41–50 of 52 posts
Earlier quoted context omitted.
Automated Clearing House (ACH) transfers are usually much cheaper than wire transfers (often free at credit unions). http://www.mybanktracker.com/news/2013/03/20/ways-send-money...
Wire transfers are generally free within the UK/EU and very fast (bank-to-bank in the UK usually only takes a few hours at most).
Earlier quoted context omitted.
Wire transfers are generally free within the UK/EU and very fast (bank-to-bank in the UK usually only takes a few hours at most).
I love how we've been trained to think that a few hours is fast. Only takes 30 days for me to clear an international cheque!
Earlier quoted context omitted.
> The only question would be how refunds would work, but certainly there can be a solution to that. Yup, this is one of a bunch of problems. For example, "no chargebacks" is great for merchants, but bad for consumers. And while coinbase does support a simple charge, they don't have any way of doing things like holds. As for Doge: http://words.steveklabnik.com/how-dogecoin-changed-my-perspe...
> Yup, this is one of a bunch of problems. For example, "no chargebacks" is great for merchants, but bad for consumers. And while coinbase does support a simple charge, they don't have any way of doing things like holds. In the end, I think it makes sense that it should be the merchant's task to handle the refund requests. If the possibility is not built-in to bitcoin, why do you feel that you should make it? And of…
Right, but the merchant is our customer, it's our job to make their lives easier.
And regardless of the details, my point is that you have to think about this case and others, and then make a call: it's not simply drop-in.
> If the possibility is not built-in to bitcoin, why do you feel that you should make it?
Consumers feel safe using their credit cards because of things like chargeback protection. If Bitcoin is really going to become a thing, it will need to have consumer protections built in. Doesn't have to be at the protocol layer, but it does need to exist in some form.
> which has a much larger network.
Depends. Yes, it's much larger now, but Doge is exploding in popularity. It has a higher trading volume than BTC, and has a bigger network (measured in hash rate) than Litecoin.
Don't underestimate the power of Reddit to turn memes into something big. I agree it's not there yet, but it could be.
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
edit: If people are curious, its this: https://home.capitalone360.com/p2p
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
I'm an american, and I've never paid to transfer money to another bank account, even at another bank. Im not sure why people would pay for that, other than not knowing they dont have to. edit: If people are curious, its this: https://home.capitalone360.com/p2p
That's an odd thing to say. For those of us that aren't Capital One customers, we do have to pay, because the Capital One service you use is not available to us. It's not some web service like PayPal we can sign up for on a whim either; opening a 360 account with Capital One requires an application, a credit check, an existing checking account with another bank, etc.
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
Earlier quoted context omitted.
I'm an american, and I've never paid to transfer money to another bank account, even at another bank. Im not sure why people would pay for that, other than not knowing they dont have to. edit: If people are curious, its this: https://home.capitalone360.com/p2p
> Im not sure why people would pay for that, other than not knowing they dont have to. That's an odd thing to say. For those of us that aren't Capital One customers, we do have to pay, because the Capital One service you use is not available to us. It's not some web service like PayPal we can sign up for on a whim either; opening a 360 account with Capital One requires an application, a credit check, an existing chec…
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and that's hardly malicious. In the US you only need a name and bank account number (and to know which bank it belongs to to find the routing number) to make ACH withdrawals. That's why. I'm not aware of any reforms in the banking system to change this awful system, so these online services a…
ACH is far more complex then being able to withdraw money from someone's bank account with just their account number. To be able to initiate an ACH transaction bank level authentication is needed and it can only be done from an authorized bank. Can you give me a use case where someone can withdraw money from my bank account using just my bank account number ?
Any ideas ?
There is no logical reason for someone not to give out their bank account number anymore than their Credit/Debit card number. In both cases consumers are indemnified by federal regulations. However perception is bigger than reality - just like in the early days of the Internet/e-commerce people were afraid of using their credit card numbers online so are they wary of using their bank account numbers online.
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
I'm an american, and I've never paid to transfer money to another bank account, even at another bank. Im not sure why people would pay for that, other than not knowing they dont have to. edit: If people are curious, its this: https://home.capitalone360.com/p2p
Wire transfers are (almost) real-time and use Fedwire (domestic) and SWIFT (international) for communication in real-time. Usually banks charge hefty fees for this.
ACH is a batch network that takes minimum of 2 business days and generally costs mush less - often free too if you go through the bank's site.
The 2 are separate networks and regulated completely differently and hence different charges. Bottom line: if you want money transferred ASAP i.e. real-time/same-day it's likely to cost you. If you can wait for 2-3 days its likely to be free
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
Wire transfers are expensive here, $15~$30. You can also withdraw money if you have the bank account information. A famous example is Don Knuth, who had to stop offering rewards checks: http://www-cs-faculty.stanford.edu/~knuth/news08.html