I fail to understand how - in this digital age of instant communication and global connection - it can take several days for a bank deposit or transfer to reach the intended account? In the old days of cheques and interbank clearances (I once worked for Barclays Bank before the advent of computers) there were clear reasons for delays in the transfer of funds. But now?
When I buy something at my local supermarket or fill up at the servo and I use my debit card, the debit seems to be recorded instantaneously against my account. Sometimes the debit shows as "pending" but the funds are held aside for the debit nonetheless.
But when I deposit money (almost always from cash/available funds) there can be a delay from 1 to 4 days for the transfer to show up in the receiving account. WHY? Is this a case of greedy banks holding up billions in deposits every day to play on the short term money market or is there another reason?
Is it unreasonable to expect that an electronic transfer between banks (when using available funds/cash) should happen in milliseconds just as the debits do?
Horse and buggy banking or what?
Comments
it always has been, greedy banks holding money.
Have a read of previous OzBargain post Send Money to Another Person Instantly
Also check out New Payments Platform from the same post.
I note that most of the interbank deposits I make via Internet Banking do actually arrive in the account the same day.
It's not the banks' fault.
It the govt clearing laws that forces them to do this way.
Deposits? Every single time I needed to it has showed up within the same day, likely within an hour or two. Transfers is due to old ass tech, most banks are running off 70s (or older) mainframes in batches. Its the computer version of actual ledgers from centuries ago that have not so far been updated (as in you owe me, I owe you). Only CBA has gutted and upgraded its tech and its far ahead of the others. And no I am not with CBA. There is something about them I hate including the colour, yellow is disgusting.
CBA There is something about them I hate
I hate that I'm not a shareholder. insert graph of price rise from $50 in 2012 to $91 currently
Of course it is.
Of course not.