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> That’s also why it takes 2 days to send money to people, in an era of instant communication.

I always assumed anti-fraud had something to do with it. Give the victims time to notice and the institutions the ability to reverse transactions without loss

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> I always assumed anti-fraud had something to do with it.

The banks must have had a good PR campaign going because I was under this impression for a long time too. Something didn’t click when I learned that mistyping a single digit in an ACH transfer means your money is gone forever…

I think it's naïve of you to assume that an inefficiency in the financial system is, in any way, for the benefit of the end-customer.

Perhaps. But what I described benefits the institutions as well, no?

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