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Originally Posted by indes
Right now it costs us 20$ to send a wire transfer and takes days to settle payments between accounts. Sure we can pay a bill online but actual payment is 2-5 days afterwards.
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When I do payroll online it costs me either $30/month or $2/transfer. As long as it's in by noon it's in the new account the next morning. I get a verification of the transfer in minutes but the receiving bank waits until the next day (probably overnight) to deposit the funds.
I also do online bill payments both personally and through the business. Both of them are covered in the standard monthly bank fee. The payments get applied the next day, credit card payments get applied same day. The fee gets refunded in my personal account, I'd have to look up the business fees but they are cheap.
Quote:
Originally Posted by afc wimbledon
theres nothing stopping banks from offering free instant money transfers except greed and lack of competition
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I just transferred money to a friend today to grab me something at a store. He called me and told me how much, I punched the transfer into my bank app and hit send. He had the money about a minute later and I got an email telling me the transfer was complete about a minute later. There was no fee, I think there is a small fee for transfers over $1000.00.