Digital age, technology super advancements, rocket ships, artificial intelligence, self driving electric cars. Automated everything but local bank transfers can only be processed on bank working days, why?
I understand if it’s a big amount or overseas transfer remittance etc. Why even small amounts local bank transfers take the weekends off. Shouldn’t it be automated by now.
In: Technology
It isn’t that they cannot.
It’s that they aren’t.
It would involve extra checks, staffing, monitoring etc. over the weekend before the transactions would be authorised. There’s no reason they couldn’t do that, they just don’t.
I have an entirely-online bank and they still don’t. Yet they can do things like pay me earlier than any other bank (basically, as soon as they know they have the money for sure, they let you spend it, other banks often wait longer), show me the pending transactions for the Monday as soon as the Friday before, etc.
There are anti-money-laundering rules, they are checks that need to be made, there are all kinds of human-authorised parts to the process, and those don’t happen when humans aren’t working.
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