Banking Burnout Bonanza:
Selling Something
Not for Sale

Uncategorized Aug 25, 2016

This is another blog post in a series called Banking Burnout Bonanza™ inspired by a chapter in my book, The Ultimate Bitcoin Business Guide™, of the same name. Let's review the 3 biggest Banking Burnouts draining your energy from everyday banking:

1) Having to wait a long time for your own money

2) Having to pay lots of fees to use you own money

3) Having to deal with lots of headaches when using your money

New Client

We were excitedly onboarding a new client, ABC, who finally got the power of The Ultimate Paperless Back Office™ by, our sister site. It's a virtual bookkeeping service of sorts that transforms every aspect of the business operations with technology and processes. The banking part of this transformation is always fun as we uncover a patchwork of dysfunctional processes assembled without forethought by clients. We didn't think this was possible but it continues to show up with every client. Our new client (embraced this transformation) and got inspired by bitcoin from reading my book. 

Commingling Violation™

ABC was using a personal credit card for both business and personal transactions. This Commingling Violation™ is the worst business offense of all time. If you're doing this in your business, please stop regardless of having glazy eyes from all those bonus points. We asked Tom, the owner of ABC, why they weren't using a business debit or business credit card. He actually never thought about it and didn't realize the painful impact of Invisible Expenses™ arising from commingling. Fortunately, Tom was willing to get a business card. 

Next Up ACH 

After addressing the business credit card thing, we naturally moved on to understanding how ABC uses ACH payments. To our surprise ABC didn't use ACH payments which would improve the payment process for some vendors. One vendor in particular required a recurring ACH payment so we logged into the T&M Bank website eager to set this up. We clicked on Setup ACH, a pop up box said please contact us at 800-XXX-XXXX or come into your local branch and Tom, old school as he is, marched himself down to there for a direct conversation with the branch manager, Betty.

A Paper Form

As Betty handed Tom a paper ACH authorization form to setup ACH payments she urged Tom NOT to complete it. Tom was baffled but Betty explained once a bank account is ACH ready it's suddenly too risky in the first place. It's like selling a feature that's not for sale. Betty said bad actors can more easily steal your money so you shouldn't do it. Tom didn't realize, until he was telling me the story, he was waist deep in another Banking Burnout Bonanza™

Side Note

My reaction to the pop up box, Tom's trip to T&M Bank, the paper form and selling something NOT for sale, is predicable. It's got Banking Burnout Bonanza™~Burnout #3 written all over it. This complete waste of time is a major violation for 4 reasons:

1) No online tool was provided to setup ACH

2) Tom drove to a bank to solve a banking headache

3) The bank manager doesn't recommend it 

4) The ACH service is $50 per month (Oh, I forgot, it's also got Burnout #2 written all over it)

I admire Tom for his old school way of solving things face to face. Sometimes face to face is the best way to solve stuff. There wasn't anything worth solving in the first place. An unreasonable amount of resources got wasted so we reminded Tom how always finds another way. The solution is blog worthy in and of itself and more appropriate reading at inviziBLOG


Just for reminders, bitcoin is everything that banking is NOT. Bitcoin is doing a banking transaction on a banking holiday without using a bank. Banking is a rusty old rail model and bitcoin is 21st century money. Every time I go through the Banking Burnout Bonanza™ I'm ironically grateful for the gift of another great blog story. Thank you T&M Bank. It's time to get a handle on this bitcoin thing by getting a copy of my book, The Ultimate Bitcoin Business Guide™ available in eBook, paperback and audiobook. and subscribing to my blog, The Ultimate Bitcoin Business Blog™

The Bitcoin CPA, Kirk Phillips


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