When the United States government voted in stimulus payments to its citizens in the wake of COVID-19, to say it went well would be… categorically untrue. From delivering checks to the deceased to the simple fact that most people would have to go to a bank to cash a paper check during a viral pandemic, it became clear that our financial systems are not prepared for this.
As countless Americans struggle to stay afloat, the effects of COVID-19 have confirmed what many have suspected for years now — this system was not built to keep up with the needs of 21st-century users. Even before the coronavirus, the legacy financial system limited the capacity of the U.S. to grow in the modern financial world. Credit cards take several days to process, and when they do, small businesses are left to foot the exorbitantly high processing fees.
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