In several countries—Britain, say, or Sweden—bank transfers are more or less instant. The moment your wages leave your employer's bank account, they arrive in your own, giving you the wherewithal to pay the bills and feed the family. But America is far behind. Transfers can take days to clear, landing many Americans—chiefly those who can least afford additional expense—with hefty overdraft fees or pushing them towards payday lenders charging high interest rates. In an age when millen-nials can split a drinks tab on their smart-phones before leaving the bar, this almost beggars belief.
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