71–80 of 81 posts
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80? The file format is 94 char fixed width, and it's based on the track specs of 9 track mainframe tape.
It was a 3 month project I finished 8 years ago...I guess my memory failed me.
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ACH never really clears, it just hasn't returned yet. Big banks will have the money next business day at the latest, Tiny correspondent banks in alaska might be as far behind as an extra day or two. There's a class of return that's supposed to come within 3 days, (NSF/No Account/Closed Account) that's usually what the banks are waiting for, but fraud related returns can be up to 60 calendars later by the rules.
Ah, perfect - I had forgotten that banks had up to 60 days! Just nuts.
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I could not believe my eyes when I saw that a transfer (it's called a "wire transfer") will cost me $35 on the sending side, and the receiver will pay another $25. Then you need the bizarre routing numbers which banks bizarrely obfuscate for even more bizarre reasons and which are easy to get wrong because there is no checksum. And then it takes days. No wonder when anything even slightly better appears, people jump…
> For comparison, a SEPA transfer in the EU costs around 1 EUR That's ... expensive? In .de it's usually free for consumers with online banks, around 10 ct for business accounts ...
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I could not believe my eyes when I saw that a transfer (it's called a "wire transfer") will cost me $35 on the sending side, and the receiver will pay another $25. Then you need the bizarre routing numbers which banks bizarrely obfuscate for even more bizarre reasons and which are easy to get wrong because there is no checksum. And then it takes days. No wonder when anything even slightly better appears, people jump…
> when I saw that a transfer (it's called a "wire transfer") will cost me $35 on the sending side, and the receiver will pay another $25. Wire transfers are different than ACH transfers. Wire transfers cost money and take less than one business day. ACH transfers are inexpensive* and generally take in the ballpark of five business days. * They are inexpensive for the bank. At banks that treat their customers fairly,…
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I could not believe my eyes when I saw that a transfer (it's called a "wire transfer") will cost me $35 on the sending side, and the receiver will pay another $25. Then you need the bizarre routing numbers which banks bizarrely obfuscate for even more bizarre reasons and which are easy to get wrong because there is no checksum. And then it takes days. No wonder when anything even slightly better appears, people jump…
They obfuscate the routing and account numbers because once you have them, there's little that prevents someone from debiting money from that account.
In the EU, I put my bank account numbers on every invoice, which makes sense, because I want people to transfer money to me. I would never imagine that knowing my account number would allow someone to take money from me.
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They obfuscate the routing and account numbers because once you have them, there's little that prevents someone from debiting money from that account.
Really? Isn't that considered to be a problem? In the EU, I put my bank account numbers on every invoice, which makes sense, because I want people to transfer money to me. I would never imagine that knowing my account number would allow someone to take money from me.
Combine that with bank apps that allow you to take a photo of a check to deposit it and, well, game over.
There are also lots of places that will let you pay bills by giving them just the routing number and account number, which are all that are needed to initiate an ACH debit.
The US is way behind the rest of the first world when it comes to payment tech.
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Canada is like this as well.
Like Mexico, or like the US? (Your comment is ambiguous; genuinely curious)
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Living in the US I miss the UK’s standing order system where you can instruct your bank to periodically transfer funds without risk of a cheque getting delayed or lost in the post (frequent occurrence with billpay.) Used to take a few days until Faster Payments got implemented, free of charge and dates from 1968 best I can tell. The Zelle systems don’t seem to allow periodic payments and the maximum amount is well be…
Most landlords use cozy.co or some other rent payment management system that should handle the electronic payment with ACH on the backend so you don't need Zelle. If your landlord doesn't, ask them to. It's free for both of you.
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Most landlords use cozy.co or some other rent payment management system that should handle the electronic payment with ACH on the backend so you don't need Zelle. If your landlord doesn't, ask them to. It's free for both of you.
Of the three landlords I've had in SF none have used such a system.