I did an ACH transfer from an account in one bank to another. The money was withdrawn from Bank A on Friday, but isn’t set to be deposited in Bank B’s account until Tuesday.
Where is my money currently?
In: Economics
Its not like anyone is moving physical money in this case. Your bank gets your request to transfer say, 2 grand to another bank. So they lock out 2 grand from your account and begin the electronic process. If the bank transfer succeeds they actually remove the money from your account and its placed in the other. If it fails for whatever reason they just release the funds they were reserving back into your account.
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