It's Expensive to Be Poor. This CEO Wants to Reduce 'Antiquated' Bank Fees and Wait Times

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Dan Schulman talks about putting his social justice goals into action, and the societal benefits of using cryptocurrency, with TIME's Vivienne Walt

Dan Schulman, president and chief executive officer of PayPal Holdings Inc., arrives for the morning session of the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Wednesday, July 10, 2019.PayPal’s CEO and president did not learn his most important business lesson in the C-suite of the $215-billion fintech platform, which he has led since 2014; nor in his previous top jobs at T-Mobile, Sprint, Virgin Mobile or Priceline.

You talk a lot about equity. A lot of companies talk about equity, ESG goals. How do we trust that companies are actually doing what they claim to be doing, when there’s no real way to measure it? ] I felt it was a bill that allowed for discrimination. We had just announced a huge deal with the Governor of North Carolina to establish a 600-person operation center. Once I heard that, I walked down the hallway and said to our corporate communications, ‘We’re going to pull out of North Carolina, and within a week.’I look at it not just externally, but internally.

The underlying infrastructure of the financial system today is quite antiquated. If I cash a check, it can take three days for me to get that money. If I do an international remittance, the receiving party may not get that for a week to 10 days. Why is that so important? Because those who have less income, usually their expenses are not greater than their revenues coming in. Getting money efficiently and quickly is essential for so much of our world’s population.There’s a solution to this issue.

We need to modernize so we can get a payment instantaneously. If I send a digital wallet to digital wallet transaction, you get that money instantaneously, I could send you a PayPal transaction, and you will get it in less than two seconds. You have it in your wallet to spend. It’s remarkable.

 

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Its expensive to be fat to.

It's easy just we need to develop FinTech like Neobanks

Get rid of bank fees altogether; they've done nothing but cause a lot of misery to lower income people and seniors.

and still pay his employees shit

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You will put banks out of business. They need the poor’s financial support to stay in business. The rich have always fed on the poor. That is Capitalism.

It’s unbelievably expensive to be poor. It’s like our system is set up to keep people poor or something.

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How about stop charging $2000/month for a 1950s built one bedroom apartment?

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