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It amazes me the kinds of workarounds we have to do just to move money. I am a member of two credit unions, both of which participate in the Co-Op Shared ATM n
by techsupporter 11y ago
It amazes me the kinds of workarounds we have to do just to move money.
I am a member of two credit unions, both of which participate in the Co-Op Shared ATM network so I can use most credit union ATMs to make withdrawals and deposits. One credit union holds my regular checking account. The other has my mortgage.
Until the automatic payment gets set up, I pay my mortgage by going to a third-credit-union ATM (owned by a CU that is also on the shared ATM network) and withdrawing a pile of cash with one CU's card. I then stick that cash back into the ATM as a deposit with the other CU's card. The payment can thus be made as a "transfer" on the mortgage CU's online banking platform.
It takes minutes to do that versus approximately 3 days to do an account-to-account transfer.
- lukebennett 11y ago3 days to do a bank transfer, ouch, that's a blast from the past. Sounds like you desperately need the Faster Payments system we have in the UK - allows you to transfer money between accounts (at different banks) instantly. Other than collections at church and the occasional business that doesn't take card, I hardly ever use cash these days.
- jdhawk 11y agoWe need a whole lot more than just F.P.
- Johnie 11y agoSame Day ACH has been in talks in the US for years. It may actually come this year. https://www.nacha.org/rules/same-day-ach-moving-payments-faster https://www.nacha.org/rules/same-day-ach-moving-payments-fas...
- kevin_thibedeau 11y ago> The Rule includes a “Same Day Fee” on each Same Day ACH transaction so that RDFIs would recover, on average, their costs for enabling and supporting Same Day ACH. Never doubt the American banking system's capacity to gouge the customer.