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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

DebitWay's Electronic Funds Transfer (EFT) Allows Partners Unparalleled ...

Virtual-Strategy Magazine (press release)
The Montreal, Quebec-based online payment solution giant, DebitWay.ca, has reintroduced its long standing online payment option; Electronic Funds Transfer (EFT) to merchants. The 100% Canadian-owned Company continues to excel for its partners and to ...
 

Combine Solicitation - Protestant Religious Education Coordinator

Insurance News Net
FAR 52.232-19 Availability of Funds for the Next Fiscal Year FAR 52.232-33 Payment by Electronic Funds Transfer - System for Award Management. FAR 52.233-3 Protest After Award FAR 52.233-4 Applicable Law for Breach of Contract Claim DFARS ...
 

Combine Solicitation - Executive Motorcoach for Bus Tour

Insurance News Net
X (52) 52.232-33, Payment by Electronic Funds Transfer-System for Award Management ( Jul 2013 ) (31 U.S.C. 3332). __ (53) 52.232-34, Payment by Electronic Funds Transfer-Other than System for Award Management ( Jul 2013 ) (31 U.S.C. 3332). __ (54) ...
 

Amendment to Combined Synopsis/Solicitation - Life Care Planner Services

Insurance News Net
... Restrictions on Certain Foreign Purchases ( JUNE 2008 ) FAR 52.232-33, Payment by Electronic Funds Transfer-System for Award Management ( JUL 2013 ) FAR 52.222-53, Exemption from Application of the Service Contract Labor Standards to Contracts ...
 

Saving Cemtsably: Avoiding credit and debit card fraud

Macon Telegraph (blog)
The Fair Credit Billing Act is the federal legislation to look into if you have a credit card and have experienced a loss. If you lose money through Electronic Funds Transfer (EFT) on your debit card, you will want to check online to read about the ...
 

Patented System and Method for Secure Electronic Data and Fund Transfer for ...

Insurance News Net
ICAP Patent Brokerage announces for sale patents disclosing techniques for a simple and secure electronic transfer of funds from Jove Corporation . This IP package is part of the Live Financial Auction Series, and is available with a bidding deadline ...
 

Rewards for customers

Solomon Star
BSP retail banking general manager Ravindra Singh said the promotion, which would run until October 4, encouraged the use of their electronic funds transfer at point of sale and offered rewards for customers who had adopted the electronic mode of ...
 

Combine Solicitation - AASF AUDIO VISUAL REFRESH

Insurance News Net
Document submissions may be via Web entry, Electronic Data Interchange, or File Transfer Protocol. (f) WAWF ... Except in states with exclusive or monopolistic funds that do not permit workers' compensation to be written by private carriers. 1.3. NOTE ...
 

Reasons why your business needs to embrace modern point-of-sale technology

Business Review USA
When payments are made with credit cards, the data will be encrypted to prevent data theft or loss, and your customers can opt for a higher level of security, such as two-factor authentication. Also, transactions are protected by the Electronic Fund ...
 

Williams testifies in McDonnell trial

WWBT
Williams told of a meeting with Bob McDonnell, where they first spoke of getting movement on research at UVA & VCU, then Williams and Bob McDonnell spoke specifically about a complex plan for Williams to help provide funds for the beach house mess.