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.

    • Whirlybird@aussie.zoneEnglish
      3·
      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?

    • MasterOBee Master/King@lemmy.worldEnglish
      76·
      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?