171–180 of 185 posts
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In the US I just iMessage money to people. Doesn’t work for Android, sure, but I know very few people still using Android and for them we just use Venmo.
Not the same. Payments in Asia and other developed countries are instant - bank to bank. No crappy 3rd party app.
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Good for you, but it's like saying, I rather travel by steam engine/someone else's car, while other countries are able to provide bullet trains. That how different payment methods in US vs few countries( I've only lived in the US and India, so I gave India as an example).
I can pay anyone instantly, and get paid instantly. What am I missing?
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Correct me if this is wrong, but I've read somewhere that Zelle gives you no recourse in the event of fraudulent transfers. This makes me extremely reticent to use it, or even use a bank that provides access to it without a signup process.
Prey tell, if you use cash, what recourse do you have in the event of fraudulent transfers? Does that also mean you refuse to use banks that provide cash ?
> Let’s say you lost your debit card or PIN or either was stolen. If you notify your bank or credit union within two business days of discovering the loss or theft of the card, the bank or credit union can’t hold you responsible for more than the amount of any unauthorized transactions or $50, whichever is less.
> If an unauthorized transaction appears on your statement, but you did not lose your card, security code, or PIN or had any of them stolen, you should still notify your bank or credit union right away. At the latest, you must notify your bank within 60 days after your bank or credit union sends your statement showing the unauthorized transaction. If you wait longer, you could have to pay the full amount of any transactions that occurred after the 60-day period and before you notify your bank. In order to hold you responsible for those transactions, your bank would have to show that if you notified them before the end of the 60-day period, the transactions would not have occurred.
Roughly speaking, you can only be held accountable for withdrawals, transactions, and transfers from your account that you actually authorized. Any other cash transaction is fraud, and will result in you getting your money back. This is why banks are careful not to allow transactions that they suspect to be fraudulent.
https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-mon...
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> Just because everyone does it this doesn't mean it's safe to do. If some trolls manage to get hold of your IBAN and the account isn't protected from direct debit, you will get fucked by idiots ordering pizza and dildos. I don't know anyone who this has ever happened to. Only vetted companies are allowed to perform Direct Debits, e.g. utilities who know your physical address. In the UK (still a member of SEPA even p…
> Only vetted companies are allowed to perform Direct Debits, e.g. utilities who know your physical address. The scenario is not fraud, that is hard(er) to pull off due to vetting, but trolling someone with fake online shop orders. > In the UK (still a member of SEPA even post Brexit) the Direct Debit Guarantee [1] makes it easy to reverse any errant Direct Debits through your bank. It's the same here in Germany, but…
In fact, in some EU countries businesses are required to publish their bank account numbers in some central, government-run registry. It wouldn't be safe to do, if it could result in having your money stolen.
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Zelle was a consortium of the biggest US banks. It works fine if you have a deposit account at one of those institutions, or if you have created a Zelle account that lets them get you funds through a shim if your bank isn't a member participant of Zelle. If you're at a brokerage that doesn't support it, a credit union, or a community bank, your experience is meh or non existent. FedNow is native real time messaging p…
Plenty of credit unions like BECU and First Tech fully support Zelle for sending and receiving payments, some credit unions even have higher daily and weekly Zelle limits than the traditional banks.
Would be interesting to know how Canada's Interac e-transfers[1] compare to the Indian or Japanese systems. Probably the biggest inconvenience of Canada's system it the need to use an email address as the destination. [1] https://en.wikipedia.org/wiki/Interac_e-Transfer
INTERAC is like the beta version of Pix (which is basically the same as the Indian system in the article).
Pix works via email, CPF (a person's "SIN" number, which isn't secret in Brazil), randomly generated key, telephone number, QR codes. INTERAC is mostly email.
Pix works immediately. Some transactions take 1 second or less to credit on the other bank (you can see that when you are trying to send money to yourself, when the destination bank gives you a notification that it received the money before the UI of the sending bank has even acknowledged that the operation is completed). INTERAC sometime takes several minutes, up to 30 minutes sometimes in my experience.
Personally I think INTERAC is about 70% of the way there, but I would chose PIX every time simply because it seems like a much better iteration.
With Pix, you get credited and debited immediately. With INTERAC, I've noticed that sometimes you can be debited immediately and the credit takes longer, and vice versa. Sometimes for several minutes, your money can "double" (appear in second account without disappearing from the first one) or "disappear" (leave the first account but not get credited on the second one).
This last point might not seem like much, but it gets in the way of using for a lot of things that would need to be immediate (paying for a Taxi, or a supermarket purchase). Since Pix is instantaneous, it is used heavily for those kind of payments where you don't want to wait.
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I don't know. I was helping a Canadian friend with their bank account and TD's website looks like it's from the 90's. And getting an SMS message when your credit card is charged? Yeah, it used to be a separate website (why?) but no longer offered. It looked absolutely archaic compared to my US bank.
Now compare your US bank to Asian or others outside the West. Actually, just check screenshots in the App Store for foreign non-Western banks.
Is that what you were getting at?
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Not the same. Payments in Asia and other developed countries are instant - bank to bank. No crappy 3rd party app.
So how do I text someone money bank-to-bank? How do I give someone money who doesn't have a bank account? I do this today with iMessage. And it's not a 3rd party app.
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Prey tell, if you use cash, what recourse do you have in the event of fraudulent transfers? Does that also mean you refuse to use banks that provide cash ?
Yes, it is literally the case that you will be fully reimbursed (after a $50 maximum) in the event of cash fraud, and that is one of the things that makes banking in America so powerful and safe. See for example, consumerfinance.gov: > Let’s say you lost your debit card or PIN or either was stolen. If you notify your bank or credit union within two business days of discovering the loss or theft of the card, the bank…