My bank is currently advertising direct bank deposits. International Money Transfers from your account to someone else’s across the world. After reading their terms I am even more convinced crypto could be the way of the future.

I just sat down after a long work day, my pay check just cleared and I want to invest some more money into crypto. I open up my bank app to check my balance and move some money around before I notice a Direct Bank Deposit option that's apparently 'New!' Of course I am curious because this sounds sneakily similar to this other concept I know of and decide to check out their term and conditions. The more I kept reading the more I realized I will never send money this way….

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I noticed a few red flags and the first one being timing. Their International Money Transfer (IMT) could take 1-3 business days and the money leaves your account immediately. However, it could take longer based on the recipient bank and/or intermediary. The second is their Foreign Exchange rate which is established by the bank, at the time the funds are converted but are subject to change without any notice. On top of that you accept all risk of all fluctuation between the date your bank accepts the IMT and the transaction is finalized. If the transaction fails, you still could be charged foreign exchange fees for the pre-authorized transaction which you agree to by signing the terms. The bank itself takes a non-refundable service fee and additional fees could be added from the recipient bank. If the IMT is declined, unclaimed or incomplete then said bank will "use our best efforts to attempt to obtain a refund at your request from the Recipient Bank". They won't be liable for any amount not refunded. They engage in intermediaries at their complete discretion and don't remain liable to you for any such selection. The cherry on top is the fact that you consent to your bank, any intermediary disclosing any information about you and your recipient to any other intermediary, or local and foreign governing bodies. That's if they allow this IMT to occur because they can not choose not to accept the IMT at their sole discretion or cancel/suspend your ability to use the service and decline your IMT without any reason or advanced notification.

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The one plus side is they do explain in one point how they derive their income from these 'convenient' money transfers. I'm not trying to talk bad about this bank, I have used this bank for decades and I trust them with my money. It just blows my mind all the insane fees and control over what may or may not happen to your money. I haven't personally sent another human that I know personally crypto but I imagine it's as easy as everything else related to transferring cryptocurrency. It makes sense this old system of big banks taking massive cuts when the internet and computing hardware can do it for us….while generating more. It's a beautiful ecosystem it creates with humans able to spend their hard earned money in any way, shape or form they choose without getting charged half their cash to do it. I love Crypto.