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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 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 ...

Democrat faces county Republican chairman in Maine House District 55

Kennebec Journal & Morning Sentinel
... it's clear that people are abusing the welfare system when multiple electronic benefit transfer cards are found at drug busts. He didn't have specific ideas for ways to reduce welfare fraud and said departments should look within to find ways to ...

Milwaukee Journal Sentinel

Gov. Scott Walker's false promise of job growth isn't that big of a deal
Milwaukee Journal Sentinel

D'Agostino is running for superintendent

Johnston Sun Rise
Turning to the door of Scott School with its camera and electronic locking, he spoke of the upgrade of security at all schools. D'Agostino pointed to his competition of fire code improvements, ... Consolidation is seen as enabling the department to ...

Indictment: Grand Rapids couple illegally received $165000 in funds for needy

The Grand Rapids Press -
Funds are deposited onto recipients' Electronic Benefit Transfer cards, which can be used at authorized stores. The couple also received $72,000 in Medicaid benefits and $55,000 in housing assistance, the government said in court records. ?Between 2005 ...

Allegheny Valley board reduces transfer to $1.5M

The Allegheny Valley School Board on Monday trimmed a transfer of money into a fund dedicated for building work. After discussion, the board lowered the amount being transferred into the district's capital reserve fund from $2 million to $1.5 million.

Popular, Inc. Announces Third Quarter Financial Results

Business Wire (press release)
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Popular, Inc. (the ?Corporation? or ?Popular?) (NASDAQ:BPOP) reported a net income of $62.6 million and adjusted net income of $90.5 million for the quarter ended September 30, 2014, compared to net loss of $511 ...

Islamic State takes advantage of Cash Economies in Iraq and Syria

International Policy Digest
While it is unlikely that all missing funds end up in the hands of militant organizations, Western governments' participation in these cash economies makes it easier for IS to embezzle and transfer funds without an electronic financial footprint. Even ...


4 Reasons Why You Should Shop at Stores That Got Hacked

Rochester voters reject funds for building study
Voters at Monday's special Town Meeting in Rochester rejected a proposal to spend $20,000 to study the feasibility of constructing a new building for town offices on Dexter Lane, telling officials they want to see an exact plan before approving funds ...