I got control of my spending with some no-code services and 100 lines of Python

Re:I got control of my spending with some no-code services a... by dreamcompiler on Monday May 06, 2019 @11:39AM (#19840377)

Any transfer of $10k or more (and in many cases less) requires reports by the financial institutions to the IRS and potentially other government agencies. Why that would cause huge delays I don't know. Most likely Chase just wanted to make some money on the float.

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Re:I got control of my spending with some no-code services a... by jjeaff on Wednesday May 08, 2019 @01:03AM (#19856004)

The Patriot Act kyc reporting requirements would have nothing to do with the delay. The reporting requirement is simply that. It isn't a wait and see to confirm it's ok. You just report the transaction after the fact.

It's all about the float.

The federal deposit rate for banks is 2.35% right now. That's $64 to the bank for every million dollars every day it is deposited at the fed.

Now imagine a large bank like chase is dealing with billions of dollars a day in transfers. Hold it several days when you receive a transfer and hold it several days before sending a transfer and you are making literally millions of dollars every month just for dragging your feet on transfers.

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