I am new to the country and I came from Europe. The other day I was in a WAMU branch trying to open a checking account. During the process, I told the guy that back in Europe, I had an online banking from a local bank where I can transfer money to anybody in any bank in the country. And the fee is like 50 cents.
Personal banker first did not understand what I said. So I repeated myself and he understood and scratched his head and said "this is illegal in the US"
So I asked the guy what they offer as online banking.
1) I can not send money to my other accounts in other banks.
2) I can not send money to other people in the same bank
3) I can not send money to other people in other banks.
Do you guys call this online banking?????
Why is EFT illegal in the USA?
I am really shocked to hear all these and I hope these are not true.