When I transfer money from my bank account to another, the money disappear immediately from my account but they appear after one or two days in the other account.
Where exactly is my money during this period? Who hosts it? Am I insured against loss? What happens if the the sender’s or the receiver’s bank bankrupts at that exact time?
In: 8
essentially its in the hands of the bank.
unless you pay a premium your transaction gets handled bunched up with other transactions by other people near the end of the day.
in order to smoothen that process it’s blocked/removed from your acc and only reaches the other party once this bunch of transactions is being handled.
if your bank goes bankrupt during that time you’ve usually bigger problems, but then that money should still be counted towards your insured treshold.
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