51–60 of 76 posts
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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.
Finance is mostly a security problem. It's always (and continues to be) a security problem.
Facebook Cash does this for free and instantly.
The question is what is the true cost of transferring money and is Facebook losing money every time it does it in order for users to get addicted to using their service?
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> 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).
Anything that cuts payment processors out of the loop is absolutely essential in my book. The current scenario is that the majority of our economy flows through a few payment processor companies who do nothing of value beyond moving numbers down a wire, and they charge a percentage cut for that (because apparently it costs them more to move larger numbers?). That amounts to them being a taxing body. It gives them tremendous control over our entire economy. If we don't tear them out of that position, they will counter-act any actions taken by the government to control the money supply if the government ever dares to do anything which would not maximize the payment processors profit.
This is similar to what Google Wallet does right?
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…
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...
Many places in the rest of the world, have realtime money transfers.
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That only became true recently. Used to be public by default
As far as I know, the transaction amounts have never been visible by anyone except the parties to the 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...
And in India transfers are instantaneous within banks. Beats me why in the US it takes 3 days.