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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

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.
 

NJ Banks May Not Face Common Law Tort Claims for Improper Electronic Funds ...

Mondaq News Alerts (registration)
At issue in ADS was whether New Jersey's version of the UCC provides the exclusive remedy when a non-customer alleged an unauthorized electronic funds transfer via online banking, or whether the non-customer could bring a common law negligence ...
 

On the Trail of Lost Money

New York Times
But he said that current procedures include a daily hunt for credit balances, electronic funds transfer when possible and the sending of paper checks to primary and secondary addresses when it isn't (only 3 percent of those checks go uncashed by their ...
 

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, ...
 

SHAZAM chooses Gemalto's EMV consulting services to advance U.S. migration

GlobeNewswire (press release)
SHAZAM is a member-owned and -controlled electronic funds transfer (EFT) network, delivering payment solutions to financial institutions across the U.S. for nearly 40 years. Gemalto's customized Allynis training services helped guide SHAZAM through its ...
 

Fox Business

Americans Are More Afraid of Credit Card Fraud Than Terrorism
Fox Business
 

Bloomberg

If Everything Moves at the Speed of Light, Why Is My Money So Slow?
Bloomberg
 

Consumer Watch: Diligently protect your financial accounts

ArmyTimes.com
Active-duty members' DFAS accounts can't be changed by phone; the military requires all active-duty troops to use online myPay accounts for transactions such as changing electronic funds transfer account information. But retirees may change bank ...
 

Cost-Saving Idea: Don't Take Credit Cards

CFO Magazine
To reduce credit card usage, REL recommends, among other things, that companies consider lower-cost forms of electronic payment such as electronic funds transfer and direct debit; renegotiating credit card fees; surcharging credit card transactions; ...
 

The Times-Picayune - NOLA.com

Bobby Jindal administration accused of mishandling state workers health care ...
The Times-Picayune - NOLA.com