Why does a bank payment takes a long time to be received, especially if there is a weekend in the middle?
In: 123
Part of it is the US banking system. Some banks are local ones with only one or two branches. The US has over 4800 different banks.
Canada has 6 major banks and 80 including subsidiaries.
The clearing house has to get a notification from each bank to start the transfer, sort them all out and then notify each recipient of the transfer. Then your bank has to prices that to credit each individual account
It takes longer to do 10,000 notifications in the US than 160 in Canada.
Latest Answers