this post was submitted on 24 Jul 2023
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Fed’s new instant payment system could be trouble for PayPal, Venmo (arstechnica.com)
submitted 2 years ago by [email protected] to c/[email protected]
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Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed's goal is to connect 9,000 financial institutions nationwide.

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[–] [email protected] 1 points 2 years ago

Word to the wise: if you are buying a house in the USA, make sure that the transfer of funds to the closing attorney/settlement agent is done by WIRE transfer, not ACH. ACH is reversible, and in many jurisdictions, the closing shop is not allowed to accept ACH transfers. Wire transfers are more of a pain in the ass, but you don't want to find out on closing day that your money is no good because you could make it disappear from the closing shop's trust account two days after closing.