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cindy25
06-08-2015, 06:57 PM
http://money.cnn.com/2015/06/08/technology/abra-bank/index.html?iid=ob_homepage_tech_pool&iid=obnetwork

Zippyjuan
06-08-2015, 06:59 PM
Kadabra?


Barhydt's only advice for those who sign up with Abra?

"Don't lose your phone."

So basically you have human tellers running around carrying lots of cash. Sounds dangerous for them.


Here's how Abra works: Say you need $100 in cash. To get it, you would open the app and find a bank teller near you using your phone's GPS. Bank tellers can be regular people, as well as businesses like convenience stores. If it's a person, they've had a background check through Abra. (The system is similar to how Uber vets drivers.)

Once you find a teller, you would meet somewhere convenient to both of you. Each person then gets a QR code, which one person scans to validate the transaction. Once validated, the teller would give you $100.

A deposit works the same way, just in reverse.

Except, unlike your friend, the teller makes money by charging a fee, which can be any amount they choose. (Abra recommends they charge around 1.5%, depending on location and convenience.)

Or why not use a debit card in a store or ATM and pay no fees? And you don't have to hunt around to find one at a "mutually convenient location". How about this alley?


Except, unlike your friend, the teller makes money by charging a fee, which can be any amount they choose. (Abra recommends they charge around 1.5%, depending on location and convenience.)

Abra charges .25% per transaction, which is the company's only involvement in the actual exchange of currency.

amy31416
06-08-2015, 09:28 PM
I thought this was going to be about a magic bra.

Suzanimal
06-09-2015, 04:51 AM
I thought this was going to be about a magic bra.

One of those Victoria Secrets bras that push your boobs up to your chin to make them look 2 cup sizes bigger?

I thought it was going to be a David Copperfield comeback video.