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Mastercard/Visa’s control
(lemmy.world)
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this post was submitted on 14 Jan 2026
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I still don't know why USians don't simply use bank transfers. Uses neither cash nor credit cards, perfectly easy.
Our banks make it a pain in the ass and I don't know any stores that would accept it
Bank transfers here take 3 days typically. And that's business days, so add another one if it's after 4:30 pm, also Saturday, Sunday, and holidays don't count.
That's what it was like here not so long ago. It can occasionally still take that long if you're sending money to another bank. Same for weekends and holidays. We still seem to get by just fine?
That's too much delay and too insecure for businesses around here.
Many don't even take checks for pretty much the same reasons (they are basically the same system, but entrenched): There's no guarantee that the person paying actually has the money for the business to later receive it.
Banks and other financial institutions invest our money during the float (the period of time between deposit and the money showing up in the account).
recently found out most banks in the US are not government owned and charge transfer fees for each transfer (up to $40ish for wells fargo)
among many other predatory schemes, yes.
land of the free
Always amazed by how much oppression people can put up with.
What do you mean "most?" There's a government-owned bank here? That would be news to me
Because the US still does not have instant, or near instant bank transfers. ACH bank transfers cost money per transaction, on the order of 0.30-0.50 per transaction, and can much higher for larger transactions.
The US is just incredibly, and uniquely behind when it becomes to accessible payments. This is the reason why "FinTech" such as Cash app, PayPal, and Venmo, in addition to credit cards, are popular - they literally just don't have the infrastructure in place for you to pay back a friend after they pay for a meal.
Every other developed, and even some developing countries, have had fee free instant payments, for the better half of a decade. The UK/Hong Kong have Faster Payment System (FPS). Europe has SEPA, and most countries mandate that transfers cannot charge fees. Australia has Osko. India has Immediate Payments Service.
I read horror stories of USians paying rent by writing cheques or mailing cash to avoid bank transfer fees and subsequently stressing out about fraud. This is just insane to everyone else, who just pays via instant bank transfers.
We do have Zelle. It's just no one knows about it for some reason. I pay my rent this way. It's also less convenient since people have to actively sign up for it with their bank and many don't, so I do cashapp my friends.
Zelle isn’t available to download anymore (as least, on ios.) My landlord kept suggesting it for me to pay rent, and that’s how I discovered that it’s disappeared from the App Store.
I started setting up a bank transfer instead, but even that required precise coordination that we couldn’t get to work. I’d have to add his account to my online bank, wait for it to send two “microtransfers” of less than a dollar, then confirm the amounts on my end. Between our schedules and the fact I don’t know when the microtransations happen, we keep missing the chance to verify the numbers before the bank withdraws the microtransfers. Such a pain in the ass.
I ended up paying rent through Apple pay instead, which I still feel weird about. But I don’t have a checkbook (who does these days?) and it’s cheaper than a cashier’s check, so…
Yeah there used to be an app but now it's integrated into your banking app, so I guess yours hasnt adopted it. I go into my bank's app and have the option for them to issue a check by mail from my account, or use Zelle. It's no good for online purchases but I've paid an electrician that way before.
Yep, my landlord kept telling me to use Zelle through my banking app, but I use a small local credit union (and have zero interest in changing that. Credit unions ftw.) So I gotta do what I gotta do.
If your credit union still hasn't implemented Zelle, you should probably switch to one that's actually competent.
Or, there could just be an instant payment thing that's run by the federal bank. Brazil created Pix, which is essentially an instant payment processor that makes transferring money piss easy, and it works 24/7 regardless of date and the money arrives in less than five seconds. It's managed by the Central Bank too, and every bank that operates in the country is connected to it.
I avoid bank transfers whenever possible. If someone fraudulently charges something to your credit card it's trivial to dispute the charge and get it fixed before you ever suffer any financial impact. If they fraudulently transfer money out of your checking account and your mortgage payment and a bunch of other payments bounce before you catch it, it can be a real nightmare.
That's why I'm asking.
You mean debit and Zelle?
Bank transfer is barely available as a payment method in Europe and it's slow as fuck. That's not an alternative.
Same in colombia. Even fruit vendors on the street accept bank transfers. Takes a minute or two to transfer.
WTF are you talking about, they can take up to 24 hours on weekdays, longer on weekend/holidays.
I literally just went to my bank and setup a bank transfer for Saturday, 17.01.
UBS but that doesn't really matter. I also have/had accounts with Deutsch Bank, Sparkasse, Volksbank and Postbank and it's the same everywhere.
Haha, good one.
I'm pretty sure you're just confusing "SEPA Instant Credit Transfer" with "Standard SEPA transfer".
https://www.bancosantander.es/en/sepa
Yes, Instant Credit Transfer is instant, but haven't seen a single vendor that accepted it, yet.
Right ... another 3rd party local payment provider. Yeah, we have TWINT as well, works well inside Switzerland but useless internationally. So the CC still reigns supreme.
Oh no, an entire day? That's horrible. /s
What do you do that always NEEDS instant transfer?
Pretty useful when ordering food, for example ...
And you do that so much that you actively complain about the slow banking process? I can't remember ever needing any money to be transferred right this instant, other than the rare delivery pizza treat. Sounds like you're pretty well off if that's such a common occurrence.
Yeah.
Also digital purchases, I don't want to wait a day for a download. Hell, even with regular orders, I don't want to have to deal with having to plan my order in advance around the weekend just so my stuff arrives on the next available shipping date.
So yeah, unless it's instant it's not really an alternative, it's a downgrade.
Convenience, then. Alright.
Sure, that is really the main argument for using a CC in the first place.
Ive never paid for a bank transfer, and we have zelle which works. The reason is Interchange fees for credit cards are high (like 3%) and not capped, banks offer high rewards, sign on bonuses, travel perks etc. using a combination of interchange fees and interest paid. People are drawn to these even if they are losing money in the end due to paying so much interest (people are not financially literate). On the other hand high earners who are smart want to use credit cards for these perks, so alot of high earners will not shop at a place if a credit card is no available, essentially banks, VISA, and high earning yuppies have created a wealth redistribution system that preys on people who take on debt.