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[deleted] t1_iyencht wrote

Reply to comment by Ansuz07 in ELI5 why fraudsters like Anna Sorokin managed to deposit bad checks and immediately withdraw cash elsewhere without banks stopping it? by 6horrigoth

How the is it easiest? A bank transfer is much easier. Takes like 2 min to type the info online. Or how backwards is the American banking system then?

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freddy_guy t1_iyeu8mp wrote

>Takes like 2 min to type the info online.

You know that not everyone banks online, right?

Right?

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Godzarius t1_iyewhk6 wrote

all of sweden does.

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homeboi808 t1_iyf81er wrote

Sadly, we have elderly people who don’t even know how to power off their phones. Add onto the fact of all the people afraid of scams. I have an uncle who Carrie’s around his money in a ziploc bag so he can see if he is missing any cards.

I’m a high school teacher, I have students who don’t even know how to use a laptop. I had a student bring in her own MacBook and I surprise her by being able to right click.

But, we do have bank-to-bank transfers which are free & instant, but only if the receiver & sender banks support that platform. Zelle is the platform most used in the US (vast list of supported banks), but there are of course some that have their own platform they made and aren’t willing to ditch it.

You do have wire transfers, but they take longer to setup (verification), it takes a few days to go thru, and it has a small fee.

This is why Venmo, Square/CashApp, etc. are still around.

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