Sugar. People don't realize how bad it is for you and how addictive it is.
HamSwagwich
joined 11 months ago
At least at our institution, the code to track and manage incoming and outgoing wires was so old that it ran on at least 4 layers of emulation. Of course, not a single person knew how to maintain it (and this is a billion dollar financial institution).
But after a wire is sent, especially to smaller, non-us banks, it can literally be received via teletype or fax with relevant account information and recorded by hand at the receiving bank.
If you send to the wrong route or account in that instance, it basically disappears for you and you need to contact the receiving bank, which sometimes uses and intermediary bank,. If that's the case, you need to find the intermediary bank and find the exact person who wrote it down, who then can find, hopefully, what account the money went to and fix the problem. This does not work 100% of the time.
It's ludicrously analog and prone to errors and it's amazing it works at all.
I used to be a senior system analyst at a major financial institution. You are so right.
The wiring money system is so rickety it's amazing it functions at all. Zero accountability.
This is not good advice for poorly insulated houses, which most are that live in temperate climates. The sun will heat up the house almost immediately, making it an oven.