Electronic Funds Transfer

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.

Question: How to cancel an electronic funds transfer from bank account in paypal? I have transferred a large amount of money from my bank into my paypal account and it is pending. My paypal account recently got limited and I WILL NOT be able to unlimited it. Is there a way to cancel this pending transfer so it does not get into my paypal? Please help.

Answer: Recalling funds transferred already is very tricky and bankers throw up tantrum. Get the funds diverted to a safe account. Maybe there is a small fee but you can access your funds!

Question: What does Electronic Funds Transfer Payroll mean? I went to check my account online today and i had an extra 450 dollars in my account. Im not sure if my mom put the money in my account to help me out or what. I was supposed to be paid tomorrow for work, is it possible they paid me early? On my transactions it said 450 dollars credited for Electronic Funds Transfer Payroll, so Im not sure what that means. thanks so much for the help Also I just looked closer at my transactions and when i get my paycheck deposited it says the name of the restaurant I work at and how much they gave me. This transaction of 450 dollars doesnt say anything of the sort.

Answer: Sounds like a direct deposit paycheck. Sometimes they are deposited a little early.

Question: what is an electronic funds transfer? what is an electronic funds transfer?

Answer: Electronic funds transfers (EFT) is the movement of funds from one bank account to another using computers instead of checks or paper cash/coins. Bill pay through your bank is an example. Bill pay can be an EFT if the your bank sends the rent not as a check but as an Automated Clearinghouse (ACH) item. If the bank actually cuts a check and mails it to your landlord, that's not an EFT. Also, if you pay your cell phone bill online using a credit card, that's an EFT. Direct deposits of payroll checks is an EFT. An e-check is an EFT. This one is interesting: let's say you go to a store and you write a check to pay for a pair of jeans. The store can actually scan that check, convert it into an e-check, and give you back the check.

Question: Explain the difference between the wholesale and retail electronic funds transfer systems.?

Answer: retail-comes from an individual store to the bank. wholesale is between clearinghouses/banks.

Question: if some one pays you vie EFT(Electronic Funds Transfer)can the person who paid you take it out again? I sold a item on a ebay like site and the person who wants to buy my goods payed by EFT.Is there any way that the money could be removed from my account by the bank? I don't want to send the goods until I know that I safely have the cash.

Answer: No I do not think they have access to your account. It's just a wire transfer, they do it all the time with huge sums moving (actually just electrons, the banks never actually have the cash to back all the stuff they print on paper.)

Question: what time do banks post an electronic funds transfer from an employer?

Answer: on the day you would get paid!!! say you get paid 1st 15th == posted 1st 15th!!!!

Question: Is my Bank Account Number the same as my Electronic Funds Transfer Number? So i just opened a new account with the local credit union and i am trying to add my bank account to amazon and I dont have any Checks which tell me my account number. I know my routing number, EFT, and member number I just dont know if the EFT is the same as the account number

Answer: Call the credit union to confirm your account number. It should be the same as the EFT number, but to be 100% sure, you'll want to talk to someone at the credit union. Hope this helps. Good luck!

Question: How does EFTPOS (Electronic Funds Transfer at Point Of Sale) work?

Answer: EFTPOS, Electronic Funds Transfer Point of Sale, refers to the technology that allows a retailer to directly debit a customer's bank account by using a debit card. The debit card, generally the same as an ATM card, is swiped through a reading device just like a credit card. The customer must enter his or her PIN number, generally requested once the amount of the sale has been entered into the EFTPOS device. There are many advantages to using an EFTPOS for the retailer and customer alike. The retailer is paid 'instantly' without having to accept actual cash. Though cash is certainly preferable over credit cards with surcharges, or personal checks that can bounce, there are many security liabilities surrounding the handling of large amounts of cash. Cash must be manually counted by the cashier at the POS, counted again when the register is balanced out, and finally collected by an armed service or personally deposited. With EFTPOS, the money is wired directly into the retailer's bank account, bypassing those liabilities while saving manual resources. The customer also comes out ahead using EFTPOS, due to its considerable convenience. A shopper need not have cash on hand, credit cards, or a checkbook to make a purchase. This is especially convenient for unplanned or impulse buying. The customer can also get cash back from the transaction -- another convenience. Furthermore, if an item needs to be returned to the store, an EFTPOS sale affords the patron an instant cash refund, notwithstanding store policy. Contrast this with personal checks which require a customer to wait two weeks or more before a cash refund can be offered. Finally, EFTPOS saves the consumer money by sparing personal checks and ATM fees to withdraw cash. EFTPOS is extremely popular in the United States, the United Kingdom, Germany, Australia, New Zealand, and Canada. Some manufacturers of EFTPOS systems include: EFTPOS, Ingenico, Axalto, Sagem, Thales, Trintech, Verifone, and Hypercom. Luv SK Mail me :funmansk (at) yahoo.com Join my group: http://groups.yahoo.com/group/funmansk My blog : http://firstcitizen.wordpress.com Fun blog : http://funmansk.blogspot.com Get paid to view ad: http://www.advercash.net/index.php?ref=funmansk

