3 ms·
The fact that ACH is slow is a feature not a bug. Remember that when people want to speed up money transfers. > After a couple of days, our bank reversed the $
by rb808 7y ago
The fact that ACH is slow is a feature not a bug. Remember that when people want to speed up money transfers.
> After a couple of days, our bank reversed the $25,000 charge and told us that the fraud department caught the ACH withdrawal before it was fully processed so that neither my family nor the bank lost this money forever.
- hocuspocus 7y agoInstant transfers work fine in countries where banks do their job properly. Mobile phone numbers shouldn't be used as a second factor, much less as a way to fully recover online credentials to your bank account.
- rb808 7y agoYou're probably right. You definitely shouldn't be able to recover your online credentials then immediately transfer out all the money.
- oasisbob 7y agoBut also, the US regulatory environment is very friendly towards individuals when it comes to fraudulent electronic transfers, regardless of how quickly they execute.