Why Do Banks Not Transfer Funds On Weekends Or Public Holidays

[crowsman53]

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

[tinmanausoz]

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

[zelly888]

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.

[haolove13]

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.

[gec2002]

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.

[haolove13]

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.

[0406booyam]

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.

[*tippy*toes*]

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

Spoiler

Try checking your facts before ranting.

Spoiler

APRIL

[porcelain_dolls_by_me]

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.

[davewil1964]

I'm sure tippy is aware of that.