topic Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays in Selling

Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

crowsman53 — Sun, 05 Jan 2014 07:41:16 GMT

I have 1 buyer who has paid with Bank Transfer last Thursday evening, I also transfered momey from Paypal the same evening and none has showed in my Bank account. Now if that had been lodged the Tuesday it would have been in my account on Thursday as it normally is. So why not on Weekends or Public Holidays???

Paddy

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

tinmanausoz — Sun, 05 Jan 2014 08:44:06 GMT

I figure that banks are in it for the money. You pay them and wait and wait.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

zelly888 — Sun, 05 Jan 2014 11:16:11 GMT

Because it is the weekend.But they do transfer money instantly if the receivers bank is the same as your bank on weekends and public holidays.Most banks also have a cut off time and if you transfer/deposit before this time then the money should be in their account the next day.But I was told by a financial advisor one day that the banks all have the ability to actually transfer money within a nano second in other words instantly with every transaction.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

haolove13 — Sun, 05 Jan 2014 14:06:24 GMT

The accepted code of practice is that funds are to be transferred in 24 hours now.

The funds transferred on thursday night should have been in your bank on Saturday morning after the Friday night transfer.

The next transfer to your account will probably be in your account Tuesday morning..

there are five nights of transfer and they arrive in mybank from tuesday to Saturday morning.

banks transfer to each bank one at a time and transfers from Bank SA to Bank SA usually arrive about 12.10 am.

Westpac to Bank SA arrives about 3am

ANZ to Bank SA tends to be about 4 am when it shows in my account.

Basically the banks remove the money from your bank account instantly and then hold it on the short term money market to make the last drop from the account and then send it on to the account at the last minute of twenty four hours

The banks are like most other businesses and do not operate on Weekends as couriers tend not to deliver physical documents on weekends.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

gec2002 — Sun, 05 Jan 2014 23:01:01 GMT

Electrons charge double (which make them doubly charged electrons) if they have to work on weekends, and the banks don't like to pay the extra in wages.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

haolove13 — Sun, 05 Jan 2014 23:27:11 GMT

In fact the bigger bonus is the three days that they have the money on the short term money market. Quite a few million dollars on the market for three days makes a handy contribution to profit for the banks.

There is a large sporting body here in SA that invests the gate and concession takings immediately after a game here and has it in the market until regular banking is done. They make thousands out of it so the banks wouldmake a lot more and allit takes is a simple phone call.

Wish I had enough to make it worthwhile.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

0406booyam — Tue, 03 Apr 2018 02:16:56 GMT

Banks hold onto people's money to list on the stock exchange to make even more money, it's an absolute discrace that an institution holds on to money that's not theirs!!!
On a public holiday they do it as well and it's not their money!!! And who asked for a public holiday anyway?? Not me, it's a religious thing that is a man made bunch of **bleep** so I ask why do we have to wait for our money that we've worked hard for? It's not their money!!
2018 is the year and they can't even automate payments over a long weekend? But yet there are cars driving around without drivers... pure greed on the banks behalf, the world we live in has been ruined my money and it's only going to get worse!!!
R. Lovable.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

*tippy*toes* — Tue, 03 Apr 2018 02:36:38 GMT

You dug up a 4yo thread to have a nonsensical rant? Go you!

Try checking your facts before ranting. APRIL

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

porcelain_dolls_by_me — Tue, 03 Apr 2018 23:57:10 GMT

The inter-bank payment clearing system does not operate over the weekend or on public holidays. Hence any inter-bank payment logged during those times will be processed on the next business day.

Intra-bank transfers will typically be processed immediately, regardles of the day of the week.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

davewil1964 — Wed, 04 Apr 2018 08:05:18 GMT

I'm sure tippy is aware of that.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

hobby_cds — Thu, 05 Apr 2018 03:03:36 GMT

You are with the wrong bank...We get deposits from Paypal on a Saturday!

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

davewil1964 — Thu, 05 Apr 2018 06:09:29 GMT

I don't withdraw funds on Fridays so, no, I don't get payments on Saturdays, nor do I know if it's possible with my bank.

Nor do I care - my money gets to my account in a timely manner. Usually next working day.

So, on that basis, which is the only one that counts to me, I am not with the wrong bank.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

lyndal1838 — Thu, 05 Apr 2018 07:37:04 GMT

I have an account with the same bank as you Dave anf they definitely receive deposits on Saturday morning.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

davewil1964 — Thu, 05 Apr 2018 07:40:11 GMT

There you go. Handy for future reference.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

lyndal1838 — Thu, 05 Apr 2018 07:47:15 GMT

I actually did a transfer from my St George account to my Everyday account at 4pm on a Friday.....the amount was showing before 6.30pm that night. To say I was surprised was an understatement.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

*tippy*toes* — Thu, 05 Apr 2018 10:07:17 GMT

I had a buyer pay via bank deposit for an item last Friday, from their National Bank account. It was in my Westpac account on Sunday afternoon. So good for the theory that stuff all happens on a weekend, let alone a long weekend with public holidays!

That said, another buyer who allegedly paid via bank deposit last Thursday via their Westpac account, still isn't showing in my Westpac account today, Thursday, several days after the long weekend.

Go figure!

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

swamp-stalker — Tue, 10 Apr 2018 17:20:25 GMT

All bank transfers should be just about instantaneous by the end of the year. I'm with the NAB, who uses "Osko" for bank transfers. Any transfers I make to other banks, arrive within minutes 7 days a week.

I think by the end of the year, all the banks will be using this transfer service. Its great to get on your phone and transfer money to another bank, log off and log on to the receiving banks site and see the money already there. At the most the transfer takes minutes, but mostly it only takes seconds.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

*tippy*toes* — Thu, 12 Apr 2018 01:09:57 GMT

If you have sent money to an account before, then it takes seconds to transfer. Some people find with new accounts it can take several days. I'm with Westpac and most of the time money moves pretty quickly, even on weekends. I'm talking about sending to an account I've never sent money to before.

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

collect247 — Thu, 12 Apr 2018 02:48:28 GMT

With the new payID the transfers take only seconds to any bank.

But you need to register for payID

Re: Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

brerrabbit585 — Thu, 12 Apr 2018 07:28:06 GMT

I find a lot will show before 6pm the same day and some are immediate from a different bank. I had one yesterday that was immediate and they used osko (not from a NAB). I read about signing up to a quicker service but couldn't see the point because nothing takes more than 24 hours now (I've had quite a few lately).

It doesn't bother me that a lot of things aren't open on the weekend. No way do I want to feel obliged to go to the PO six or seven days a week. Five days is quite enough, thank you!! I feel like ebay rules my life too much now so two days off on the weekend is something I need for the sake of my sanity.