121–130 of 149 posts
Will this help with the issue of my paying my mortgage but it isn't reflected at my bank for nearly a week?
But you may also consider that if this is an “issue” for you, CBT therapy (that’s with a T, not a D) has helped a lot of people with extreme anxiety. Look into it, or don’t: it’s up to you :)
> The more than 300 banks it has said are using the platform represent a fraction of the roughly 9,000 U.S. banks and credit unions. The article claims big banks lobbying with their own competitor to FedNow delayed the rollout of real-time payments, according to those industry officials. But another factor I want to point out is that the USA has more small banks (and, I assume, credit unions) than any other country o…
What possible use is there of having so many small banks? This is one of the only non-tech industries that scales reliably
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This is one of the main headwinds with Zelle. It's digital cash. It's advertised as digital cash. But still even with a lot of consumer education, so many people treat it as a reversible payment. Congress grilled bank executives about it last year and even most of the representatives failed to grasp that it was digital cash. If someone gets defrauded, it's just as if they handed $20 to a scammer. It's going to be har…
It's not. It's just another database entry row. It's controlled by your bank and the receiving bank. It can be initiated without me being present. It can be initiated remotely. Comparing it to cash is dumb.
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So we don't have to pay a monthly fee of 2.95 euros just to have a bank account! Competition brings lower fees.
Competition should work just fine with a handful of large banks and a vigilant regulator. In fact, I suspect that there are actually huge inefficiencies in these very small regional banks people are paying for one way or another. It might still be worth it for society, in the end, but I highly doubt that it’s cheaper/more efficient than in other countries. One example is the fact addressed in the article: It takes wa…
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It's not. It's just another database entry row. It's controlled by your bank and the receiving bank. It can be initiated without me being present. It can be initiated remotely. Comparing it to cash is dumb.
As mentioned you’re one of the folks who doesn’t understand there are at least two types of transactions in banking, reversible and non. One gives advantage to the seller and other the buyer. No one-size-fits-all and still quick type.
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> Being able to make money off the refund is a probable reason why they are even offered. I think you vastly overestimate the amount of interest a retailer can make on that money vs. the cost of processing the refund, potentially not being able to resell already unpacked goods etc. Purchases and refunds are also cleared and settled exactly as quickly, i.e. usually on the next business day.
I don't know many businesses that would perform processes that don't make them money. Even if we use your example of next business day what happens on a Friday where the refund isn't processed until Monday or Tuesday? Is customer satisfaction really increased if you get their refund back to them in 3, 7 or 10 days? In instances where you have to ship the defective product back. They don't send you an over-night, next…
The same thing that happens when you make a purchase on a Friday: It most likely gets posted to your account the following Monday. No clearing (or at least settlement) on the weekend goes both ways.
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As mentioned you’re one of the folks who doesn’t understand there are at least two types of transactions in banking, reversible and non. One gives advantage to the seller and other the buyer. No one-size-fits-all and still quick type.
Why can't they both be reversible?
Imagine you’ve sold a car, the buyer drives off and later reverses the payment.
For very large transactions we have escrow—but isn’t quick by design.
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Why can't they both be reversible?
Because the seller doesn’t want it to be and won’t proceed with the transaction if it is. Imagine you’ve sold a car, the buyer drives off and later reverses the payment. For very large transactions we have escrow—but isn’t quick by design.
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> No that isn't surprising because those were new buildouts of brand new systems that didn't exist before Granted tech leaping explains why many third world countries are ahead, however the US was no where near the first to digitize its banking infrastructure. I've heard stories from former (now-retired) colleagues who went to visit banks in the US to showcase Skandinaviska Bankens digital ledger. This was around 196…
ACH transfers are basically instant in the US. But because they can, the sending bank holds on to the outgoing transfer for as long as they can get away with and the receiving bank waits to make the transfer available to the customer for as long as they can get away with. this allows banks to squeeze a little bit more return out of the money, and more importantly, the longer money is in limbo, the more likely custome…
There was no return for the last decade because we had zero interest rates the whole time.