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 It’s an outdated means of moving money in a day an age when digital technologies, like person-to-person payment apps or bitcoin, for example, let us move money…
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