What Happens When You ACH a Dead Person? • Hacker News Board

Re: What Happens When You ACH a Dead Person?

#151

Post by Faaak » Wed, Aug 28, 2019, 10:21 PM UTC

orf wrote: post #98

ThrustVectoring wrote: post #72

Earlier quoted context omitted.

A partial answer is also the US's approach to banking regulation. First off, the US prioritizes having many small community banks. The US has 4,909 banks, while Japan has 198. This necessarily makes setting up inter-operation between banks more complicated. Second, US banks are regulated on both a Federal and State level. A system that works for a bunch of banks in California may not be viable for interoperation with…

> The US has 4,909 banks ... This necessarily makes setting up inter-operation between banks more complicated. The EU has 6,250 banks though. Each with different countries. With 28 different languages, cultures and governments, with far more differences than the states in the USA. You're really arguing that it's harder to unify that in the homogeneous USA than it is in Europe? Come now.

And FYI: they all "talk" SEPA. You can wire money anywhere in europe (+ switzerland and some other countries) overnight for next to nothing (<1 USD).

Re: What Happens When You ACH a Dead Person?

#152

Post by brongondwana » Wed, Aug 28, 2019, 10:24 PM UTC

grecy wrote: post #15

itcrowd wrote: post #12

This reminds me of a question I've had for the longest time (+): why is it that in the US wiring money between accounts is so expensive or difficult? Whole ecosystems of companies have sprung up (PayPal and Stripe come to mind, and apps such as TransferWise) to reduce the friction when the banks could easily set up a way cheaper system that would actually be better (privacy etc.) for the consumer. The EU seems to be…

Moving from Australia to Canada/US felt like going back in time 20 years when it came to banking. Even ten years ago in Australia I could do more with my online banking than I can today in North America. Checks are for what now?

Moving from Norway back to Australia felt like going back in time 20 years when it came to banking! In Norway I'd get a new bill and enter the code into my banking and it would offer me an option to "automatically approve up to X per month for this vendor".

Automatically approved bills didn't get auto paid - but they appeared in the "upcoming bills" when issued, with a pay date of the due date on the bill. I could go an hit "pause" or "stop" on any bill - and it either wouldn't pay or would be removed entirely. Anything that wasn't auto-approved would start in paused mode and I'd have to manually approve it - but that was a single click.

Still, I agree that when I'm in the states it feels crazy old tech. They still require signatures on credit cards!

Re: What Happens When You ACH a Dead Person?

#153

Post by baddox » Wed, Aug 28, 2019, 10:34 PM UTC

afarrell wrote: post #123

baddox wrote: post #116

Earlier quoted context omitted.

> ACH is not a common jargon term It’s not jargon at all, is it? It’s just literally the proper name for the specific payment network. I thought jargon is industry-specific slang terms for concepts that could otherwise be described with less industry-specific terms. There is no simpler or clearer way I’m aware of to refer specifically to ACH. As for it being common, if you work as a developer on any web products that…

As someone from the US, though who now lives in the UK, I would feel the need to quality that with the phrase "needless jargon" if I wanted to refer specifically to jargon that could otherwise be described with less industry-specific terms.

So then would you say "jargon" is just any term for something that laypeople wouldn't be familiar with, even if it's the standard/only name for that thing?

Re: What Happens When You ACH a Dead Person?

#154

Post by saarons » Wed, Aug 28, 2019, 10:35 PM UTC

bernardom wrote: post #73

saarons wrote: post #29

Earlier quoted context omitted.

CTO of Modern Treasury here. Banks are actually starting to setup a new payment system between themselves called Real-Time Payments (RTP) which has a lot of the same benefits as wire transfers. RTP is 24/7, instant, and (from our experience) much cheaper than wire transfers. It's starting to roll-out across more banks and currently ~50% of bank accounts can receive RTP transfers [1]. I just cashed out on Venmo the ot…

If I wanted to use RTP for my business- do any third-party processors offer it already?

On the bank side, one of the main providers offering RTP payments to businesses right now is JPMorgan Chase. If you have a commercial account with them, you can originate RTP payments.

Re: What Happens When You ACH a Dead Person?

#155

Post by saarons » Wed, Aug 28, 2019, 10:36 PM UTC

nullc wrote: post #91

saarons wrote: post #29

Earlier quoted context omitted.

