Why do money transfers between bank accounts take many days?

Question

Why do money transfers between bank accounts take many days?

In: Other

Answer 1

Here in Canada we have an instantaneous E-Transfer system I assumed the US also had. I can easily send money in the form of an email or SMS text and the recipiant will have it near immediately. I transfer money this way to and from my accounts with various banks on a near daily basis. Never takes more than 60 seconds.