I keep noticing (in a strictly personal capacity) ACH transfer speeds between personal accounts at large financial institutions trending down over last few years; the 3 to 5 day window seems to be next day now for most pairs I care about. Am I hallucinating? What changed?
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I love how NACHA's "same day" is actually "next day but let's just all pretend."
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At 5.2 cents per transaction, I can only assume my bank is going to charge me no less than $10-per for this amazing new technology.
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Coming from the EU where bank transfers are pretty much instantaneous and cost on the order of 1€, this all sounds like a remote fairy tale about dragons. By the way, we're still waiting for Stripe to be available in Poland.
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It's policy. The ACH return codes still take 3 days, but some processors decide whether to trust you during this period and assume the risk.
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it’s so called “same day ACH” with three processing windows
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While same day is a thing, I’d guess it’s mostly other pieces of bank software being more diligent about meeting processing cutoffs in a timely fashion.
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Nope, you’re right. From my time as a transaction manager at a business, all ACH transfers just needed one full business day. Never once took more than that over thousands of transactions I did
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Have you experienced UK banking? It is a dramatically different (read: better) experience than US. I suspect you know tons of history etc and are fully aware of this from your new role and interests but it's *dramatic*
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Wow. SEPA has instant payments that must clear in under 10 seconds and we still worry about how Asia racing ahead. Goes to show there's lots more work to be done in the payments space.
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