The UK. We have a system called "Faster Payments Service" and it's really fast. Virtually instant. And it's been the standard since 2008.
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Apple Savings Account Lists Longer 5 Day Fund Transfer Time in iOS 17
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The UK. We have a system called "Faster Payments Service" and it's really fast. Virtually instant. And it's been the standard since 2008.
Is there the same delay when transferring out of Apple Cash? You can transfer instantly from Apple Savings account into Apple Cash. Then you can do the ACH from there.
I know I'm missing something.
I know I'm missing something.
Faster payment platforms are currently available or are in development. For smaller peer-to-peer payments (including instant interbank self-to-self payments) the Zelle network was developed by banks and is instantly available between institutions, though this has a maximum daily dollar limit of usually $1000-3500 USD per day. Zelle has been online for several years now and most banks support it, though some small banks and credit unions may not.
The Federal Reserve is launching a modernized payment system that is being made available to all banks called FedNow which will support instant transfers up to $500,000. FedNow is expected to launch this year (this month I believe) but it will take time for participating banks to integrate the service into their own offerings.
I’m sure that part if it is the absurd amount of banks we have in the US compared to the rest of the world. Imagine trying to get 4200 banks standardized! The next closest amount is Russia/UK with under 500.
It is good to note that the government prohibits some mergers and certainly limits buyouts (except under duress as in March this year) so that's part of the reason there are so many banks: the government wants it.
In the US you can use Zelle and it is seconds between people and accounts. There are just options, wire transfers, ACH etc. Some are faster, some are slower.
edit: I just realized no one posted between my posts, but don't see how to merge them.
Nice straw man since all accounts that fall under FDIC limits were made whole. Other than the whale insiders what did the depositors know about SVB,First Republic, or Signature? In fact social media spread panic helped cause the failures from mass withdrawals. If one has deposits above the FDIC limits, unless by regulations they have to, that's just stupid vs spreading around to be under the limits. System isn't designed to withstand social media game of telephone started by bad actors. Stock Market has seen this also. Game Stop being just one.
FDIC insurance is if the bank fails, not for fraud. If someone steals your debit card or you had fraudulent transactions on it, unlike a credit card, that money is gone. Once that money is out of the financial institution, that institution can’t do anything about it.
There's this
https://consumer.ftc.gov/articles/lost-or-stolen-credit-atm-debit-cards
It describes limitations of liability for debit cards. I'm not sure who makes you whole. I suspect the bank handles it.
Please share why you think it does. There is almost certainly some unique situation at play.
I wonder if its because Apple Savings is cannibalizing GS's own Marcus savings account. Either way there are far better products when it comes to high yield savings than Marcus.
I'm running iOS 16.5.1, not the 17 Beta. I transfer funds from a credit union money market fund to a bank checking account using the CU's iOS app. i.e., Apple Savings Account and GS aren't involved. It used to take about 3 days to transfer the funds. The last few weeks it's been 5 days. The transaction is free, but I can have it done by next day for a few $. So whether it's a GS or Apple problem or something systemic, I'm not sure. For such long float times between sending and receiving, who gets the interest? The sender? The receiver? The banks? Whoever the ACH system is?
There are comments in this thread that indicate that the institutions can use ACH, Fednow or a private network. ACH is the slow one and only operates during normal business hours and not on weekends or holidays. Fednow is supposed to have instant transfers between most parties. That would be nice. According to Bloomberg, the U.S. is second last on a list of 15 countries in terms of "Real-Time" payments as a percent of all electronic transactions in 2022" 1.4% for the U.S.. I know Australia is all electronic now and they aren't Bloombergs list. People I talk to in Oz are amazed people still use checks here in the U.S.
The Bloomberg article cautions there are risks involved with Fednow. I don't know whether to trust that comment. I do know that the banks have lobbied against a better system for some time.
Fednow is supposed to go live in July. Oops, it's already July, but there's still a few weeks left. I wonder how fast individual banks will transfer to Fednow.
There are comments in this thread that indicate that the institutions can use ACH, Fednow or a private network. ACH is the slow one and only operates during normal business hours and not on weekends or holidays. Fednow is supposed to have instant transfers between most parties. That would be nice. According to Bloomberg, the U.S. is second last on a list of 15 countries in terms of "Real-Time" payments as a percent of all electronic transactions in 2022" 1.4% for the U.S.. I know Australia is all electronic now and they aren't Bloombergs list. People I talk to in Oz are amazed people still use checks here in the U.S.
The Bloomberg article cautions there are risks involved with Fednow. I don't know whether to trust that comment. I do know that the banks have lobbied against a better system for some time.
Fednow is supposed to go live in July. Oops, it's already July, but there's still a few weeks left. I wonder how fast individual banks will transfer to Fednow.
I thought there was a timeframe limit passed shortening the amount of days a transfer should take in different scenarios, because the banks were taking exorbitant time to make money from the float. The actual time needed is seconds, not days not a week. My recollection of a law may be a Mandela effect from a prior universe. Everything is so screwed up I don’t trust anything.