41–50 of 76 posts
Free instant transfer was my favorite part of Square Cash, too bad they now charge a 1% fee.
I do not understand how same-day vs next day is such a big deal. And 1% fee is like 400% annual percentage rate. Is that even legal?
"i just overdrafted and dont want to get hit with a fee, ill pay you back tomorrow"
etc etc
Oh wow great, I can pay 25 cents to banks and a startup to do something that was free and instant with cash and free and only mildly less instant with paper checks. Venmo, PayPal et al are great examples of how the big barriers to convenience in our society are often fundamentally social and political, not technical. The technology to enable two people with smartphones to exchange money is trivial. Even the authentic…
> to do something that was free and instant with cash and free and only mildly less instant with paper checks. Running down to the bank to cash a check is pretty damn far away from "free and instant."
(Cash requires trips to the teller window during banking hours if your transactions are not all multiples of $20).
Still doesn't hit the use case of cash on the weekend, but at least now the American banking system is only 20 years behind Europe instead of 50 years...
Earlier quoted context omitted.
> to do something that was free and instant with cash and free and only mildly less instant with paper checks. Running down to the bank to cash a check is pretty damn far away from "free and instant."
No, but “write out a paper check and have the other person photograph it with their bank’s app” is still the only universal and free peer to peer electronic payment method in the US. (Cash requires trips to the teller window during banking hours if your transactions are not all multiples of $20).
Earlier quoted context omitted.
No, but “write out a paper check and have the other person photograph it with their bank’s app” is still the only universal and free peer to peer electronic payment method in the US. (Cash requires trips to the teller window during banking hours if your transactions are not all multiples of $20).
Yeah but if you do that usually you're only limited to about $100 of that check being available until it clears three days later.
Zelle [1] moves money in minutes, with no charge [2], as long as your bank is a participating institution [3] and you've previously enrolled. Hard to see Paypal competing against a syndicate owned by major financial institutions (Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo). At the same time, all of these efforts die as soon as ACH modernization arrives [4], as shown by SWIF…
The downside to Zelle is the sending limit, which is pretty low for any sort of business transaction.
The other day I learned that ACH transfers are going to become same-business-day sometime around April this year. Not quite instant, but a lot better than before. Still doesn't hit the use case of cash on the weekend, but at least now the American banking system is only 20 years behind Europe instead of 50 years...
Earlier quoted context omitted.
Used to do... Since they closed up Google Wallet. But yeah, it was easier to transfer money through Google Wallet.
Are you sure? I used Google Wallet a couple weeks back.
https://support.google.com/wallet/answer/6285510?hl=en
Google Wallet hasn't behaved the same for me since.