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This is true - why does a bank - bank transfer 24 hours or more, for instance? Why do I need to start my transfer during bank working hours?
by aarghh 16y ago
This is true - why does a bank - bank transfer 24 hours or more, for instance? Why do I need to start my transfer during bank working hours?
- thinkcomp 16y agoThe Federal Reserve is working on speeding up the ACH network. Starting in August same-day ACH will start going into effect based on my understanding.
- billclerico 16y agothere is still a 48 hour window for transactions to be returned because of insufficient funds. and same day ACH will only be supported by a small subset of banks (and none of the big ones, at least for a long while)
- billclerico 16y agothe network is based upon nightly batch file exchange. it's a terrible system for 2010. but it was not bad for its time, and hard to change the system implemented by thousands of banks. also, there is a risk component of it. holding transactions for longer decreases risk.