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

[hobby_cds]

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

[davewil1964]

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.

[lyndal1838]

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

[davewil1964]

There you go. Handy for future reference.

[lyndal1838]

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.

[*tippy*toes*]

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!

[swamp-stalker]

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.

[*tippy*toes*]

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.

[collect247]

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

But you need to register for payID

[brerrabbit585]

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.