Date: Thu, 25 Jan 1996 17:50:16 -0500 To: cypherpunks@toad.com From: "Joseph M. Reagle Jr." <reagle@rpcp.mit.edu> Subject: Security First Network Bank, FSB. The World's 1st Internet Bank

Just got something in the post today asking for me to set up an account with them...

- Daily reconciled bank statement and checkbook register; All transactions are logged for you. - No min balance - 20 free electronic bill payments per month... - ATM at Honor and Cirus.. - 200 free paper checks... - plenty of pre-stamped deposit envolopes - FDIC insured accounts (in case anyone ever steals my password..) - Wired Funds..

Mis-features - Uses Public key crypto but web pages do not mention PGP, says keys may come in mail on floppy; how to fingerprint key? - Online only based system Drawbacks include system downtime means being unable to access your 'checkbook' No extraction features for those of us who use true double entry accounting systems, much less Quicken or even spreadsheets. - Bill paying system Four day lead on bills to be paid (can you say float?) Laser-printed statement sent to payee for 'verfication' will be subject to payees security restrictions which may consist of tossing it unshredded into the trash. - No chaum-like digital money provisions. Although it is a step in the right direction, I won't be happy until the bank accepts e-mail directives for generating chaumian cash or instant EFT payments via messages encrypted against PGP keys. Lets face it FINCEN already knows all about your income sources if they are at all bank based (i.e. excluding barter and cash), but at least I can have my check EFT'd, encrypt a PGP transaction to send all my money to Seychelles, and pay bills from that Offshore bank that really does respect my privacy. This would at least make discerning that my foley's bill is $120 a month more difficult since FINCEN would now have to have cooperation from the payee.