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
If I pay a bill via electronic transfer when my bank is closed, they seem to queue up the transfer and send it as a batch because I usually am told that the transfer will happen somewhere between a few minutes to a few hours after I approve it.
I think they are batching by recipient so they aren’t hammering the computers at the other end of the transaction with multiple requests. Making the security “handshakes” between banks probably takes more computer cycles than the actual transfer, so connecting once to send them a bunch of account data is the norm.
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