Quote:
Originally Posted by Nerys
Thats one of the criminal natures of the banking system. This is actually not paypal doing anything. ALL bank transfer except "wires" take 3-5 days. The reason for this is simple. Once it has LEFT the origin account but NOT arrived at the destination account the money belongs to the bank and THEY can earn interest on it. Thats why it takes 3-5 days. There is no technical reason for it.
Some say how much interest can they make in 3-5 days. its not about 3-5 days. its 3-5 days TIMES the number of dollars of ALL transfers AND times the amount of all those transfers. Trust me its millions of dollars in interest :-)
Imagine if every time I handed someone a dollar you made 1 penny. Now imagine I did this 100 million times in a year. Suddenly that penny is not chump change any longer :-)
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It's actually not criminal per se, it's just how banks make money.
Predatory lending and jacking up CC rates are both way lower on the ethical/morality scale.
Between all the members of this board I think we can find a money transferring system that is as ethical and efficient as possible. While we're waiting for resolution of this issue, let's discuss that.
Anyone know the current status of the PayPal account structure, meaning, is there still a free version that allows one to accept only cash and charges no transaction fees?
Also one thing to note in PayPal's favor is that they pay good rates on money kept in their accounts.
Are there other money transferring systems out there?
Sending cash in the mail is probably the cheapest, depending on the amount, but it's technically illegal. Of course millions do it and it turns out fine 99% of the time but there's no recourse for a delivery mistake/failure.
Let's keep the discussion going, there are already people in for the next batch, let's hear their ideas, too!