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
It sounds like your account requires a human verification to allow access to the deposited funds. The money is there in the computer but it has an electronic block against using it until verified as valid. There actually is a human involved.
It is a variant on the problem of depositing a paper check and having to wait a few days for it to clear.
My accounts allow a certain amount of money to be deposited and immediately accessible. The amount that they accept for that exemption is decided from your bank history and how long you have been at the bank, and your usual deposit amounts. Basically, they now trust me, up to a point. You apparently haven’t gotten there yet.
It sounds like your account requires a human verification to allow access to the deposited funds. The money is there in the computer but it has an electronic block against using it until verified as valid. There actually is a human involved.
It is a variant on the problem of depositing a paper check and having to wait a few days for it to clear.
My accounts allow a certain amount of money to be deposited and immediately accessible. The amount that they accept for that exemption is decided from your bank history and how long you have been at the bank, and your usual deposit amounts. Basically, they now trust me, up to a point. You apparently haven’t gotten there yet.
I work for a bank. Let’s just say if you peeked behind the curtain you’d be surprised how much human interaction is involved.
It sounds like your account requires a human verification to allow access to the deposited funds. The money is there in the computer but it has an electronic block against using it until verified as valid. There actually is a human involved.
It is a variant on the problem of depositing a paper check and having to wait a few days for it to clear.
My accounts allow a certain amount of money to be deposited and immediately accessible. The amount that they accept for that exemption is decided from your bank history and how long you have been at the bank, and your usual deposit amounts. Basically, they now trust me, up to a point. You apparently haven’t gotten there yet.
I work for a bank. Let’s just say if you peeked behind the curtain you’d be surprised how much human interaction is involved.
I work for a bank. Let’s just say if you peeked behind the curtain you’d be surprised how much human interaction is involved.
this is one of those times when someone from the states is like ” hey why do we all do this thing this way? ” and the world goes ” ummm ya that’s just you ” haha
Canada: we can send a e-transfer to anyone anytime, I think different banks put different limits on amount. I can send 3,000 a day or 10,000 a week, I am a small time contractor and its just so easy to get paid that I usually get the notification of deposit before I pull out of their drive way.
do US banks not have phone apps? even small time credit unions have them and I do all my banking on my phone for the most part, haven’t been inside a bank in probably 5-7 years
The technical term is “making money on the float.” When you, for instance, pay off your credit card by transferring money from checking, the money leaves your checking account immediately for the bank to hold, but the credit card does not update until the next business day.
The reason for this is that the float, that money the bank holds, the bank is able to make interest on. For this reason, Banks have no financial motivation to speed up this process despite it being technically possible.
this is one of those times when someone from the states is like ” hey why do we all do this thing this way? ” and the world goes ” ummm ya that’s just you ” haha
Canada: we can send a e-transfer to anyone anytime, I think different banks put different limits on amount. I can send 3,000 a day or 10,000 a week, I am a small time contractor and its just so easy to get paid that I usually get the notification of deposit before I pull out of their drive way.
do US banks not have phone apps? even small time credit unions have them and I do all my banking on my phone for the most part, haven’t been inside a bank in probably 5-7 years
UK and never heard of this. I can send or receive money any time of day or night and it’ll take a few seconds to clear. I think the longest was 15 mins at like 2am.
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