Is a zero fee bank possible?
Would this work and what pitfalls or concerns do you foresee?
I want to create a zero-fee, nonprofit community bank. Account holders and vendors will pay no fees—no account fees, no transaction fees. Payments will be processed via QR code or NFC at the point of sale. Tbd on whether we will have to issue hardware to vendors to facilitate this.
Revenue will be generated exclusively through in-app advertising and promotions, using purchasing data internally to tailor offers. We will NEVER sell or share customer data with any third party. A legally binding contract will guarantee this. In the event of a sale of the bank, depositors can erase all personal data easily.
As a community bank, all depositors will have full transparency into bank financials and a direct vote (one person, one vote) on board appointments. All records and advertising algorithm source code will be publicly available. Any profits will be donated to charities chosen by depositors at account setup.
This model ensures no fees, full transparency, depositor control, and strict privacy protection, creating a truly community-driven, ethical banking alternative.