Gary73 10 #1 February 18, 2009 Can anyone explain to me why it is that banks and other financial institutions take so long to transfer funds? These days it's all done electronically in a few seconds, yet from the point of view of both the sender and the receiver, the money just disappears, sometimes for more than a week, with neither side being able to use or even collect interest on it. Are banks really that incompetent, or is it just a scam to get the "float" on our money? "Extraordinary claims require extraordinary evidence." - Carl Sagan Quote Share this post Link to post Share on other sites
CSpenceFLY 1 #2 February 18, 2009 Rest assured, someone is collecting interest on that money while it is in limbo. Quote Share this post Link to post Share on other sites
anthonyfellows 0 #3 February 18, 2009 Are you talking about wire transfers from one bank account to another? I've sent a few recently and they were all processed and completed within 24 hours.Serious relationships turn into work after a few weeks and I already got a fucking job :) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ H.A.F. = Hard As Fuck ... Goddamn Amateurs Quote Share this post Link to post Share on other sites
Gary73 10 #4 February 18, 2009 QuoteRest assured, someone is collecting interest on that money while it is in limbo. Yeah, that's what I'm thinking, but I wish they'd have the guts to just admit it. QuoteAre you talking about wire transfers from one bank account to another? I've sent a few recently and they were all processed and completed within 24 hours. The current case is an eCheck, but I've also had it happen with other types of electronic transfers. Certified checks, too, which are supposed to be as good as cash. Seems to me that any service that uses electricity (which is really really fast, if I remember correctly), should take seconds, not days or weeks. "Extraordinary claims require extraordinary evidence." - Carl Sagan Quote Share this post Link to post Share on other sites
NWFlyer 2 #5 February 18, 2009 I dunno - the IRS site said my refund would be deposited on 2/17 and it showed up in my account that day... it was a pleasant surprise as I expected a delay. "There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke Quote Share this post Link to post Share on other sites
futuredivot 0 #6 February 18, 2009 Sometimes there's still paperwork involved with electronic transfers and nothing gets posted until the hard copy gets to its location. There's a few companies that make good money flying boxes of paper between banks whose computer systems won't talk to each other.You are only as strong as the prey you devour Quote Share this post Link to post Share on other sites
anthonyfellows 0 #7 February 18, 2009 QuoteThe current case is an eCheck eChecks follow the same process as writing out a physical check without writing it out and mailing it. It isn't instant, you still have to wait for them to clear the bank, just as you do with a physical check.Serious relationships turn into work after a few weeks and I already got a fucking job :) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ H.A.F. = Hard As Fuck ... Goddamn Amateurs Quote Share this post Link to post Share on other sites
JohnMitchell 16 #8 February 19, 2009 Quote I dunno - the IRS site said my refund What's a refund? Quote Share this post Link to post Share on other sites
anthonyfellows 0 #9 February 19, 2009 Quote Quote I dunno - the IRS site said my refund What's a refund? Yeah, no kidding. I feel your pain.Serious relationships turn into work after a few weeks and I already got a fucking job :) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ H.A.F. = Hard As Fuck ... Goddamn Amateurs Quote Share this post Link to post Share on other sites
