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

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 ...
 

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 ...
 

Electronic payments benefit people excluded from formal financial services ...

Daily News Egypt
The MasterCard Payment Gateway can manage multiple payment types, including card and electronic funds transfer (EFT) and is part of MasterCard's continuing effort to improve the payments process for businesses of all sizes, and revolutionise an ...
 

MGMA urges CMS to provide guidance on EFT transfer payments

EHRIntelligence.com
The Medical Group Management Association (MGMA) has sent a letter to CMS Administrator Marilyn Tavenner urging more oversight for electronic funds transfers (EFTs) for the payments of medical services. While the Affordable Care Act (ACA) includes ...
 

Refunds unlikely for canceled race

Charleston Daily Mail
Dirty Girl does allow participants to transfer their registration to a race in another city, but Cox said that's defeating the purpose of signing up for a race in her hometown. ?I don't think it would be acceptable if the ... However, it is up to 100 ...
 

Fingerprint hearing: Best and worst Pa. counties have same equipment

Patriot-News
In the last three years, the PCCD has distributed $1.78 million in federal funds to purchase fingerprinting equipment and educate police on the importance of fingerprinting, which is the only method the state uses to establish a defendant's criminal ...
 

Combine Solicitation - **REVISED** MARRIAGE AND SINGLES RETREAT

Insurance News Net
... or Executive Orders-Commercial Items, applies to this acquisition, and specifically the following FAR clauses under paragraph (b) are applicable: 52.232-33, Payment by Electronic Funds Transfer/ Central Contractor Registration ( Oct 2003 ); FAR 52 ...
 

MoneyGram and Canada Post Sign Multi-Year Extension to Provide Fast and ...

The Herald | HeraldOnline.com (press release)
DALLAS ? MoneyGram (NASDAQ: MGI), a leading global money transfer and payment services company, and Canada Post, Canada's leading provider of electronic commerce and customer communication solutions, have extended their agreement to ...
 

Combine Solicitation - Service to replace load monitor system

Insurance News Net
FAR 52.232-33, Payment by Electronic Funds Transfer--Central Contractor Registration. (xii) The following additional clauses are applicable to this procurement. * FAR 52.207-4, Central Contractor Registration * FAR 52.211-6, Brand Name or Equal * FAR ...
 

Combine Solicitation - Natural Gas Supply KL-Ehof B86/742 & KMCC B 3336

Insurance News Net
This is a combined synopsis/solicitation for natural gas supply. This announcement constitutes the solicitation; proposals are being requested. The solicitation number is: FA5641-15-R-5404 issued as a Request for Proposal (RFP). A. REQUIREMENT: 1.