Seriously why does it take “3 to 5” business days to take the money from my account when it’s all handled electronically?
In: 294
While the others are correct about the ACH system, the real reason is different.
Ever noticed how the money is instantly subtracted from you bank account and hangs in the void a few days until it is put on the recipient’s bank account?
During this time the bank can use that money as they wish. Lend it to others, invest it, what ever. In that time they can make profit from your (and others) money. While this seems like an insignificant amount of money and time, if you multiply this by all the transactions happening, the banks have billions available to trade and speculate at every given moment.
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