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Why can't money be transferred instantly & on weekends?
Posted on 12/14/14 at 4:26 pm
Posted on 12/14/14 at 4:26 pm
With the instantaneous mechanisms we have today, why does this still lag in the past on how money can be transferred between accounts?
6
Posted on 12/14/14 at 4:29 pm to House_of Cards
I've wondered this as well.
Posted on 12/14/14 at 4:36 pm to House_of Cards
Are you talking about transfers within accounts with the same bank?
Posted on 12/14/14 at 4:55 pm to VABuckeye
Paying loans, credit cards, transferring money inside bank, etc. just frustrating.
Posted on 12/14/14 at 4:55 pm to VABuckeye
(no message)
This post was edited on 12/14/14 at 4:56 pm
Posted on 12/14/14 at 5:05 pm to House_of Cards
I have no problem with any of this within my bank. Money transfers instantly between accounts and paying a credit card issued by the bank from an account also credits instantly.
I live in Virginia. Maybe the rules are different here?
I live in Virginia. Maybe the rules are different here?
Posted on 12/14/14 at 5:13 pm to House_of Cards
Bitcoins for the motherfricking win
Posted on 12/14/14 at 5:13 pm to VABuckeye
Anti money laundering.
Posted on 12/14/14 at 5:23 pm to TheHiddenFlask
I'm opposed to it as well. 
Posted on 12/14/14 at 5:25 pm to House_of Cards
quote:
With the instantaneous mechanisms we have today, why does this still lag in the past on how money can be transferred between accounts?
Planet Money had a solid podcasts about this. Essentially the government runs 70s era computers that process all money transactions between accounts. For there to be a change (such as in the UK), all the banks/regulators have to vote overwhelmingly in favor.
Banks don't want to lose wire transfer revenues nor do they want to deal with 24/7 transfers and the cost of systems to enable that (msotly for small banks)
Posted on 12/14/14 at 6:02 pm to House_of Cards
Cap one instantly transfers between checking and savings
Posted on 12/14/14 at 6:33 pm to GenesChin
quote:
Planet Money had a solid podcasts about this. Essentially the government runs 70s era computers that process all money transactions between accounts. For there to be a change (such as in the UK), all the banks/regulators have to vote overwhelmingly in favor.
It was great. I thought it was like 50's or 60's era technology
link to podcast
Posted on 12/14/14 at 7:45 pm to barry
quote:
Cap one instantly transfers between checking and savings
this
Posted on 12/14/14 at 7:48 pm to barry
+1 for Planet Money, their podcast are legit. "Hunting for the hundreds" blew my mind.
Posted on 12/14/14 at 8:00 pm to Shepherd88
Yeah, I listened to that whole podcast. It was very interesting and well done.
Posted on 12/14/14 at 9:29 pm to House_of Cards
Gulf coast bank transfers between saving and checking are instant.
Posted on 12/14/14 at 9:49 pm to LSUFanHouston
Usaa deposits checks right away and you can transfer to anyone with usaa immediately.
Posted on 12/14/14 at 9:58 pm to reb13
I was always told that banks essentially hold your money for a couple of days to accrue free interest on it.
No clue if that's true or not. My dad hates US banks, and he's always spouting off about this haha.
No clue if that's true or not. My dad hates US banks, and he's always spouting off about this haha.
Posted on 12/15/14 at 2:15 pm to House_of Cards
quote:
transferring money inside bank
quote:
instantly & on weekends
I can do this b/t accounts with USAA. All from my phone.
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