CTO of Modern Treasury here. Banks are actually starting to setup a new payment system between themselves called Real-Time Payments (RTP) which has a lot of the same benefits as wire transfers. RTP is 24/7, instant, and (from our experience) much cheaper than wire transfers. It's starting to roll-out across more banks and currently ~50% of bank accounts can receive RTP transfers [1]. I just cashed out on Venmo the ot…

> main downsides is the $25,000 cap I suppose this isn't inflation indexed, so RTP will become increasingly useless over time? -- halving in 35 years per fed plans and much sooner under monetary policy twitter-proposed by the president?

We've heard (unofficially) the cap will be raised over time.

Re: What Happens When You ACH a Dead Person?

#156

Post by dmurray » Wed, Aug 28, 2019, 10:55 PM UTC

Tuna-Fish wrote: post #147

reaperducer wrote: post #51

Earlier quoted context omitted.

Checks are for what now? For me this week: Paid for a city license, paid the cat sitter, paid for a small magazine subscription, made a charitable donation, and paid the rent. The cat sitter and the charity were check only. No other option. The magazine has a PayPal option, but I don't trust PayPal. The city license could have been done with a card online, but I'm not interested in setting up yet another account with…

What I don't really get is why American payment systems insist on including some way to pull money out of an account, which therefore requires massive amounts of trust. The way the European system works is that there is one possible operation; the owner of an account can move money from their account to any other account. If you want me to pay you rent, you provide me with a standard format bill, which includes your…

> The way the European system works is that there is one possible operation; the owner of an account can move money from their account to any other account.

This isn't true at all. The direct debit system allows any participant to withdraw money from your account, providing just your account number and a claim that you authorised them to do that. You never have to directly tell the bank anything, and in many cases you can't even opt out of the process or deny access to an individual withdrawer through the bank.

The banks are meant to limit access to the direct debit program to companies they trust, and cut off access to bad actors, and make whole customers who were debited in error or by fraud. How enthusiastically they do this depends on the bank and the local regulator.

Re: What Happens When You ACH a Dead Person?

#157

Post by pertymcpert » Wed, Aug 28, 2019, 10:55 PM UTC

tialaramex wrote: post #122

delfinom wrote: post #108

Earlier quoted context omitted.

I like community banks. They don't fuck you in the ass like big banks.

Even better is for a community to _own_ a bank. In the UK there are Building Societies. Originally the concept went only like this: If a thousand workers in a town pool their savings to form a mutual Building Society it can use that money to loan someone (one of their number or somebody else) money to build a house. The new house owner's payments on the loan provide good interest on the savings and a profit the socie…

Why would anyone vote to convert? What's the benefit?

Re: What Happens When You ACH a Dead Person?

#158

Post by r00fus » Wed, Aug 28, 2019, 10:58 PM UTC

tialaramex wrote: post #122

delfinom wrote: post #108

Earlier quoted context omitted.

I like community banks. They don't fuck you in the ass like big banks.

Even better is for a community to _own_ a bank. In the UK there are Building Societies. Originally the concept went only like this: If a thousand workers in a town pool their savings to form a mutual Building Society it can use that money to loan someone (one of their number or somebody else) money to build a house. The new house owner's payments on the loan provide good interest on the savings and a profit the socie…

Building Societies sound like credit unions.

Edit: I also nearly witnessed a "carpetbagger" situation at a local credit union (where leadership wanted to become a bank/corporation), which was voted down.

Re: What Happens When You ACH a Dead Person?

#159

Post by ramphastidae » Wed, Aug 28, 2019, 11:01 PM UTC

evgen wrote: post #149

vageli wrote: post #139

Earlier quoted context omitted.

> Secure enough to process $50 trillion in 2018. How is that any indication of its security?

It is an existence proof that the security is good enough to get the job done and keep losses to an acceptable level. If it was truly "woeful" enough to actually matter then an alternative with better security would have displaced it by now.

This is overly simplistic and assumes an open market witn no barrier to entry for competitors, which is not the case.

It’s like saying the people of North Korea believe their government is good enough to get the job done, otherwise KJU would have been displaced by now.

Re: What Happens When You ACH a Dead Person?

#160

Post by KC8ZKF » Wed, Aug 28, 2019, 11:08 PM UTC

tjpaudio wrote: post #7

s9w wrote: post #2

Neither the title of this post nor the article explains what ACH is. And it somehow got 15 points in 6 minutes or so. Am I missing something? edit: yes, downvote me to -3. I love you all

The article is written for people interested in the very specific topic of the technical workings ACH transfers. It seems absurd to me that you would try to write this article to an audience that hasn't even heard of ACH. I think the only thing you are missing is that you are not the target reader.

Fully expanding an acronym the first time it is used is part of standard written English (SWE).