Seriously why does it take “3 to 5” business days to take the money from my account when it’s all handled electronically?
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In the US there is daily processing of these payments through ACH. There are a variety of real time or faster payment options, but most banks are hesitant for two reasons. First, faster payments means faster fraud. With an ACH there is a period of time where claw ack may be possible. The second is cost, an ACH cost around $0.003, while an RTP transaction costs around $0.05. At the scale of even a small community bank that adds up.
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