Timeline for Why is transferring money online to someone else's bank account so difficult in the U.S.?
Current License: CC BY-SA 3.0
9 events
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| Jul 25, 2018 at 19:06 | comment | added | jmbpiano |
There's no real competition over consumers - citation needed. I live in a small town (population <2200) and even we have a half-dozen different banks available, not including national banks/credit card companies. I regularly find advertisements in my mail attempting to persuade me to open an account with a different bank. I agree with Andy, the problem is less "lack of competition" and more "US consumers don't care enough about the feature to make it a competitive feature worth implementing".
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| Jul 2, 2017 at 18:57 | comment | added | Andy | I'm not sure regulators forcing something the market clearly doesn't want is a big win for anyone though. Clearly at the end of the day, US bank customers don't care about ease of transferring money to each other. If they did, someone would offer it, and people would switch to get it. And there are things like popmoney. | |
| S Sep 19, 2014 at 16:46 | history | edited | MrChrister | CC BY-SA 3.0 |
While "retarded" is technically correct usage, it can easily be confused for the pejorative form in context
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| S Sep 19, 2014 at 16:46 | history | suggested | Jared | CC BY-SA 3.0 |
Removed "retarded" (not appropriate speech), fixed another typo.
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| Sep 19, 2014 at 15:32 | review | Suggested edits | |||
| S Sep 19, 2014 at 16:46 | |||||
| Jan 6, 2014 at 17:46 | comment | added | user12420 | To anyone who reads this, I would like to say that littleadv was right. Eventually, ACH transfers are what came closest to the type of internet banking I was used to. No fee, ala wire transfer, and it gets processed in 1-2 days. However, they send you an email asking you to confirm that you initiated the transfer. | |
| Dec 31, 2013 at 12:33 | comment | added | user12420 | Damn. Exactly the reasons I was hoping wouldn't be the case. Thanks for your answer. | |
| Dec 31, 2013 at 12:32 | vote | accept | CommunityBot | ||
| Dec 31, 2013 at 5:58 | history | answered | littleadv | CC BY-SA 3.0 |