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Electronic Funds Transfer

Process by which money is transmitted electronically from one bank account to another.

Question: What does it take 3-5 business days for an ELECTRONIC FUNDS TRANSFER? Never have understood that but why does it take 3-5 days for a bank to complete an electronic funds transfer, Guess it just never made any sense to me why it shouldn't be instant if it's electronic?

Answer: Normally it takes this long because the banks run these transfers in batches. They don't immediately do your transfer, but instead they bundle yours along with a thousand others and transfer them all in one group in a computer file. It is called a sweep. They also normally do this only once a day, typically at a lull period in a day, such as 7:00 p.m. at night. So, if you do your transfer before the sweep your's is in that days' batch. If you do it at 7:30, it waits until the next day. Also, the sweeps only happen on business days, so if you do something on Friday at 7:30, your sweep will happen at 7:00 on Monday, and be posted to your account on Tuesday. Once the sweep happens, they need to make sure the other bank involved has funds available to pay for the deposit or charge. If there is no money in the bank, they will "bounce" the transaction and treat it like a bounced check. So that check adds a day. So, basically, it is there way of covering themselves and letting people know it could take a while because of the timing and holiday differences and the possibility that the check might bounce. It isn't really any different than the sign at the teller's window advising you that a deposit made after 3:00 will be posted the next day, and that there is a 3 day hold on deposited checks before they will release funds.


Electronic Funds Transfer Related Products and News

Physicians' Rights Regarding Electronic Funds Transfer Focus of CMS Update

AAFP News Now
EFT refers to the electronic message sent by a health insurance company to a bank or other financial institution to authorize the electronic transfer of funds from the health plan to a physician's account as payment for health care services provided to ...

m-Pesa starts inter-bank money transfer service

Hindu Business Line
Immediate Payment Service (IMPS) is a remittance processing platform offered by NPCI that offers instant, 24X7, electronic funds transfer through mobile, Internet or ATM between banks and pre-paid providers. IMPS is considered one of the latest ...

Brokers back our call to ban exit fees

You Owe the IRS! Don't Panic -- You Have Options

Huffington Post
Paying by electronic funds transfer (EFT) - This is quickest and safest way to pay. EFT is an authorization from you for the IRS to withdraw the payment directly from your savings or checking account. You must provide the bank routing number (RTN), the ...

Mahoning officials defend county employees' raises

Youngstown Vindicator
As electronic-funds transfer and other technologies have made many tasks less labor-intensive, county Auditor Michael V. Sciortino said his office has eliminated two accounting and two clerical positions in recent years for a total annual personnel ...

Farmers Market 2.0? Microsoft gets its own Pike Place Express

The Seattle Times (blog)
... also be able to offer greater access for low-income customers,? by accepting Electronic Benefit Transfer cards and benefits from the The Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) and the Senior Farmers Market ...

I Works Billing Scheme Defendant Agrees to Settle FTC Charges

Imperial Valley News
The order bars Muir from violating the Electronic Funds Transfer Act and imposes a judgment of more than $2.5 million, which will be suspended based upon Muir's inability to pay upon surrender of all interest in his 12 shell companies and assets frozen ...

Beacon Hill Roll Call

Nashoba Publishing
House 31-115, voted mostly along party lines and rejected an amendment allowing members to offer budget amendments dealing with welfare laws and Electronic Benefits Transfer (EBT) cards. The rules proposed by the Democratic leadership prohibit ...

Insurers object to new compliance fees; hospitals take opposing stance
The proposal mandates insurance company compliance with a federal law that requires certain health plans to certify their compliance with the standards for claim status, electronic funds transfer and electronic remittance advice. The proof of ...

CMS Adds to Guidance on EFT/ERA HIPAA Operating Rules

Health Data Management
The Centers for Medicare and Medicaid Services has issued additional guidance on provider use of more standardized electronic funds transfer and electronic remittance advice transactions, and the mandate on health insurers to offer the transactions.