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Canadians with Interac E-Transfer like "What the fuck is wrong with you people" (lemmy.world)

submitted 4 weeks ago by Stamets@lemmy.world to c/whitepeopletwitter@sh.itjust.works

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[–] lmmarsano@lemmynsfw.com 2 points 3 weeks ago* (last edited 3 weeks ago)

The US has bank transfers: they're usually either slow as balls (eg, standard ACH settles during business hours in 1–3 business days for ACH credit, 3–5 business days for ACH debit) or cost a fee (eg, wire transfer). Standard real-time payment common in other countries is still uncommon in the US. 20 years ago, I also wondered "why in the electronic age of the developed world is changing some ledgers still this stupid?".

Zelle operates over ACH. It achieves "instant transfers" through banking platform integrations.