on โ05-01-2014 06:41 PM
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
on โ05-01-2014 07:44 PM
I figure that banks are in it for the money. You pay them and wait and wait.
on โ05-01-2014 10:16 PM
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.
on โ06-01-2014 01:06 AM
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.
on โ06-01-2014 10:01 AM
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.
on โ06-01-2014 10:27 AM
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.
on โ03-04-2018 12:16 PM
on โ03-04-2018 12:36 PM
on โ04-04-2018 09:57 AM
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.
on โ04-04-2018 06:05 PM
I'm sure tippy is aware of that.