Bank issues

[Matty4]

Can anyone enlighten me as to why in this day and age that an electronic funds transfer from one bank to another can take 5 days (or more)??? :

I'm expecting some money to be transferred into my account. I was told by the sender that it was sent on Friday. It came out of his account on Friday to apy several of us at once. Other peoples money went into their account on the same day (admittedly same bank, different branches though), however, as I bank with a different bank it still hasn't appeared in my account. I'm sure the bank has taken it and placed it on the money market proir to depositing it into my account.

Surely with instant transfer running 24/7 that it shouldn't take 5 or more days to transfer?

Matty :

[Tribal]

I believe that under the guise of security and checking it does go on the money market.
A day or two in interest on billions of dollars that doesn't belong to the bank and who gets the interest?

[Geoff EL 4.0]

My bank said they close internet bank transfers at 6.00pm mon-fri and it doesnt happen on weekends. My bank is ANZ by the way, maybe ring the bank and tell them which bank its coming from and they can tell you how long it should take as well, i know my bank did. bendigo to anz=48hours MAX is what they said when i asked about it

[EA2BA]

The main reason that is quoted is for security, if you check your account regularly and someone has hacked your account and sent all your money to another account, you can cancel it before you lose your money. Annoying at times but make me feel a little better.

[3vXT]

I know it takes a few days (plus the weekend) usually when its two different banks but if it goes as long as 5 working days i'd be heading down to my local branch with a brick, length of rope and a big stick.

[mowog]

All Banks run over night batch jobs to perform these transfers. If everything is running properly and you get the transfer request in by 1600hrs the money should be in the other account the next night.

These batch jobs only run Monday to Friday and there are a couple of types of runs.

Daily, Weekly, Monthly

Never do a transfer on Friday it wll clear out of your account that night but it wont show in the other account until Tuesday night.

So the tricks are do your transfers early in the day dont do them on Fridays and if it takes more than 48 hrs ask for a please explain.

Any delays are because one of the Banks has had a batch run failure and these are very common.

[charles_wif_xf]

Originally Posted by Tribal

I believe that under the guise of security and checking it does go on the money market.
A day or two in interest on billions of dollars that doesn't belong to the bank and who gets the interest?

Sounds about right for the bandits known as banks.

[AC/DC]

Simple, , its the weekend, and its an inter bank transfer.

AC/DC

[MYVYSS]

Bah you think you have problems, I got my Tax Cheque and when I spoke to the bank here, they said yeah they can clear it for me and convert it into USD however its going to take between 6-8 WEEKS!!!!!!!!!!!!!!! Mum and Dad are here for Xmas for 4 weeks, so its quicker to sign over to them, let it clear in Australia and then they will deposit the cash into my Australian Accounts.

[Ralliart]

Originally Posted by AC/DC

Simple, , its the weekend, and its an inter bank transfer.

AC/DC

thats what i was going to say, its best doing the banking of cheques,and transfers on Monday & Tuesday because then your money will be in the bank by the end of the week instead of wait 5 days.

sorry for spelling

[cowboy]

I bought the F6 with a bank cheque.
Cowboy: I am keen to take delivery of the ute straight away, how long will it take to clear into sellers account, same bank, same branch
Bank Lady: 48 hours
Cowboy: Grrr. Too long, give it to me in cash please
Bank Lady: Can't do that sir
Cowboy: Then clear the cheque today
Bank Lady: OK

Even same branch they wanted 48 hours interest!

[red_hotxr6]

I have two bank accounts, 1 with the commonwealth bank and 1 with the C.U.A. if i transfer money from the C.U.A. to the comm bank in the morning its in the other by the next morning, if i go the other way 3 days for it to happen..go figure..

[fmc351]

Originally Posted by Matty4

Can anyone enlighten me as to why in this day and age that an electronic funds transfer from one bank to another can take 5 days (or more)??? :

I'm expecting some money to be transferred into my account. I was told by the sender that it was sent on Friday. It came out of his account on Friday to apy several of us at once. Other peoples money went into their account on the same day (admittedly same bank, different branches though), however, as I bank with a different bank it still hasn't appeared in my account. I'm sure the bank has taken it and placed it on the money market proir to depositing it into my account.

