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This might be a stupid question, but do you have to pay a fee for transferring money from one bank to another bank when both banks are located in the US?
by kasperni 7y ago
This might be a stupid question, but do you have to pay a fee for transferring money from one bank to another bank when both banks are located in the US?
- dickeytk 7y agoit doesn't cost anything but there is risk involved. So nobody takes a cut, but it also isn't "free". This is a fantastic series that explained it really well to me: https://engineering.gusto.com/how-ach-works-a-developer-perspective-part-1/ https://engineering.gusto.com/how-ach-works-a-developer-pers...
- mcherm 7y agoBecause the banks charge a fee (well, some of them do). I know that sounds stupid but it's the truth. There is no law against banks charging fees like this, banks like to make money (don't we all!), and (significantly) banks don't seem to lose customers by charging these fees.
- niij 7y agoIn general: no. External transfers (ACH) and checks are generally free for within the US.
- PaulDavisThe1st 7y agoAlso, compared to within the EU, ACH is incredibly slow. EU bank-to-bank transfer is instantaneous. ACH takes at least 1 day, often 2-3.