At least where I live, if I make a transfer between my accounts (with different banks) too late on a Friday, the money won’t be available until Monday. But there are no humans involved in this process – it seems to me that could be instantaneous as far as the technology is concerned. What am I missing?
In: 1897
They make money investing your money that is waiting to clear. It adds to their working capital for investment puposes.
It took three days in aus to xfer money even between accounts at the same bank ! Govt introduced legislation to reduce it and it cost virtually nothing for banks to comply.
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