4 ms·

It’s not quite that bad. ACHes are batched several times per day and usually complete same day. It’ll be several years before consumers are splitting checks on

by pbreit 3y ago

It’s not quite that bad. ACHes are batched several times per day and usually complete same day. It’ll be several years before consumers are splitting checks on fednow, an infinitesimally small use case.

atkailash 3y ago
It absolutely is that bad. There’s no reason a credit card payment done at 11am on Monday doesn’t take money from my account until Wednesday when I could just go to Target and have money come out instantly buying something stupid I probably don’t need. It may be slightly vendor dependent, my rent is usually maybe a day or so faster depending on when I do it, but again, no reason it shouldn’t be instant. (Yes I couldn’t use my debit card but I’m not paying 5% oR so surcharge for that)
- pbreit 3y ago
  Your credit balance is reduced immediately when you make a credit card payment. For debit card payments, your available balance is reduced immediately. But no money actually moves until overnight.
- throwaheyy 3y ago
  It’s not though. Your bank and/or credit card issuer may be that bad but there are plenty of others that operate faster. I pay my Amex card from Fidelity and the balance updates on the Amex immediately and the money comes out of Fidelity the next day.
  - pbreit 3y ago
    I paid IRS at 10am and the money left my checking account at 11am. It absolutely can be that fast with ACH.
ThePowerOfFuet 3y ago
>It’ll be several years before consumers are splitting checks on fednow, an infinitesimally small use case. We've been doing it for years in Europe thanks to instant SEPA payments ("SCT Inst"), and even those behind-the-times banks in the Eurozone which don't support SCT Inst have been required to support non-instant SEPA Credit Transfers, which settle next business day, since 2015. And, by law, it cannot cost more than sending a payment within your own country (which is generally free).

by pbreit 3y ago

atkailash 3y ago

It absolutely is that bad. There’s no reason a credit card payment done at 11am on Monday doesn’t take money from my account until Wednesday when I could just go to Target and have money come out instantly buying something stupid I probably don’t need. It may be slightly vendor dependent, my rent is usually maybe a day or so faster depending on when I do it, but again, no reason it shouldn’t be instant. (Yes I couldn’t use my debit card but I’m not paying 5% oR so surcharge for that)

pbreit 3y ago
Your credit balance is reduced immediately when you make a credit card payment. For debit card payments, your available balance is reduced immediately. But no money actually moves until overnight.
throwaheyy 3y ago
It’s not though. Your bank and/or credit card issuer may be that bad but there are plenty of others that operate faster. I pay my Amex card from Fidelity and the balance updates on the Amex immediately and the money comes out of Fidelity the next day.
- pbreit 3y ago
  I paid IRS at 10am and the money left my checking account at 11am. It absolutely can be that fast with ACH.

ThePowerOfFuet 3y ago

>It’ll be several years before consumers are splitting checks on fednow, an infinitesimally small use case. We've been doing it for years in Europe thanks to instant SEPA payments ("SCT Inst"), and even those behind-the-times banks in the Eurozone which don't support SCT Inst have been required to support non-instant SEPA Credit Transfers, which settle next business day, since 2015. And, by law, it cannot cost more than sending a payment within your own country (which is generally free).