Daily Talk #48 Banks Stops A Friend From Buying Market Dip How

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Hey G&G's

So, I learned something new today. As I said a friend was trying to buy in on the dip, but his credit union said no. Which I didn’t know they could do that. I also never knew why some transactions for traditional banking took so long to post. ACH (Automated Clearinghouse) process is a good thing; that is not my complaint here. This is, after all, the same thing we’re looking to do in the cryptocurrency space with the Lightning Network (yes, it’s more technical but it’s the same concept).

But like I said, I was more surprised at the credit union, MECU (Municipal Employee Credit Union). Talking with my battle more about it after this recording. He was at a lost too, apparently, the process worked just fine for his saving account (he used it for other things with no problem). He called the bank to address the issue, but no one could or would explain how it worked for one account but not the other. This leads us to believe that they have some policy on the back end to stop transactions related to cryptocurrencies. It could also be an amount thing too. I’m not sure how much he was looking to get.

In the end, it was a loss for him, but a lesson learned for the both of us. You have to keep the dry powder (cash on hand) handy G&G’s. Even though BTC ATMs cost more and are now asking for ID for $1,000 purchases. You cut out the middleman of the bank/credit union telling you what you can and can’t buy with your money.

#Trekk #Banking #ACH #BuyingDip #CreditUnion

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