[fransje26]

Because.. ..money?

They can get away with being slow, and with overcharging for a transfer, so why not? The system they use can probably do an instant transfer at close-to-zero cost, but their "cartel" position means that they have no incentive to improve the current system. And if a "threat" comes from an exterior actor, they can a) use their influence to regulate it out, or b) lower their fees/accelerate the transfer process while "showing" how reactive they are..

[happymellon]

Same day ACH appears to be a thing though.

https://www.nacha.org/rules/same-day-ach-moving-payments-fas...

So doing it but through another 3rd party doesn't make much sense. When the same system could be immediate or the destination takes a day or two, it's all a bit mad.

Does the US not have the same levels of competition that you see elsewhere? Surely a financial institution that can offer immediate money movement, or even overnight, would drive people to use that bank.

We have startup banks, like Starling, Monzo, Revolut who come up with some really neat ideas to differentiate.

[refurb]

I have no idea what the process is, but i helped a friend convert USD through Wise and send to another country and it was instant from their Chase account to the foreign account, even though they selected “pay by ACH”.

And i also noticed BOA will show ACH transfers in 24 hours when it used to be 2-3 days minimum.

Clearly theyve improved the process.