Hot take: instant transfer fees are a total scam

I get that people want their money to move fast, but I spent 45 minutes on the phone with my credit union in Austin last month trying to do a $200 instant transfer. They wanted to charge me $15 for something that took over an hour anyway because their system flagged it. I just don't get why we accept these fees when regular ACH transfers clear in 2 days for free. Am I missing something or is this just a cash grab that everyone normalized?

2 comments

2 Comments

walker.rowan13d ago

Wait, they charged you $15 for a transfer that took over an hour anyway? That is genuinely wild to me. Honestly, I used to work at a bank in high school and I remember these instant transfers were basically just a glorified wire transfer with a fancy name. Ngl, $15 for something that doesn't even work instantly feels like straight up robbery.

ryanburns13d ago

$15 for "instant" anything that takes an hour is just how everything's gotten slower and more expensive.