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Seems the EFT will post to the payment history a little checks normally do.
First it will show a "Payment in Progress" and then after they confirm the payment has been sent it will change to a "Payment" link with details about the transfer of funds.
edit: added more info
[edited by: Rodney at 10:20 pm (utc) on April 22, 2005]
They told that in approx 5 business days our money will be in our accounts, this will be great!
They told that in approx 5 business days our money will be in our accounts
That's 5 business days from the date the "Payment" link shows up in your account.
They did say that the Payment should be posted on our reports page before the 30th of the month though.
That sounds super crappy to me.
Oh well, at least it'll be convenient :)
Not that I'm cynical, or anything.
It will be interesting to see how many people have "problems" with their EFT the first month.
Exactly. I'd rather wait two days for a check than a month to get a wire error fixed...
I hate to say it but it looks to me based on the wording of the email that Google is using EFT in order to actually delay payments to the very last minute so they can float the money a few days longer than with checks just to increase the interest they earn.
Oooooh - you cynic! Actually, I confess to thinking this too. However, it will hopefully be quicker for us non-US webmasters to actually get our greasy paws on the hard cash.
Google is using EFT in order to actually delay payments to the very last minute so they can float the money a few days longer than with checks just to increase the interest they earn.
Electronic fund transfers are not always immediate transactions. Amazon takes about 5 days as well when they pay affiliates and their marketplace sellers. Bill pay offered by some banks take this long as well. There's no conspiracy here. It's the way the banking system works.
European money transfers cost 0.5 euro per transfer at most. Most innercountry transfers are free.
Sending a check is definately not cheaper.
Avoiding generalization is almost always a good idea.
I am living in Spain and I pay 2.70 Euro for innercountry transfers, 6 Euros for transfers within Euroland and wildly changing amounts for transfers to (even European) countries who dont have the Euro as currency.
That said, I wonder how much the US bank will charge ME for the transfer - I have experienced up to $50 fees for a $240 transfer.
I found it mildly disappointing that the Google email did not mention this part of the process.
Good morning America, this is Europe calling - EFT is a very common practice over here - I dont even remember the last time I worked with checks - I dont even have checks. And, from my experience, the longest I have waited for a transfer to get through is 3 days.
It will be interesting as it might turn out that waiting for the check to be cleared is the *cheaper* option for me.
There's no conspiracy here. It's the way the banking system works.
I don't know about the EFT delays of which you speak, but my direct deposit payroll always shows up exactly on the day it was supposed to without delay. It's still faster than US Snail Mail, ever since 9/11 mail seems to cross the country 2-3 days longer than it did before. The mail, just like UPS ground, used to very reliable in that it moved at a minimum of roughly 1 digit per zipcode per day and UPS still does, the mail does not.
Comparing it to billpay is an incorrect metaphor as it's a mixed bag of EFT and snail mail depending on who you pay. When I pay my AMEX bill it posts next day opposed to other services that are less automated or still get a check in the mail.
<scary BILLPAY story time>
My cable company didn't accept EFT from Billpay a few years back and suddenly turned us off for "non-payment" which of course was silly as it was automatically paid monthly with Billpay. What I learned was companies like the cable company (at that time) just received one HUGE lump sum check from Billpay with a list of all the account numbers and amounts that were paid in that lump sum. Someone at the cable company had to sit and type in each of the thousands of account numbers and amounts to credit the billpay users accounts, opposed to their automated scanner system for their own bills, which is how we became deliquent whem someone mistyped our account number.
</scary BILLPAY story time>
So I sure hope Google's EFT works a heck of a lot better than BILLPAY! :)
