JavaScript boy and “lovely thoughtleader” 
he/him 
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For most people who don't live in America, this screen is shocking. The cheapest bank transfer option is $3, and takes 3 business days. This is predatory in the age of free instant bank transfer, even between different banks.pic.twitter.com/Afh1bH2trO
Some banks don't charge a fee for an outgoing transfer, however the receiving bank can, and that will be passed on to you. You can even run into an occasion where the outgoing bank charges you a fee, and then the receiving bank also does. Just terrible.
This is one of the reasons why you hear about low-income folk in the US not using a bank. Typically for the more basic accounts, which only most people qualify for, the fees are even much higher. The more wealthy you are, the less money you pay for banking.
Not only are there transfer fees but monthly fees are the norm too. Check out this comparison between banks. Monthly fees are waived if you have a minimum balance, but it's exploiting those who are living pay check to pay check who likely wouldn't be able to meet it.pic.twitter.com/Wekv7xFfkC
This is not a financial advice solicitationhttps://twitter.com/sebmck/status/1168043873991413761?s=09 …
One of my favourite payment-related things in the USA is when I configured "automatic payments" for my previous landlord. The bank actually automatically printed a check and mailed it to them every month. Apparently that's a thing in some cases. WHAT.
Haha yeah, we switched to Charles Schwab and it's their only method of automated payment. Who would have thought direct bank transfer would be this difficult...
Alliant Credit Union doesn't charge, neither does Google Pay and it's instant :)
I already switched to Charles Schwab which has no monthly fees and free same day wire transfers
That's why I think we should take bitcoin more seriously. It's a great value transfer if methods of acquiring/spending it are available in most countries.
Bitcoin still incurs transaction fees, and has long transfer times. How is that better than a stable FIAT backed currency with free instant bank transfers?
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