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- cross-posted to:
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Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.
Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.
This is wild. Here in the UK we just transfer money from bank to bank in an instant using the banks own app.
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This is what banking looks like if you are poor, unfortunately.
Those cash checking places are fucking evil. Then the payday loan companies with usury…
Can you please explain the difference here, because that doesn’t make sense to me. When am I ever transferring money out of the banks account instead of mine?
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What bank do you have that charges $35 for a transfer?
I transfer between b of a and chase bank, both known for having decently high fees, without any of those fees.
The $35 amount I’ve only seen with overdrafting. Do you overdraft every single transfer?
Pretty sure it was sarcasm.
Which part? The fees?
Bruh… the entire comment. 7 to 45 days… really? Gratuity… in a bank app?
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We’re talking about wire transfers, not closing on a mortgage. They take 3-5 days. I pay my loan to Rocket every month
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We all know that “companies making money” is the reason
Same here in Canada, e-transfer with 0 fees is pretty normal.
It’s been a while since I did it but you can authorize it so all e-transfers are automatically accepted and deposited. I can’t think of a scenario where that would be a bad thing.
Same in Canada. It’s like going back in time when crossing the border when it comes to banking and payment.
Same in Poland. That, and Blik system which let’s you send money to a phone number (if it’s also registered with Blik) and it’s actually instant. Not “next transfer window” like Elixir transfers, instant.
And yes, completely free.
The US has this, it’s called Zelle, every bank seems to have it, and it’s instantaneous. For some reason it’s just not popular, probably because Paypal and others are already entrenched.
In Spain we have Bizum - transfer money using a persons mobile phone number (as long as you’re both registered with your bank). Instant and free
And I assumed it was the same everywhere!
How long has it been that way? We’ve never had that here in the states…
It’s so normal that I can’t actually remember it ever being any different. Even before the advent of mobile banking it was the same with internet banking. Instant transfers.
In Australia we’ve had free next business day transfers for as long as I can remember. Decades.
Transfers that clear in seconds are a relatively recent addition. It didn’t happen overnight, it happened gradually as bottlenecks were removed from the infrastructure. Some transactions were instant a couple decades ago, but it’s only in the last few years that most transactions are instant here.
In the US we have Zelle which is free and instant, but it’s still a third party your bank integrates
I do this in the States. Maybe you haven’t noticed the option on the bank’s site? Also make sure to use a credit union.