I’m in New Zealand. And, I had to send money to a friend in the States. My bank refused to make that possible. I went back and forth with them for several weeks. No, I didn’t and can’t leave a pre-authorization form for wire transfers at my local banking center. No, I’m can’t drop off (or mail) a transfer slip. No, there is no one cosigned on my account.
Admittedly, that last one I thought about doing before leaving the country.
Regardless, this compliant would seem quaint to a resident of almost any other country on the planet. eChecks and electronic banking have been the norm for decades in some places. I genuinely wonder why the US banks are behind the times. Customer retraining costs? Fraud? Something regulatory?
Regardless, I noticed that PayPal stopped charging for transfers between individuals, and withdrawing funds into your bank account. Looking at their policy history implies this is recent— June 3, 2009. So, PayPal has won the eCheck game.
Why isn’t this being advertised more?