Why does it take online banking services 3 days to clear payments when the transactions are all electronic?
When I transfer money between online bank accounts, I don’t understand why it takes three days to clear. I undertand this used to be the case when I used to pay cheques into the bank manually and staff had to process these, but I don’t expect this when this is done electronically.
It takes three days if different organisations are involved as the money still needs to go through a clearing cycle and also all transactions need to be monitored for money laundering purposes. so although it isn’t involving staff manually working the transfers still have to go through certain processes before they can be cleared for use in the other organisation.
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It takes three days if different organisations are involved as the money still needs to go through a clearing cycle and also all transactions need to be monitored for money laundering purposes. so although it isn’t involving staff manually working the transfers still have to go through certain processes before they can be cleared for use in the other organisation.
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They derive interest on money they have on deposit. Your money is their money for the time it takes them to add the funds to your account.
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doing banking electronically doesn’t eliminate all processing as sparkle says. Without this backup a lot more illegal activity would get thru.
I worked in Banking for over twenty years and still don’t get why it matters if the money is in your account for 3 more days. You are still spending it. the balance you are using should have it deducted. if its out of your account and you are waiting for it show as a payment that is up to the who you are paying and their bank. in that case make payment 3 days earlier.
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Because it’s still considered a wire transfer, even if you link your external accounts and have the move money capability between your accounts in these banks. The banks always have to determine the negotiability of transfers in your account. Sometimes transactions bigger than your transfer posts to your account, so if they make the money available to you immediately, it’s gonna be their loss.
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Im a Telephone Banker