Why does it still take 5 damned days for a transaction to "clear" when I move money from one account to another? Has anyone actually ever challenged any banks/building societies to justify this delay?
Why does it still take 5 damned days for a transaction to "clear" when I move money from one account to another? Has anyone actually ever challenged any banks/building societies to justify this delay?
Hm, maybe it's your bank. My banks always state that it may take up to 5 business days, but I've yet to see it take more than 2, and often it happens the next day. Transferring money from PayPal to Washington Mutual, for example, or direct deposit from a credit card processor I use -- both of these generally take 1-2 actual days.
My guess is that some banks have more modern systems, while others do not -- and that they are likely not compatible, thus requiring manual processing/intervention.
A bigger question. (Score:3, Interesting)
Re:A bigger question. (Score:2)
Hm, maybe it's your bank. My banks always state that it may take up to 5 business days, but I've yet to see it take more than 2, and often it happens the next day. Transferring money from PayPal to Washington Mutual, for example, or direct deposit from a credit card processor I use -- both of these generally take 1-2 actual days.
My guess is that some banks have more modern systems, while others do not -- and that they are likely not compatible, thus requiring manual processing/intervention.