Surely with instant transfer running 24/7 that it shouldn't take 5 or more days to transfer?

Matty :

Transferred Monday morning, showed in my account Monday evening, accessible Tuesday.

[BAWagonWheels]

I hate Paypal and ING Maximiser... takes toooo long to transfer between accounts. based on normal experience ANZ should only take anywhere from 24hrs to max 48hrs on internet banking to non-ANZ accounts and vice versa.

once i transfered money another bank, they didn't tell me for 5 days that the account transfering to was non-existant due to my typo error. then they sent me a letter saying that the money i transferred has bounced back into my account. after all that time.......

[RSgerry]

the crap that gets spouted when any anti-bank thread gets started is amazing. transfers performed during the week usually get to teh other bank the next day. clearance days on cheques are required as the drawers bank has a certain number of days to dishonour that cheque if they wish. meanwhile, the money is in your account and earning / saving you interest. you just have to leave it alone until the clearance days have passed. some of the conspiracy theory bollocks regarding banks making squillions on the money market while poor little bank customer has to sell organs just to feed the kids that gets posted on here are unbelievable. leave it to ACA or today tonight.

[Bent8]

Originally Posted by Matty4

Can anyone enlighten me as to why in this day and age that an electronic funds transfer from one bank to another can take 5 days (or more)??? :

I'm expecting some money to be transferred into my account. I was told by the sender that it was sent on Friday. It came out of his account on Friday to apy several of us at once. Other peoples money went into their account on the same day (admittedly same bank, different branches though), however, as I bank with a different bank it still hasn't appeared in my account. I'm sure the bank has taken it and placed it on the money market proir to depositing it into my account.

Surely with instant transfer running 24/7 that it shouldn't take 5 or more days to transfer?

Matty :

Yes that's correct, the banks have the LEGAL right to take your deposits and invest up to 10 times that amount on the markets and they are also only required to keep around 10% of all deposits in their bank vaults (either gold or cash) at any one time.

Let's say everyone who have deposits in Westpac where to go and withdraw their money tomorrow, only about 20% would actually get their cash, the rest will be told to bugger off because they don't have the cash! It's all just numbers on the screen which they use to make money off through investments. And best of all it's all legal!! It's called Fractional Reserve Banking.

This is how the credit card system works, the money is created out of thin air and they charge interest on it!!...if only we could all do this

[MITCHAY]

What I find funny is that we deposit our money into the banks, they make invest it, and then charge us fees :

[charles_wif_xf]

Originally Posted by Bent8

Yes that's correct, the banks have the LEGAL right to take your deposits and invest up to 10 times that amount on the markets and they are also only required to keep around 10% of all deposits in their bank vaults (either gold or cash) at any one time.

Let's say everyone who have deposits in Westpac where to go and withdraw their money tomorrow, only about 20% would actually get their cash, the rest will be told to bugger off because they don't have the cash! It's all just numbers on the screen which they use to make money off through investments. And best of all it's all legal!! It's called Fractional Reserve Banking.

This is how the credit card system works, the money is created out of thin air and they charge interest on it!!...if only we could all do this

On the money there my friend (pardon the pun). Economic parasitism at its worst.

[S3SR]

mine is usually there within 48hours
if ive already transfered to that account before (i think its 6months previous) its instant

only problem i have with banks is there is never enough money in the account

thats westpac

[Feathers]

Dad just showed me a letter from my Grandmother's bank questioning $22,400+ in internet transfers from her account made over several days.
She has dementia and is now in hospital, and Dad only found it as he has been cleaning out her unit to rent out.
Don't know how long ago it was, but she is in no state to be able to straighten it out, so Dad has cleared it up now.
She's never used a computer much less any phone or internet banking and she doesn't have a credit card either. I'd love to catch whoever did it and find out how they got her details.