3 ms·

Wrong bank transfers can't get recalled? I know I disputed a debit card transaction and got my money back the other month

Hugsbox 2mo ago
In Canada, every bank has Interac e-Transfer, essentially we can easily email or text either other money. It's really wicked, and I'm always amazed other places like America don't have it built into their bank accounts and have to use 3rd-party apps to handle sending money to each other. But anyway, the point is that it tells you every single time you send a transfer that way to be careful, because you can't undo a transfer after it's been sent. I'm assuming it's the same for most methods of bank transfer? I mean, debit transactions are surely a different beast.
- inigyou 2mo ago
  Banks can always try to undo a transaction - it's just not guaranteed to work. AFAIK, credit/debit card reversals are always reversible because if the merchant doesn't have the money, it becomes their bank's problem to get the money or eat the loss. This works because the merchant is easily identifiable, well known, and has a reputation to uphold (at least to their bank). Other methods of transfer don't come with such contractual protection, but can still have best-effort.
  - ShinyLeftPad 2mo ago
    They can. Maybe in some jurisdictions they don't have to so they try to avoid it. But if there is crime involved for example, they can be required to do what's inconvenient
AureliusMA 2mo ago
Most bank transfers cannot be reversed without agreement between parties. You're using a b2c mindset for a b2b problem. Bitcoin is a b2b tool.
- ShinyLeftPad 2mo ago
  Bangladesh bank got its reversed when hacked by NK. Does that look b2c?
  - freeone3000 2mo ago
    The method of “reversal” was sending the money back, because it was a transfer between banks. The actual method of transfer or underlying currency is of no import in such circumstance.
    - ShinyLeftPad 2mo ago
      The entire point is that the bank can send the money back and transaction is always between banks. Whereas in cryptocurrency world transaction is direct. Like with cash, except you can accidentally a million dollars

Hugsbox 2mo ago

In Canada, every bank has Interac e-Transfer, essentially we can easily email or text either other money. It's really wicked, and I'm always amazed other places like America don't have it built into their bank accounts and have to use 3rd-party apps to handle sending money to each other. But anyway, the point is that it tells you every single time you send a transfer that way to be careful, because you can't undo a transfer after it's been sent. I'm assuming it's the same for most methods of bank transfer? I mean, debit transactions are surely a different beast.

inigyou 2mo ago
Banks can always try to undo a transaction - it's just not guaranteed to work. AFAIK, credit/debit card reversals are always reversible because if the merchant doesn't have the money, it becomes their bank's problem to get the money or eat the loss. This works because the merchant is easily identifiable, well known, and has a reputation to uphold (at least to their bank). Other methods of transfer don't come with such contractual protection, but can still have best-effort.
- ShinyLeftPad 2mo ago
  They can. Maybe in some jurisdictions they don't have to so they try to avoid it. But if there is crime involved for example, they can be required to do what's inconvenient

AureliusMA 2mo ago

Most bank transfers cannot be reversed without agreement between parties. You're using a b2c mindset for a b2b problem. Bitcoin is a b2b tool.

ShinyLeftPad 2mo ago
Bangladesh bank got its reversed when hacked by NK. Does that look b2c?
- freeone3000 2mo ago
  The method of “reversal” was sending the money back, because it was a transfer between banks. The actual method of transfer or underlying currency is of no import in such circumstance.
  - ShinyLeftPad 2mo ago
    The entire point is that the bank can send the money back and transaction is always between banks. Whereas in cryptocurrency world transaction is direct. Like with cash, except you can accidentally a million dollars