3 ms·
Aussie here. I never knew that the U.S lacked this. We've had this feature for decades. Within the same bank, it's instant. Inter-bank it can happen the same da
by idonotknowwhy 9y ago
Aussie here. I never knew that the U.S lacked this. We've had this feature for decades.
Within the same bank, it's instant. Inter-bank it can happen the same day depending on the banks involved and when they run their batch processing.
I always considered this a primitive system for not being instant.
- bmon 9y agoSame here. I am consistently amazed by the amount of things like this that I take for granted.
- px1999 9y agoI'm an Australian who lived in Canada for a while. Banking was one of the huge surprises there - I'd get paid with cheques, and to move large sums of money between accounts with different institutions quickly needed to go to a branch, get a cashier's cheque and physically walk it down to the other bank. They'd call the first bank and confirm that it was actually issued in order to speed up processing (even then it wasn't instant). It was all a bit bizarre, considering how much time both banks needed to spend on a routine transaction...
- sien 9y agoAustralian who lived in the US here. It used to make me laugh when Americans would describe Australia as 'like the US 10 years ago'. Then I would write them a check. Then I would try and send a text message that wouldn't go across networks as had always worked in Australia for years... In Australia leaving in the 1990s I had never written a check because even then B-Pay was around and people did direct deposit for rent and things. But Australia probably has about as many banks as California, so we have a much smaller problem.
- idonotknowwhy 9y agoThis is good to hear. I've been getting increasingly disappointed with a lot of things we do in Australia, so it's good to hear that we're ahead of or on par with other "developed" countries in at least a few things.