child support

Related Topics


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

Research and Markets: Electronic Funds Transfer Point of Sale (EFTPOS ...

Business Wire (press release)
This report analyzes the worldwide markets for Electronic Funds Transfer Point of Sale (EFTPOS) Terminals in Units. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World.
 

Global Electronic Funds Transfer Point of Sale (EFTPOS) Terminals Market

SYS-CON Media (press release)
NEW YORK, Oct. 23, 2014 /PRNewswire/ -- This report analyzes the worldwide markets for Electronic Funds Transfer Point of Sale (EFTPOS) Terminals in Units. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, ...
 

SBS

Communities fear Westpac's end of small money transfers
SBS
 

Spire Payments acquires EFT division of STS

Finextra
The EFT division of STS was more recently a Master Distributor for Hypercom, and customers in the region are well acquainted with their exceptional service and customer-centric focus. With nearly two decades of providing payment solutions and support ...
 

Reuters

Exclusive: Iran uses China bank to transfer funds to Quds-linked companies ...
Reuters
 

Voice of America

Funding Program Helps Extremely Poor in Ghana
Voice of America
 

Nasdaq

1 More Reason US Bancorp Will Remain a Leader
Nasdaq
 

CryptoCoinsNews

SpectroCoin Brings Bitcoin-to-Cash Service to Europe and Central Asia
CryptoCoinsNews
 

PYMNTS.com

Senate Committee To Focus On Prepaid-Card Scams
PYMNTS.com
 

Tips for charitable donations during holidays

Fort Leavenworth Lamp
Gifts of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. You must have a bank record or a written statement from the charity to deduct any gift of money on your tax return. This is true ...