Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.
Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.
Here in the US it’s only instant if it’s coming out of your account.
If it’s coming out of the bank’s account it will take 7-45 days and require a 35 dollar processing fee payable only in person and must be cash.
Don’t forget about the 4.99 bank fee and 3.99 convenience fee.
Would you like to add 25% or 35% gratuity today?
Please round your transaction to the nearest hundred dollars to donate to starving babies and the bank will match your donation up to 3 cents.
Can you please explain the difference here, because that doesn’t make sense to me. When am I ever transferring money out of the banks account instead of mine?
My comment was worded in an intentionally inflammatory way for sarcasm and humor. Poking fun at this pester charging for everything culture.
To answer your question though.
The point of view of the leveraging bank money, a loan, credit, refund.
To be fair, general banking has gotten a lot faster in both directions. So my snark is marginal at best.
Ah ok, all good. I guess it’s showing how bad the state of affairs is with payments in the USA when I had to ask that question haha.
This is what banking looks like if you are poor, unfortunately.
Those cash checking places are fucking evil. Then the payday loan companies with usury…
What bank do you have that charges $35 for a transfer?
I transfer between b of a and chase bank, both known for having decently high fees, without any of those fees.
The $35 amount I’ve only seen with overdrafting. Do you overdraft every single transfer?
That was sarcasm.
Which part? The fees?
Bruh… the entire comment. 7 to 45 days… really? Gratuity… in a bank app?
From Rocket Mortgage, a banking app.
“Overall, the average time to close on a mortgage – the amount of time from when the lender receives your application to the time the loan is disbursed – is 52 days, according to Ellie Mae. Conventional loans had the shortest turnaround times at 51 days, followed by FHA loans at 55 days and VA loans at 57 days.”
We’re talking about wire transfers, not closing on a mortgage. They take 3-5 days. I pay my loan to Rocket every month
“We” are not.
You are.
No, the entire thread is about wire transfers lol. There’s nowhere on Earth where you can close on your mortgage instantly