Online Banking Service Simple Just Made Bank Transfers Faster

TechCrunch

Simple, the online banking service acquired by BBVA earlier this year, had an overall goal of addressing the various pain points found at traditional banks, like minimum balance requirements, numerous fees, overdraft charges, and more. Today, the company is making another improvement along those same lines, as it’s introducing a way to speed up bank transfers between Simple and accounts you hold at other banks.

If you’ve had to transfer money between bank accounts, or made an online payment that came directly out of your checking account, then you’ve likely used ACH technology, even if you aren’t familiar with this term.

The problem with ACH transfers is that money moves slowly – it’s often three to five business days before the transfer is complete. It’s an outdated means of moving money in a day an age when digital technologies, like person-to-person payment apps or bitcoin, for example, let us move money…

View original post 420 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s