Even if the money has been taken out of my account, it’s still processing on the site I made the payment on. It seems like it takes 4-5 days sometimes.
In: 5
Payments, especially ACH don’t clear instantly.
So I pull 100 from your account Monday.
On Tuesday, I see a deposit of 100 in my account, but I don’t know if the deposit actually went through. If your bank didn’t have 100 dollars, I might see a reversal on Wednesday or Thursday.
Then, by Friday, I would probably be sure the deposit went through. So a lot of sites flag transactions as pending for a few days. In theory, you could request a refund, and receive it, even though the original deposit didn’t go through. The company would be out 100 dollars. So by flagging the transaction as pending, it doesn’t let you move it until the transaction clears.
As to why it’s slow, it’s just outdated technology. ACH transfers are basically text files being sent to the federal reserve, often once a day, then being distributed to your bank. Its an outdated system.
The money is removed from your account but it hasn’t truly been transfered to the other bank yet. It’s simply set aside so you can’t use the same money for multiple transactions before they are fully processed.
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