Want to pay your bill Friday night? Too bad, the transaction will go through Monday morning.
In 2024, why, its not like someone manually moves money.
EDIT: I am not talking about BRANCH working hours, I am talking about time it takes for transactions to go through.
EDIT 2:
I am NOT talking about send money to friends type of transactions. I’m talking about example: our company once fcked up payroll (due Friday) and they said: either the transaction will go through Saturday morning our you will have to wait till Monday. Idk if it has to do something with direct debit or smth else. (No it was not because accountant was not working weekend)
In: Technology
It’s because the way that bill payments are processed in the US is mostly via a method called ACH. It’s a system originally created to help the US move away from paper checks in the 1970s. Like checks, transactions are batched up and sent out to the clearing house that received and routed items to the proper banks.
A lot of this processing work is processed by the Federal Reserve and they don’t work weekends.
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