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On 14 May 2002 at 21:00, Adam Back wrote:
> I've also moved more than 2,000 GBP that between bank accounts
> and investment accounts in the past -- withdraw from current
> account 10,000 GBP, walk across the street and pay into another
> institutions investment account and the money is instantly
> available to write a check, and accrues interest from that day,
> rather than 3 days later.
>
> The bank charges 20 GBP or more to do the same day transfer
> electronically (CHAPs), where as the "no fee" option is BACs and
> takes 3 working days and they keep the interest on your money
> while it's moving.
Notice that delays and charges on bank transfers are as high as if
they were still sending instructions by pony express to be
implemented by clerks wearing eyeshades sitting at benches.
The bank system is an extravagantly slow and inefficient means of
transferring money. In much of the world, it is also extremely
insecure. Indeed, if we were to count predictable regularly
scheduled taxes as insecurity, it is insecure everywhere.
--digsig
James A. Donald
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