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by nyokodo
1388 days ago
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> we have to wait 3 - 5 business days (sometimes longer) for money to transfer between banks here in the US The US has been historically so flush with capital and regionally isolated that there was no burning need nor desire for much centralized governance let alone bank coordination so it still hasn’t developed the muscles to do much of that. Historically, other countries have needed to tightly control and coordinate capital in order to survive against geopolitical challenges and so have everything in place in order to, for instance, make the end user banking experience efficient between banks. Understand this and suddenly America makes a whole lot more sense. |
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Until fairly recently in large parts of the US, it used to be illegal for banks to have more than one branch. (The last restrictions on branch banking in the US only came down at the end of the 20th century or so. It was a long and slow process.)
For comparison, Canada is just as wide-spread, but they had national banking chains since forever (because they were legal), and with that came national coordination.