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.
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.