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
We still have banking hours, because the way money moves through the system (FEDWIRE and ACH) have hours of operation. ACH happens in batches overnight and fed wire is “instant”, but actually happens with sweeps, ie every 10-15 mins.
There is a proposal for realtime settlement, moving real time money between people, but its only slowly gaining steam
[https://www.federalreserve.gov/paymentsystems/fednow_about.htm](https://www.federalreserve.gov/paymentsystems/fednow_about.htm)
Edited for typos.
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