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Why don't Americans use direct money transfer from one bank account to another, like rest of the world? I lol everytime I see these problems.
by RektBoy 4y ago
Why don't Americans use direct money transfer from one bank account to another, like rest of the world?
I lol everytime I see these problems.
- IAmGraydon 4y agoWe do (ACH), but it takes 3-5 business days to complete.
- astrange 4y agoACH never "completes", there's no confirmation in the system. The bank merely decided 3 days is enough time to assume there isn't a reversal coming, but some reversal reasons can be expected to take up to 60 days. Some banks have been offering "two days early payroll"; that just means they see enough transactions for your paycheck that they've decided to just trust it.
- refurb 4y agoPretty sure a bank IT problem is going to affect direct money transfers too?