you put your money in a bank and I guess you just have to assume that they are really really smart or you lose your money... people make fun of crypto here constantly, but at least there everything is an open book. At the end of the day, the situation with SVB is actually worse than some scary DeFi protocol.

SVB was a normal bank. They specifically targeted tech industry startups through relationships with VCs and founders, but there was nothing special about the banking side.

This has to do with a web of relationships and risk tolerance, not some product set…