Ask HN: What’s the deal with random people sending me money over PayPal?

Re:Ask HN: What’s the deal with random people sending me mon... by diordiderot on Saturday June 03, 2023 @05:02PM (#36180495)

In the USA there is no such thing as transferring money immediately between banks

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Re:Ask HN: What’s the deal with random people sending me mon... by mastax on Saturday June 03, 2023 @05:48PM (#36180842)

Not until FedNow in July, at least.

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Re:Ask HN: What’s the deal with random people sending me mon... by genewitch on Saturday June 03, 2023 @09:06PM (#36182036)

I don't know what that is, but i'll eat my hat if JP Morgan Chase Bank Manhattan switches from batch transfers to FedNow this ~~year~~ decade.

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Re:Ask HN: What’s the deal with random people sending me mon... by zoover2020 on Saturday June 03, 2023 @07:26PM (#36181506)

> In the USA there is no such thing as transferring money immediately between banks

... In Europe there I? What's your point?

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Re:Ask HN: What’s the deal with random people sending me mon... by croo on Sunday June 04, 2023 @01:14AM (#36183268)

Yes, there are transfers which finishes well within a minute, between banks. You can eat pizza and spit by doing a transfer yeah.

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Re:Ask HN: What’s the deal with random people sending me mon... by diordiderot on Sunday June 04, 2023 @02:07PM (#36187885)

Yes, India and China as well.

You open your banking app, enter their bank and account number, the amount to transfer, then somewhere between seconds and a couple minutes the money arrives.

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Re:Ask HN: What’s the deal with random people sending me mon... by hedora on Saturday June 03, 2023 @09:53PM (#36182287)

That’s less true than I used to think.

I once accidentally ACH debited the wrong person’s account at a different bank.

There was no real way for me to stop the transfer without doing extremely bad things involving having my bank report me to law enforcement.

So, I ended up sending the money back via a second transfer. That’s problematic, since the first transfer I performed was certainly unauthorized and could have been clawed back by my accidental victim (I trusted them, and I was 100% at fault, but that’s not the point.)

The whole experience was bad all around, and I thought ACH was designed to handle exactly this class of screw up.

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Re:Ask HN: What’s the deal with random people sending me mon... by 14zadz on Sunday June 04, 2023 @09:58AM (#36185658)

Sure there is: Zelle.

Most major banks are apart of the Zelle program and you can send your contacts funds easily and quickly. I get notification of family sending me funds pretty much immediate with confirmation of deposit within a few minutes even for a few thousand.

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Re:Ask HN: What’s the deal with random people sending me mon... by jzebedee on Sunday June 04, 2023 @10:34AM (#36185901)

Zelle does not actually guarantee that your payments will go on the fast path. If you send a payment after-hours or to a new recipient that scores too high on some opaque fraud metric, it will be sent like a normal ACH with a few business days of processing time.

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Re:Ask HN: What’s the deal with random people sending me mon... by 14zadz on Sunday June 04, 2023 @04:43PM (#36189395)

Sure there are some situations where it takes a bit longer. But I was responding to the statement saying there are NO immediate ways to send money in the US and that’s straight up not true because often enough Zelle does work, especially using it with existing contacts as I had said.

Also, Apple Pay is often immediate but has taken like 10 minutes as well so that could vary.

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