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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

Virtual-Strategy Magazine (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 ...
 

ACH Payments And Electronic Funds Transfers

Mondaq News Alerts (registration)
Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) obligates certain businesses with money laundering vulnerabilities to identify clients, keep records, and report prescribed transactions, among other things. We're ...
 

ABC News

David Lazarus: Is a credit card or a debit card safer?
Fresno Bee
 

E-payment channel transfers grosses N10.85trn in 2013 ? CBN

BusinessDay
Electronic payments channels according to the CBN have been broadened with several options as online web payments, electronic funds transfer, various forms of cards, POS, ATM non-cash transactions etc. As an instance, the Nigerian inter-Bank Settlement ...
 

Disabled man ripped off by live-in caregiver

Mount Airy News
Adding to the debacle was the fact Joe's Supplemental Security Income money was missing. As with many forms of assistance nowadays, he received those benefits in the form of an EBT (electronic benefit transfer) card, from which funds are drawn similar ...
 

Elizabeth Hovde: Keeping welfare money out of pot shops requires diligence

The Oregonian - OregonLive.com
Mindy Chambers, the public affairs director for Washington state's Department of Social and Health Services, told me Monday that in July, the state of Washington found three instances of Electronic Benefit Transfer card use in pot shops. (August ...
 

Citi launches roadshow on e-fund transfer

The Daily Star
Banks are yet to fully embrace the electronic fund transfer (EFT) services even four years after its launch due to lack of awareness and incentives among bankers about the cost effective, quicker and secure system. As a result, only 5 percent of all ...
 

CFPB to oversee fund transfer

Investor's Business Daily
... to protect consumers when they send funds overseas. Global money transfers were not typically protected by federal regulations before the enactment of the Dodd-Frank Act, which broadened the scope of the Electronic Fund Transfer Act, the CFPB said.