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How is it that Venmo can transfer money instantly but others cannot?
Posted by: C(-)ris
Date: March 03, 2022 08:22PM
Just setup a Venmo account and was surprised to find that they have an instant transfer that takes between 1 and 30 minutes to send money to your linked bank account. Tried it out and it works as advertised.

Apparently every retailer and bank has been lying to us for forever stating that returns/refunds and bank transfers take a day or two to complete and cannot be done instantly.



C(-)ris
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Re: How is it that Venmo can transfer money instantly but others cannot?
Posted by: mattkime
Date: March 03, 2022 08:33PM
I've noticed that some banks transfer faster than others. For a long time they basically colluded on this, determining that it wasn't in anyone's best interest. Thankfully things are changing.



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Re: How is it that Venmo can transfer money instantly but others cannot?
Posted by: Racer X
Date: March 03, 2022 08:34PM
Yup. Its called "float". For however long it takes, the holding bank gets to keep that interest. It adds up.

The IRS has been holding up my partner's over 4 grand since last February, and my 2019 and 2020 returns haven't been processed either, meaning I never saw any of those pandemic funds. They will NEVER pay out interest, but charge us if WE are late.



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“A sword never kills anybody; it is a tool in the killer's hand.” Seneca the Younger

The police have no duty to respond. See Castle Rock v. Gonzales, 545 U.S. 748 (2005) or Warren v. District of Columbia[1] (444 A.2d. 1, D.C. Ct. of Ap. 1981)

Judge Lee wrote that “we cannot jettison our constitutional rights, even if the goal behind a law is laudable." 9th Circuit Court of Appeals

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Re: How is it that Venmo can transfer money instantly but others cannot?
Posted by: Tiangou
Date: March 03, 2022 08:49PM
It's the network that they use for each type of transaction.

If you do it as a transfer to the account, itself, there's a 1-3 day delay.

If you do it as a xfer to a Visa or Mastercard debit card associated with your bank account, you can do it "instantly."

(Same rules apply for the Apple Cash system.)

There's also a weird hybrid thing. Some banks are enrolled in services that expedite the transfer by going through the Visa or Mastercard network. It may be that your bank does that.



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Re: How is it that Venmo can transfer money instantly but others cannot?
Posted by: Michael
Date: March 03, 2022 09:12PM
Quote
Racer X
Yup. Its called "float". For however long it takes, the holding bank gets to keep that interest. It adds up.

The IRS has been holding up my partner's over 4 grand since last February, and my 2019 and 2020 returns haven't been processed either, meaning I never saw any of those pandemic funds. They will NEVER pay out interest, but charge us if WE are late.

It's possible that you'll receive interest if you filed your 2019 return by July 15 and they were more than 45 days late in refunding your taxes. The thing that I don't understand is the IRS statement that, "Normally, the IRS is required to pay interest on a refund if the refund is issued after a statutory 45-day period. This rule does not apply to individual taxpayers who qualify for relief due to a federally declared disaster." It's this last sentence that's not clear to me. In any case they say that 14 million taxpayers will get interest and it will average $18. And, of course, that interest is taxable!

I do my best to be sure that I owe them a modest amount each year. I don't want to have to worry about when they'll send me a refund.

[www.irs.gov]
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Re: How is it that Venmo can transfer money instantly but others cannot?
Posted by: jdc
Date: March 03, 2022 10:50PM
I can deposit a check from any account into my credit union, up to $2500, *instantly* via my phone. More than that... next day.

If a client pays via QuickBooks... 6 days. Business days. Even directly from their chekcing account to mine. No way to make it go faster. Honestly, if you were a small biz getting paid via QB and had tight margins, you would be screwed. Faster to have a check sent via snail mail, and deposit via phone.





Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: How is it that Venmo can transfer money instantly but others cannot?
Posted by: Racer X
Date: March 03, 2022 11:39PM
Quote
jdc
I can deposit a check from any account into my credit union, up to $2500, *instantly* via my phone. More than that... next day.

If a client pays via QuickBooks... 6 days. Business days. Even directly from their chekcing account to mine. No way to make it go faster. Honestly, if you were a small biz getting paid via QB and had tight margins, you would be screwed. Faster to have a check sent via snail mail, and deposit via phone.

Yup, my credit union 1K instantly, the balance the next morning. That's because some financial institutions don't consider everyone a crook.



********************************************
“A sword never kills anybody; it is a tool in the killer's hand.” Seneca the Younger

The police have no duty to respond. See Castle Rock v. Gonzales, 545 U.S. 748 (2005) or Warren v. District of Columbia[1] (444 A.2d. 1, D.C. Ct. of Ap. 1981)

Judge Lee wrote that “we cannot jettison our constitutional rights, even if the goal behind a law is laudable." 9th Circuit Court of Appeals

[www.youtube.com]
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Re: How is it that Venmo can transfer money instantly but others cannot?
Posted by: Fritz
Date: March 04, 2022 06:48AM
zelle, literally 1 minute for $1400.
citi 4 days to epay a $500 cc statement.

I'm in the process of moving everything to a CU.
It may not be any faster, but I'm tired of the comm banks nonsense.



!#$@@$#!

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Re: How is it that Venmo can transfer money instantly but others cannot?
Posted by: ztirffritz
Date: March 04, 2022 08:57AM
I always try to keep as much of my money as possible so that the IRS doesn't owe me money. I want that money earning interest in my coffers for the bulk of the year. I'll gladly throw them a few thousand dollars if I can purchase a few dozen shares of TSLA or AAPL over the course of the year with MY money. It takes a while, but eventually the momentum of investments is impressive. 15 years ago I'd have freaked out if I saw a $25-$50k swing in my net worth. Now, that's just an average Tuesday.



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Re: How is it that Venmo can transfer money instantly but others cannot?
Posted by: fauch
Date: March 08, 2022 01:21PM
They absolutely CAN. They just don't want to. In the modern era of banking checks don't need to "clear" either. The can immediately check if there are funds.
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