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It's deliberately messed up in order to make more profit if you're a bank. UK has proper electronic funds transfer because the culture accepts government tellin
by dboreham 3y ago
It's deliberately messed up in order to make more profit if you're a bank. UK has proper electronic funds transfer because the culture accepts government telling big business to do stuff for the public benefit. US political corruption and culture precludes that.
- happymellon 3y agoI think it's worse than that. My bank offers a US routing and account number so that Americans can transfer money, since the banks over there struggle with international payments. I then found out that my in-laws still can't transfer money because their bank has removed the ability to send money to another account that isn't via Venmo. It's not "messed up" it's hostile.
- dralley 3y agoThe US has that too, it's just decades late. FedNOW is being rolled out this year