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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Isn't that a good thing? I'd rather be allowed to pay less by check than have them raise the price for everyone to subsume the fee. [/quote]

Checks are barbaric relics. This country is so primitive when it comes to payment systems. Everywhere else in the world now you can tap seemlessly and the costs to businesses are negligible.[/quote]

this may suprise you but wires only happen during banking hours and Zelle, paypal have limits and dont happen instantly.

For instance during Financial Crisis Bank of Tokyo had to invest 9 billion into Morgan Stanley on a day banks were closed and after hours in order to do press release and have deal done before stock market opened in morning.

A check has zero limits. You could write a check for one Trillion. Check Kiting is a serious crime. When you write a check you are stating the funds are in account or subject to criminal penalties. A check clears in real time with no dollar limit.

So when Bank of Tokyo wrote physical check for 8 billion, signed by officers of bank, handed it to Morgan Stanley and they sign paper contract the deal was done. No computer needed, no bank, no wire.

When I worked in Manhattan back in the 1980s there was a Rolls Royce dealership in Midtown. The Rich would walk in on a Saturday, write a check for $180,000 hand it to dealer, drive away. At end of day you took checks, added up wrote deposit slip and banks had secure drops to drop off check same day. Chemical Bank for instance had these drops

40 years later Zell, wires can compete. It is the limits on the transactions and lack of real time closing.

I like to see you at 2am on Sunday on a three day weekend try to instanteous transfer 8 billion in 2026. Still cant be done.

[/quote]

I work in finance, so it doesn't surprise me.

I am talking about domestic transactions. I don't need to transfer 8 billion in my private life. In the UK, where I am from, I can send money to anyone's account instantly and for free, 24/7. The faster payments system doesn't not require wire transfers or third-party apps. The US system is barbaric, primitive, and expensive.[/quote]

I worked at Revolut 3 years and we built it to kill European Banks and got huge market share. In the USA we barely made a dent. Why it was trying to solve a problem that really did not exist. Sure It is great. But my kids have Bank of America and Chase accounts and also use Marcus bank for high yeld savings and CDs and Robinhood to buy and sell stocks. Or some people use Chime. None of them every opened a Revolut account as they all said it sounds like stuff we already have. But in Europe it was groundbreaking. Heck we signed up 1/3 of the Irish Population in a short period of time.     [/quote]

Because Europe has so many countries and each country may have just a few banks to choose from = room for competition that Revolut provided. In the US, there are 10,000 banks to pick from, from credit unions to local banks to the big guys.

(I do have a Revolut account, great for dealing with my friends in Europe)[/quote]

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