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Aye coming from India 9 years ago it felt like the American banking system was stuck in some sort of dark age where progress had ground to a halt. It's been 9 y
by jogjayr 9y ago
Aye coming from India 9 years ago it felt like the American banking system was stuck in some sort of dark age where progress had ground to a halt. It's been 9 years (!) since then and they still don't have a reliable bank-to-bank money transmission standard or service.
- majewsky 9y agoBut if you cannot just transfer money to a different account, how do you pay for anything? How do you pay your rent, or utilities, or insurance? Do you have to use credit cards for everything or what?
- windowsworkstoo 9y ago“cash” deposits...i assume once it’s in your account you can send it wherever
- TheCoelacanth 9y agoThere are ways of transferring money to different accounts, but they aren't available to normal individuals. Businesses can arrange to be able to make deposits and withdrawals. So to pay a company, you would give them your account information and ask them to pull the appropriate amount from your account. This is typically only used for large or frequently recurring payments. Most other payments would be done with a credit or debit card.
- jogjayr 9y agoWith smaller landlords I used checks, larger ones have recurring transfer systems like the other reply mentioned. Insurance and utilities accept credit and debit cards for payments online. Wells Fargo also had (maybe still does) an online banking "Money Send" feature where you type in the person's name and address and they physically mail them a paper check :-)