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
The issue of shortening the settlement time for financial transfers (which is another way of describing OP’s inquiry)has been under discussion for many years. Playing the float , as it it is called, benefits the banks and now the credit card companies.
Even the advent of computerized money transfer systems has not served to be a sufficient impetus for change
There has been a consumer oriented set of reforms that have been proposed in various forms gong back to, as I recall the early 1980’s all of which have been successfully resisted. Elizabeth Warren has been in the forefront of advocating the changes, but institutional inertia and politics have prevented meaningful change.
That addresses Why. The way to change it lies, as it always has, at the ballot box.
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