Timeline for Transferring money between two banks in the U.S
Current License: CC BY-SA 3.0
11 events
| when toggle format | what | by | license | comment | |
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| Apr 13, 2017 at 12:25 | history | edited | CommunityBot |
replaced http://money.stackexchange.com/ with https://money.stackexchange.com/
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| Feb 27, 2014 at 8:47 | comment | added | littleadv | @CsBalazsHungary again, you're providing examples of things that are not comparable. Batch operation is the safest one. I'm not sure you comprehend the issues involved, being a programmer is not enough to know what needs to be done. | |
| Feb 27, 2014 at 8:37 | comment | added | CsBalazsHungary | @littleadv I disagree with you. I don't want to be misunderstood: I don't think bitcoin is an alternative currency, money, or a complete new world. I am using it as an example. I am stating that if the banking sector would want to create an efficient (quick and safe) inter-bank money transfer system, then they could do it. Sounds hypothetical, but since there are examples, it isn't. | |
| Feb 26, 2014 at 19:12 | comment | added | littleadv | @CsBalazsHungary its not outdated, its efficient. You can do wire transfer if you want it to be instantaneous, otherwise it is much cheaper, easier, safer and more efficient to do this in a daily batch operation. Paypal transfers money instantaneously only within its own system. Bitcoin is a scam not worth taking seriously, Mt.Gox did vaporize instantaneously, but its not something I'd like my bank to do. | |
| Feb 26, 2014 at 14:55 | comment | added | CsBalazsHungary | @PeteBelford what I suspected: they are working with outdated methods or having fun with your money for a few more days. Your statement sounds like supporting the first one. | |
| Feb 26, 2014 at 14:28 | comment | added | Pete B. | @CsBalazsHungary: While the actual transfer process takes less then a couple of seconds, many banks, lenders, etc... run batch jobs over night that reconcile the accounts. So typically you are limited to one day with traditional institutions, where more modern companies can be instantaneous. | |
| Feb 26, 2014 at 13:52 | comment | added | CsBalazsHungary | I have a kind of doubt in this, I mean I work as a programmer and in the age of information this transfer should last for seconds, not days. For example in BitCoin, PayPal these procedures really take seconds. I doubt it is an unsolvable problem to make it this fast. | |
| Feb 26, 2014 at 6:24 | vote | accept | Jay K | ||
| Feb 26, 2014 at 6:07 | comment | added | littleadv | @JayK because every day they hold the money is a day they can leverage it. | |
| Feb 26, 2014 at 5:50 | comment | added | Jay K | Yes, I have already tried that, it takes even more time, as the bank B, sends a physical cheque on my behalf to Bank A. But the question is why do banks want to slow down this process? Why do they want to keep money with them for a longer time? | |
| Feb 26, 2014 at 5:46 | history | answered | littleadv | CC BY-SA 3.0 |