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
Imagine each transaction as a message, and each bank as a carrier. Every time you buy a cup of coffee, withdraw money, send money to a friend, that’s a message. It’d be extremely inefficient if each of those was a single message. It’d take a lot of bandwidth and clog the pipes.
So what banks/carriers do is keep a ledger of the all messages written in a given period (15m or 24hrs), and then send a single message with all the texts, and then reconcile all the pluses and minuses. That’s why it takes so long.
As for why these systems have operating hours, I’m not sure. I would imagine it would have to do with timezones and human reviewers
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