Piggybacking on Indazone's earlier most awesome post.
I want to bring up another point that has been made before but is definitely worth repeating.
UNDERSTAND - ACH ties up our money for 1-3 days.
Myecheck is instant. A few negligible seconds..minutes? Whatev.
So let's look at Indazone's stats.
ACH was $144T $144,000,000,000,000
So that means every day (divide by 365) there is $394,520,547,945.21
tied up that no one can use. let's round up and say $400B
but that $400B can be tied up for up to 3 Days, for argument's sake let's average and say 2 days.
That's 400B over 2 days that the banks sit on. They gain interest off of it, no one can spend it or use it.
Let's be blunt. That hurts our economy!
When money is not in "constipation" mode, it is available for use. We need to use the money to help our economy pump! Sitting in a bank helps no one but the bank!
The wire transfers? $1.12Q = $287.5M wires.
When I send a wire, it's about $20-25 to send, and $20-25 to recieve. Let's say each one of those transactions cost $40.00
$40.00x 287.5M = $11500000000 or $11.5B the banks take in in fees. Seems paltry compared to ACH.
And what do banks do with that $11.5B? A variety of things, but let's remember, that Ed's highest fee is $5.00, so that's a lot of money going to banks, that "we the people" lose when we send a wire transfer.
Thank you, I'd like my money available to me when I want to use it, not taken from me when I need it.
