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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

NJ Electronic Funds Transfer Bills Signed By Gov. Christie

Law360 (subscription)
Law360, New York (September 12, 2014, 5:29 PM ET) -- Gov. Chris Christie signed into law two bills that will treat electronic funds transfers the same as a check, draft or money order and will subject them to the same criminal and civil laws for ...
 

OCC Updates Electronic Fund Transfer Act Booklet

JD Supra (press release)
On August 28, the OCC issued Bulletin 2014-43, which announces the issuance of a revised ?Electronic Fund Transfer Act? booklet of the Comptroller's Handbook. This booklet replaces the similarly titled booked issued in October 2011, and provides ...
 

'Missing Link' in Electronic Funds Transfer Available from ICAP Patent Brokerage

PR Web (press release)
ICAP Patent Brokerage announces for sale patents enabling the expedition of electronic funds transfer, anonymously, by means of ?unique identifiers? and tokens linked to a central directory. This IP package is available from Payment Pathways, Inc, as ...
 

Forbes

Meet The Swiss Tycoon Who Is Funding African Innovation
Forbes
 

TIME

Transferring Funds To Prisoners Is Big Business For Some Financial Companies
The Consumerist
 

AMETEK Completes Agreement on Private Placement of $700 Million in Senior ...

MarketWatch
The first funding occurred on September 30, 2014 for $500 million, consisting of $300 million in aggregate principal amount of 3.73% Senior Notes due September 2024, $100 million of 3.83% Senior Notes due September 2026, and $100 million of 3.98 ...
 

PNB to charge for all NEFT transactions

Hindu Business Line
Punjab National Bank (PNB) has decided to levy charges on all online transfer of funds, irrespective of the amount, to accounts in other banks made through National Electronic Fund Transfer (NEFT). Earlier the transfer of funds from one account to an ...
 

The Rakyat Post

India banks must invest in toilets
The Rakyat Post
 

USA TODAY

American FBI instigates another Australian anti-terrorism raid
World Socialist Web Site
 

Likes of Apple Pay may make smaller banks more vulnerable

Network World
By altering electronic-transfer files before they are uploaded to the national transaction clearinghouse, criminals can redirect funds to accounts they control and make off with millions of dollars at a clip, according to researchers at TrustCC, a ...