Banks serving as guinea pigs for Federal Reserve’s instant payments system
arstechnica.com
The Fed's goal is to connect 9,000 financial institutions nationwide.

Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.

    • @[email protected]English
      7•1 year ago

      Here in the US it’s only instant if it’s coming out of your account.

      If it’s coming out of the bank’s account

      Can you please explain the difference here, because that doesn’t make sense to me. When am I ever transferring money out of the banks account instead of mine?

    • @[email protected]English
      5•1 year ago

      This is what banking looks like if you are poor, unfortunately.

      Those cash checking places are fucking evil. Then the payday loan companies with usury…

    • MasterOBee Master/KingEnglish
      1•1 year ago

      What bank do you have that charges $35 for a transfer?

      I transfer between b of a and chase bank, both known for having decently high fees, without any of those fees.

      The $35 amount I’ve only seen with overdrafting. Do you overdraft every single transfer?

          • @jeffwEnglish
            7•1 year ago

            Bruh… the entire comment. 7 to 45 days… really? Gratuity… in a bank app?

              • @jeffwEnglish
                1•1 year ago

                We’re talking about wire transfers, not closing on a mortgage. They take 3-5 days. I pay my loan to Rocket every month

                  • @jeffwEnglish
                    1•1 year ago

                    No, the entire thread is about wire transfers lol. There’s nowhere on Earth where you can close on your mortgage instantly