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Re: [OM] Beware of foreign entanglements?

Subject: Re: [OM] Beware of foreign entanglements?
From: James M Costello <jamie-nancy@xxxxxxxx>
Date: Wed, 21 Nov 2001 17:59:13 -0500
On Wed, 21 Nov 2001 11:40:42 -0500 "Bill Owens" <wowens1@xxxxxxxxxxxxxxx>
writes:
> > Aren't "electronic transactions" supposed to take place at the 
> speed of
> light?
> >
> > Garth
> 
> HAR!
> 
> Bill, KG4LOV


Again, it seems the banking industry practices deliver only what is
actually promised: that most of the time, your wire transfer will get to
where it's supposed to go ... eventually.   The most common conduit for a
bank wire these days is the FedFunds system created and managed by the
Moneycenter banks.   In the '80's, the problem was that there were too
many banks offering wire services into the system.   Typically, wire room
clerks were paid less than tellers.  If your wire lay uderneath the
clerk's RC Cola and Twinkies, guess which matter received the most prompt
attention.   Today, although there are fewer banks, the system suffers
from too many wires going through at similar times.   Generally, you do
not want to be on the receiving end of a wire originating on a Friday or
a Monday.   It's similar to a bandwidth problem.

Jamie Costello

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