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
There is one perhaps legitimate reason to sometimes have banking hours dictate the world of electronic transactions though.
When fraudsters engage in massive hacks and untraceable stealing of funds from some large account, what they have sometimes done is waited until late on Friday afternoon when some watchdog staff may be about to leave, and there’s a Monday holiday coming up, and perpetrate their fraud. The money gets stolen, no one is around for 3 days to detect it, and they make off with the cash.
In that sense, sometimes restricting major transactions to have to happen when people are around can be a legitimate protection mechanism. Although not the concern of the day to day inconvenience that is probably meant in this thread.
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