I was a member of an online/ app-based bank for 5 years. I loved them! Then they were bought out by a new bank and the old bank accounts were converted over and the old app was EOL’ed. The new (X) bank and their app sucks (IMO), so I decided to switch to a different (Y) bank. I opened up an account with said different (Y) bank at the beginning of the month. A week later I started the transfer. X bank is headquartered in Alabama, and Y bank is HQ’ed in Michigan. I thought transferring my money would be easy, but immediately I had problems. Bank X had a $10,000/day limit to ACH push money to an external bank, but luckily Y bank has no limit to ACH pull money into my account.
On a Friday morning at 10am I tried to initiate a transfer of my funds from X to Y, but I could not select the current Friday to initiate the transfer. I had to choose the following Monday to initiate the transfer! On Monday the funds disappeared from my X bank account and I received confirmation of the funds in my Y bank on the next Thursday. This whole process too a week!
I realize waiting 10, 20, or 30 minutes to get into the next few blocks can be frustrating, and people bemoan their transactions taking so long when we just want to click a button and have instant confirmation. But I just had to wait a full week to move all my checking/savings in US dollar currency from one bank account to another. Given the alternative that I pay a one-time fee and get it the same day, I think Bitcoin isn’t that bad.
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