I think you got the two methods mixed up: A wire transfer requires account verification by a real person on each end, which causes the transaction to take 3-5 business days to complete. Banks charge a fee for wire transfers, so they make money. Electronic transfers (which you said Paypal uses) are handled completely by computers, and are usually completed within seconds. However, electronic transfers do not incur a fee and the bank makes no money on them. It is absolutely necessary for electronic withdrawals to be processed instantly or else E-commerce would not work. Too many of these transactions occur daily for any bank to have enough employees to approve all the transactions. Not to mention that the bank fee for making such transactions would seriously deter most people from buying anything online.
If Paypal does in fact make bank transfers using the electronic method, the money should never disappear for several days. Methinks the bank receives that money within seconds, but uses it to make themselves money for a few days since they otherwise won't make anything off the transaction.
My wife used to be a bank teller, and she says that banks find ways to make money off every transaction. If there wasn't a way for them to profit, that type of transaction wouldn't be offered. Makes sense, right?
Well damnit, this is my paycheck we are talking about here. I would rather pay a fee and have my money available immediately. Better yet, I would rather NOT pay a fee, and be paid with good 'ol cash which is always instantly usable. But that is not an option in most people's case. Employers pay their employees with checks. Paycheck funds are usually made available instantly so long as you have an equal or greater amount of money already in your account to act as insurance should the check bounce. But if you have that much money in your account, you probably don't need the money from that paycheck right away. You have enough to buy food and gas already.
You know what? I hate banks.... plain and simple. They have created a system of profiteering that people cannot avoid. If you live in a home and have bills, it is pretty much impossible to pay those bills without a stupid bank account. Really, the only way to pay without a bank in some circumstances would be to mail cash, which everybody knows is a bad idea. Also, many utilities do not allow you to pay with cash unless you pay at their office in person. I used to live in Colorado, but my gas bill went to an address in Texas. They did not allow payment by cash through the mail. What am I gonna do, drive my payment to Texas every month!? Not possible.
Thats enough. I'm done ranting. Its just making me more **bleep** off.
