Weekend Economists Make War on Charlie Wilson August 22-24, 2014

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56. US Is One Of Last Developed Countries Where It Can Still Take Days For Money To Show Up In

http://www.businessinsider.com/banks-have-been-feeding-you-peace-of-mind-while-charging-you-for-not-2014-8

The US Is One Of The Last Developed Countries Where It Can Still Take Days For Money To Show Up In Your Bank Account

You know how, when you when you send money to someone else's bank account, the funds aren't available right away?

It turns out that the U.S. is one of the last developed countries to have this problem.

And while regulators and some financial institutions are finally recognizing this should no longer be the case, it will likely take years for any reforms to take effect.

In 2012, the UK's Faster Payments Service went into operation, replacing its BACS system, which like ACH dates from the early '70s. Other countries' same-day services, like those in Switzerland, Japan, India and Mexico, have been around for a decade or more.



Read more: http://www.businessinsider.com/banks-have-been-feeding-you-peace-of-mind-while-charging-you-for-not-2014-8#ixzz3BJeXnMqv