[nwallin]

> when I saw that a transfer (it's called a "wire transfer") will cost me $35 on the sending side, and the receiver will pay another $25.

Wire transfers are different than ACH transfers. Wire transfers cost money and take less than one business day. ACH transfers are inexpensive* and generally take in the ballpark of five business days.

* They are inexpensive for the bank. At banks that treat their customers fairly, they're generally free because the cost accounting is generally more than the cost of performing the transfer. At shitty banks, (BofA, Wells Fargo, etc) they're arbitrarily expensive.

[Spoom]

ACH, once initiated, usually happens overnight in my experience (which matches up with my understanding that they are largely settled internally by a big overnight batch job). Is this incorrect?