seems like when the people start talking about topics like this, the 1 percenters jump in and close the topic. So Im making another one. i think i see why it takes banks 5 to 7 business days to transfer funds.
Reason 1. They first hold back to make one single transaction. So if you request funds to be transfered, they ignore it until there is a certain amount, so its worth whatever fee they are being charged by the other banks. This is like when we use a credit card at stores. Some of them dont own the credit card machine. they rent it. So the visa people charge them 4 bucks per transaction. So if you buy something only worth 3 bucks, they actually PAY for that transaction? So they have signs up saying..."transactions must be over 10 dollars" or something like that.
Reason2. Fed regulations pertaining to fraud. So they literally are sitting on money.
3. breaks made to stop the "run on banks" issue. Picture if everyone in paypal instantly transfered ALL their funds out? they are a stock traded company. Now how would that work as far as investors go? THIS is likely the single greatest reason
reason4. They make investments themselves with the money. So they need to make it HORRIBLE for you to get to your money so they can keep it themselves as long as they can. if they want their value to remain at a certain level for a certain time, GUESS WHAT? push back those transfer times.
I say this...We work. We get paid money right? NO WE DONT!! we get paid CREDIT TO GO GET MONEY. Direct deposits, checks whatever. NO COMPANY hands you the money, they give you a Slip of paper on where you can go get the money.
THEN you must go to that other person and get the money...BUT YOU WILL LOSE MONEY DOING SO, which banks call transaction fees or monthly check fees or whatever....EVERY bank charges you for something. In other words, getting your FULL CHECK is not really possible. Not truly. Even at a currency exchange. They take SOME back from you. In fact, the only people that can get ALL their check is the workers at a currency exchange, and they do so by not charging themselves! This goes to my final point. Why do we need banks? what does a bank do for us, that the rush card cant?!?! LOL its not like they give loans to us anymore. And the fight and battle us for business loans. So I dont know...explain why I need them again? If Im going to pay a fee, and wait..WHY am I not using the rush card or other prepay cards? And they dont do that "we paid the transaction and now you have an insufficient funds fee of 30 bucks for a 3 dollar burger" crap.
