The legacy banking system is so fucked. We're going to make them obsolete.
Discussion
As someone who just had a customers check bounce, I approve this message. What the fuck are we even doing with paper checks in 2024?
I have not written out a check in probably well over a decade ๐ Checks are dumb.
lol same
I do almost all ACH or wire to domestic and international suppliers. The local-yocals sometimes want a check. Still most of my customers issue paper checks. These are companies doing $10-200 million in revenue.
We are so early.
Itโs bat shit insane.
Interest and fees is literally their business model.
That already are. We just have to show others. ๐ค๐
How much was it to take so long
Whenever you're ready
Had to pay my campsite in Swiss last year, from the Netherlands, cost three days and 8 euros to complete. ๐ณ
I don't know which bank you are in... but immediate or next day transfers is the rule in Europe.
Not if you initiate the transfer on a Friday lol
That's true, they should call it 'next working day transfers' ๐
I think it just looks immediate for user, under the hood it is the same ~3 day to finish
Nope: I successfully did one from bank A to B than to C in a few minutes, so these transfers were performed in 'ear realtime...
Things evolve.
if all three banks have the same parent bank they can settle all transactions at the end of last. but this is speculations, we don't have detals.
a few years ago hryvna was very volatile, (I live in Ukraine), and I bought something in EU online shop with my ukranian card. and transaction looked immediate, money left my card, shop received their money. but then like week later my card was charged something like 0.5 euro or something. I called my bank and they said you know that transaction settled 4 days later and by this moment euro/uah rate changed so we charged difference