For automated processes, for example online banking, why do “business days” still exist?
In: Technology
The main reason is banking laws. There are laws governing how long a bank can “have your money” while they handle/transfer/pay etc with those funds. The laws are so that they can only make money off your money for a max of 3 business’ days. The exceptions being banks that have their main location in Washington state or Maine as they were given permission to have 5 business’ days to handle your money, thus why a lot of banks claim one of those states as their home office so they can make more money from your money. In the modern world with everything being electronic these laws are out dated but I do not think they have been changed yet simply because well money and you know how it really runs everything, and we never change laws to make the wealthy not more wealthy.
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