Transfer Money

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August 7th, 2019 at 8:50:47 AM permalink
Face
Administrator
Member since: Oct 24, 2012
Threads: 61
Posts: 3642
Quote: kenarman
I never write cheques...


My loans are through my credit union. Good people. Auto pay for them.

Time Warner / Spectrum? Paper checks only, if only to force them to pay a man a salary to process it.

It's the little things =)
Be bold and risk defeat, or be cautious and encourage it.
August 7th, 2019 at 10:06:21 AM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 129
Posts: 18066
The FBI agent who wrote Catch Me if You
Can says he's never had a debit card and
never will. He uses CC's only and a bank
account. Too many ways debit cards
can be compromised, he claims, where
CC's cannot.
If you take a risk, you may lose. If you never take a risk, you will always lose.
August 7th, 2019 at 10:35:12 AM permalink
DRich
Member since: Oct 24, 2012
Threads: 23
Posts: 1291
Quote: Evenbob
The FBI agent who wrote Catch Me if You
Can says he's never had a debit card and
never will. He uses CC's only and a bank
account. Too many ways debit cards
can be compromised, he claims, where
CC's cannot.


I believe his advice was to never use a debit card other than with your bank. Purchasing items with a debit card is beyond foolish. It is okay to use a debit card at your bank ATM when the bank is closed.
August 7th, 2019 at 10:55:50 AM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 129
Posts: 18066
Quote: DRich
I believe his advice was to never use a debit card other than with your bank..


Nope. Never have a debit card period.

Frank Abagnale: I don't own a debit card, I've never owned one, I've never allowed my 3 sons to posses one. Certainly and truly the worst financial tool ever given to the American consumer.

Click this link and he explains it:

https://www.youtube.com/watch?v=vsMydMDi3rI&feature=youtu.be&t=43m15s
If you take a risk, you may lose. If you never take a risk, you will always lose.
August 7th, 2019 at 11:07:17 AM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 21
Posts: 4068
Quote: Face
My loans are through my credit union. Good people. Auto pay for them.

Time Warner / Spectrum? Paper checks only, if only to force them to pay a man a salary to process it.

It's the little things =)
When I was working, in our dept. it was paper checks only. It was part of the agreement, we agree to work they agree to pay us. I liked having my check in my hand and checking if the hours paid were agreeable, and we liked to play check poker using the last 3 check #'s and the cents as the poker hand, winner takes all [and usually would buy the first round] [old school]. I enjoyed going to my credit union who has earned my loyalty to this day, and going through the process with all the good looking tellers. We all would flirt.

As far as transferring money, often times that I have wanted to transfer money to my kids, they also have accounts with that same credit union. So I can call the union and have them move money between accounts, easy peezy.

I think that works the same way with the account we have with Wells Fargo, who is everywhere. That's the only reason we have an account with them is, they are in so many places. Call up customer service, use our pass code, transfer money from our account to another Wells account in other states.

DRich, what is wrong with using a debit card? I do it all the time. But also, the account that it comes out of we keep usually less than 2k dollars in it, and that would be the most anyone could ever get out of it. With the local merchants it helps everyone not pay the CC charge . I was almost exclusively cash transaction until about 10 years ago, but it became a hassle having to have that much cash all the time.
Everyone gets thrown from the plane to maintain altitude
August 7th, 2019 at 11:36:06 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 927
Posts: 10951
Quote: kenarman
I never write cheques and I don't have a PayPal account. I don't trust companies to make direct withdrawals from my accounts since they can be very hard to get stopped if something goes sideways. I pay most of my bills direct from my bank account electronically. This is a simple, less than 1 minute, procedure. Is this a bank account feature not available in the US?


That feature is common to US bank accounts.



Quote: kenarman
Anyone in Canada with a bank account and an e-mail can also transfer money to someone else with a bank account and an e-mail address. This is very simple and is what I use to send money to family members. The process can also be used from business accounts now and used to pay busines bills, your ATM limits will apply to any transfers. All of these are free for most people and included in your monthly bank fee.

That feature is NOT common to US bank accounts. It is quite an involved procedure where banks set up some trial runs to verify the link. A trial run would be to send two random numbers (lik 13 cents and 21 cents) and you have to verify the amount transferred. Then you can do a transfer but it goes through an Automated Clearing House like a check. My brother sent a transfer late in the day on Thursday, and the credit was not received until Monday. It certainly is not free.


Quote: kenarman

Is Canadian banking that much more advanced than US banking or is electronic banking not trusted by most people in the US?


Sweden has a system called Bank ID that allows them to do a lot of their instand bank account to bank account transfers.
https://www.bankid.com/en/

Bank ID is the underlying system that permits the Scandinavian mobile payment systems. Swish is a in Sweden was launched in 2012, Vipps and MobilePay are similar systems in Norway and Denmark. The three systems are, the only ones in the world with the majority of the country's population as users.

