Originally Posted by
tmiw
I've actually gotten notifications from BofA in the middle of the day that an ACH pull was done by AmEx, so it's not just what you describe.
Also, why should they when their competitors are free? Besides, they'll get interchange from the attached debit card anyway.
I'm talking about ACH push credit into another account, not ACH pull.
Their competitors aren't free. Competitors charge for instant transfers... Examples: square instant deposit, Paypal exchanges with credit/debit cards, etc. Even Chase Quick Pay isn't instant unless you're transferring between two Chase accounts. PayPal charges 2.9% + a fixed fee.
Here's what Chase has to say about their "Quick Pay" service:
For payments accepted before the cutoff time from a Chase account to a non-Chase account, funds are typically available to the non-Chase account the next business day, though posting times are subject to the other bank's processing times.
For payments accepted before the cutoff time from a non-Chase account to a Chase account, funds are typically available to the Chase account on the fourth business day. (It typically takes one to two business days for us to receive the funds from the other bank and for funds to appear in your account. We then apply a hold to confirm the other bank has not rejected the transfer before the funds are made available to the Chase account.)
https://www.chase.com/psmhelp/index....ckPay_faq_main
Apple is getting an interchange fee? No they're not, the card networks would be the only ones getting an interchange fee. I don't see Apple giving a freebie instant money transfer service to its customers. I don't see Apple bullying the banks to get a fee from them either, like they do with Apple Pay.