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The US technically has FedNow, though I'm not sure anyone has implemented it yet. Given that it's going to absolutely destroy the ACH racket of "we borrow your
by altairprime 2y ago
The US technically has FedNow, though I'm not sure anyone has implemented it yet. Given that it's going to absolutely destroy the ACH racket of "we borrow your money for 3-5 business days for each transfer you make", and that the only serious US alternative is debit cards transfers (which Visa profits from today, although at only 0.05%), I assume they're not prepared to kill the golden debit goose until they've got their ACH competitor built out somewhere they aren't making debit money from today.
- PaulDavisThe1st 2y agoAnd yet somehow, certain ACH payments are "almost" instantenous. I have automatic transfer of my PayPal balance (to my bank) set up (most of my income arrives via PayPal). Since I did this, the payment is in my bank account the next day, using the amount in the account within a minute or two of midnight. There's also Zelle, which seems to be slowly spreading (with the emphasis on "slow" - its adoption rate seems far behind Venmo at the same point in Venmo's life).
- happymellon 2y agoConsidering Zelle is BOA's attempt to control the market and take a cut of every other banks transfer, I would reject it if I were you.
- PaulDavisThe1st 2y agoThis differs significantly from my understanding. Wikipedia says > Zelle (/zɛl/) is a United States–based digital payments network run by a private financial services company owned by the banks Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. https://en.wikipedia.org/wiki/Zelle https://en.wikipedia.org/wiki/Zelle
- Brajeshwar 2y agoWasn’t there an announcement some time back that Zelle will be limited and/or not totally free or something like that.