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Few understand that the movement of money and information about the movement of money happen on different schedules.
by pbreit 3y ago
Few understand that the movement of money and information about the movement of money happen on different schedules.
- rodgerd 3y agoBanking is an eventually consistent system. People outside banks often find this surprising.
- lxgr 3y agoIn ACH, they generally happen together, and with at least a few hours of delay. That's why instant generally usually doesn't use it.
- pbreit 3y agoThey absolutely do not. That’s the whole point.
- lxgr 3y agoCould you maybe elaborate instead of just disagreeing without references or even explanation? In ACH, as soon as you get the notification about an inbound credit transfer, it's effectively final. Whether it ultimately settles on the same day or 1-2 days later is irrelevant, since what matters is finality. ACH credit transfer clawbacks are very rare compared to ACH debit rejections (due to e.g. insufficient funds or fraud).
- pbreit 3y agoSome recipients might consider a valid initiation sufficient to fulfill. Others may way for settlement. Some may wait longer to see if there's a return. And then posting times and amounts can vary quite a bit.