Canada must have a similar system, but while cash in circulation has peaked in all three Scandinavian countries, it is still increasing in Canada.
August 7th, 2019 at 12:14:02 PM permalink
kenarman
Member since: Oct 24, 2012
Threads: 11
Posts: 1600
Quote: Pacomartin
That feature is common to US bank accounts.




That feature is NOT common to US bank accounts. It is quite an involved procedure where banks set up some trial runs to verify the link. A trial run would be to send two random numbers (lik 13 cents and 21 cents) and you have to verify the amount transferred. Then you can do a transfer but it goes through an Automated Clearing House like a check. My brother sent a transfer late in the day on Thursday, and the credit was not received until Monday. It certainly is not free.




Sweden has a system called Bank ID that allows them to do a lot of their instand bank account to bank account transfers.
https://www.bankid.com/en/

Bank ID is the underlying system that permits the Scandinavian mobile payment systems. Swish is a in Sweden was launched in 2012, Vipps and MobilePay are similar systems in Norway and Denmark. The three systems are, the only ones in the world with the majority of the country's population as users.

Canada must have a similar system, but while cash in circulation has peaked in all three Scandinavian countries, it is still increasing in Canada.


I would say that the majority of Canadians also use our system.

"Interac stated that 80 percent of Canadians using online banking registered to use e-Transfer, with the number of unique active users doubling from 2017 to 2018. Interac quotes 7.4 million users each month for 2017, while in 2018, Interac now has over 15 million active users per month.Feb 28, 2019"
"but if you make yourselves sheep, the wolves will eat you." Benjamin Franklin
August 7th, 2019 at 5:54:33 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 927
Posts: 10951
Quote: kenarman
I would say that the majority of Canadians also use our system.

"Interac stated that 80 percent of Canadians using online banking registered to use


I know that Interac is very popular in Canada, so it is a little puzzling that circulation of the Canadian $100 banknote has increased by 34.3% in the past 5 years and only 32.4% in the USA. You would expect to see more levelling off in Canada.

With increasing electronic transactions, the Scandinavian countries are seeing a remarkable reduction in circulation of their highest denomination banknote . It is true that the notes are worth more than the Canadian notes.

Danish banknotes are of value 50, 100, 200, 500, 1000 kroner equivalent to $10, $20, $40, $100, $200 in Canadian


Billions of dollars in $100 banknotes
USA Year Canada
$1,344 2018 $50.1
$1,252 2017 $47.1
$1,155 2016 $44.2
$1,082 2015 $41.0
$1,015 2014 $37.3

USA Year Canada
7.3% 2018 6.4%
8.4% 2017 6.6%
6.7% 2016 7.7%
6.7% 2015 9.9%
August 8th, 2019 at 5:05:23 AM permalink
AcesAndEights
Member since: Oct 24, 2012
Threads: 5
Posts: 284
Quote: kenarman
I never write cheques and I don't have a PayPal account. I don't trust companies to make direct withdrawals from my accounts since they can be very hard to get stopped if something goes sideways. I pay most of my bills direct from my bank account electronically. This is a simple, less than 1 minute, procedure. Is this a bank account feature not available in the US? Anyone in Canada with a bank account and an e-mail can also transfer money to someone else with a bank account and an e-mail address. This is very simple and is what I use to send money to family members. The process can also be used from business accounts now and used to pay busines bills, your ATM limits will apply to any transfers. All of these are free for most people and included in your monthly bank fee. For old farts like me they are completely free because my seniors rate bank account is free (even without a minimum balance).

Is Canadian banking that much more advanced than US banking or is electronic banking not trusted by most people in the US?

Yes, it is. Basically all banking systems other than the US (CA, EU, UK etc.) have easier and cheaper transfers between individuals.

In the US, the big banks have blocked all of this crap because of wire transfers. They are (almost) instant, excepting the points AZ made up there, and cost $20 or so. If there was a free (or included in your fee) and easy way to send money to anyone with an email and a bank account, than revenue stream dries up for them. ACH takes several days, and isn't really a person-to-person solution. I can pay my credit card bill with ACH, but I can't easily initiate an ACH to my Mom's checking account at a different bank.

It's dumb. Planet Money did a great up on it that goes into the history of the ACH system:
https://www.npr.org/sections/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy
"You think I'm joking." -EvenBob
August 8th, 2019 at 6:11:52 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 927
Posts: 10951
Quote: AcesAndEights
They are (almost) instant, excepting the points AZ made up there, and cost $20 or so. If there was a free (or included in your fee) and easy way to send money to anyone with an email and a bank account, than revenue stream dries up for them.


I make many PayPal transfers for $20. That is the minimum that can be withdrawn from a seven-eleven ATM.
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