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I can't believe how behind the US still is compared to the rest of the world..
by aioprisan 9y ago
I can't believe how behind the US still is compared to the rest of the world..
- martin_bech 9y agoOn this.. internet speed, cellphone coverage etc.
- cortesoft 9y agoThere is no country with our size and wide spread that is that far ahead.
- Twirrim 9y agoYes, but we don't even match up to them where we have similar population densities. That excuse only goes so far.
- kuschku 9y agoExactly, that’s why the US has states that are quite similar in population and scale to the countries of the EU. And yet, none of your states have solved it, while many of the countries of the EU have, and from 2018 on, the entire EU will have solved it.
- cortesoft 9y agoSolved which part?
- gerdesj 9y agoWhen I make a payment to someone via say a banking app on my mobile, they can be spending it virtually within seconds. That's from one bank to another. I knew that transfers happened pretty quickly here but I paid someone for some work and they were spending it within say five minutes. They were unable to use their card beforehand because I had to come out earlier on the same day to buy some materials on their behalf.
- mortehu 9y agoIn US a person can actually write a check for any amount, and you can photograph it with the bank app on your phone and be able to spend it instantly. I'm not saying it's an elegant system, but at least instant free payments exist.
- tradersam 9y agoNo you can't. Most U.S. banks require a 1-2 day hold on mobile deposits still. Some banks, like USAA, credit you immediately, but most major banks and local CUs don't.
- techsupporter 9y agoHell, one of my credit unions holds payments I make to my credit card from my credit union checking account. One credit union will give me a "courtesy credit" for photo-deposited checks up to $1,500. Another holds all of them for three business days. The bank I was using to receive a wire transfer sat on the deposit until 6pm even though the sending bank said it was transmitted at 8:30am (same time zone). How we handle moving money is nuts. Most of the time, the way that's actually the fastest is to go to a credit union ATM, withdraw the desired amount with one plastic card, and use the destination credit union's plastic card to deposit the exact same money back into the exact same ATM.
- seanp2k2 9y agoLiterally "shelling out" with the ATM example. Don't forget the $3 fee for withdrawals.
- techsupporter 9y agoNah, withdrawals and deposits within the same credit union network (usually Co-Op Credit Union) are free.
- mortehu 9y ago
- pbreit 9y agoI would trade being behind in inter-bank transfer speed for being ahead in commerce.
- tmnvix 9y agoWhy a dichotomy?
- pbreit 9y agoThe way ACH works probably has had a non-trivial positive impact on US commerce.
- wbl 9y agoI find that hard to believe. Slow and insecure payments are not good for anyone.
- kerkeslager 9y agoSay more?
- pbreit 9y agoDirect debit which is unavailable in most of the rest of the world powers a huge amount of commerce.
- kerkeslager 9y agoI don't know much about that, but I do know that it proves nothing about ACH's slowness being a positive for commerce.
- magila 9y agoYou can come up with all sorts of proximal causes for the current situation, but once all the bs excuses are stripped away it really comes down to plain old corruption. Banks collude with their regulators to both minimize required changes to the system and make it effectively illegal to create a competing system. Without pressure from regulators or markets, banks can rest on their laurels while doing just enough to avoid public outrage over their level of dysfunction.
- zkms 9y agoThere's a lot of money to be made with overdraft fees and offering pseudo-banking services (cheque cashing places, refillable debit cards that can be ACH-deposited into) to the unbanked, so US banks have a very strong incentive to keep their consumer-facing offerings slow and sucky.