Question: Why does an electronic transfer of funds take 1-2 working days? If it's electronic, why isn't it immediate? From the Commonwealth Bank of Australia site: "If I make a transfer to an account at another financial institution, when will the funds be available in the recipient's account? Transfers to other Australian financial institutions performed before 6pm (Sydney time) on a business day will generally be available in the recipient's account in 1-2 working days." I've heard it's the same in the US also.

Answer: The programs that process these transactions are run overnight, because the servers are busy during the day responding to questions, and doing urgent transactions. So the first institution processes the transaction overnight and sends to the other. Then the second processes it overnight and confirms it. Depending on the timing, it could take one or two days.

Question: Electronic funds transfer or Debit/Credit card payment, which method posts fastest to banks?

Answer: they should arrive in the order that they was enter into the system!!!

Question: How long can a credit card hold payment on an electronic funds transfer? I paid the balance on a secure credit card with a transfer from my checking account. The funds have cleared my checking account, but the credit card company has a hold on the funds, saying they won't release them until they can confirm they've cleared my checking account. I'm told this could take up to 14 days. This seems a little rediculous--how could I make the transfer unless the money was in the account to begin with? I can't seem to find any guidelines that stipulate the amount of time a hold can be placed on an electronic transfer. Does anyone know if the 14 days is maximum allowable by law, or is this just a company policy?

Answer: The credit card company can pretty much decide when to restore your funds availability. But they can't legally charge you interest on account balances after they have received payments. Bank transfers are normally immediate or overnight and they cannot treat a completed bank transfer the same as a check received in order to attempt to do that. I suggest you contact your bank for a confirmation of the transfer completion date and time, and all other pertinent information regarding the transfer. Then send the credit card company a registered letter with the information along with a demand that the payment be applied to you balance as of the day the transfer completed and give you an accounting their action so that you can determine that they did not overcharge you. If they fail to do what you ask, you should just forget it unless there is a lot of interest involved. If they do reply, you will need to decide whether to keep your account with them or not based on how they respond. So don't charge anything else on that card until the issue is resolved to your satisfaction.

Question: eft electronic funds transfer regulations? for chile? my guess is that there is none, because of the big fees. eft electronic funds transfer regulations? for chile? my guess is that there is none, because of the big fees they charge. Thanks in advance. I know there is the "timbres y estampillas" tax, for every transaction, but nothing else I have found on Banco Central neither on Biblioteca del Congreso.

Answer: Doesn't seem to be a problem to do it at iKobo.

Question: Was I wrong to make a credit card payment to a collector thru electronic funds transfer??? I settled my collection staus with an electronic funds check. Shud I have done that? They said they sent me a settlement in Full letter in the mail. Was I wrong for doing this???

Answer: An EFT is still a check drawn on your account. The reason they want to send a PIF (payed in full) letter is that way both you and them have a written record of it. If you haven't received the PIF letter in about a week after making the payment call them and tell them you haven't received it and pleas send another.

Question: Australians - when u lodged etax how long did it take to get your refund via electronic funds transfer? and if possible what bank were you with??

Answer: I am really not sure.. I am with good ol Aussie commonwealth sukky bank..lol..why I really got on your question. was not to tax you but .. to see if I could be your contact... the reason being I just saw your answer to .. what is stuffed..and knew.. as a mum.. the absolute . freakin humour in this.. so .good luck with your tax stuff.

Question: what is the statute of limitations for the electronic funds transfer act under REG E in california?

Answer: Hey, I don't know the answer to that question because I work in Texas, but I suggest you pose it on http://www.bankersonline.com/ They have a professional chat forum and there are several threads about how to handle the problem and the UCC implications.

Question: What do you know about EFTPOS, (Electronic Funds Transfer Point of Sale)?

Answer: EFTPOS typically refers to the accepting of credit cards at the Point of Sale and then the transfer of funds from the credit card holder (customer) to the merchant (store/business).

Question: Where can I get information on Electronic Funds Transfer Act, 1978? Where can I get on-line information on Electronic Funds Transfer Act, 1978? Or any site where I can get all Acts effected by Govt.of India.

Answer: For information on EFT ACT you may visit: http://en.wikipedia.org/wiki/Electronic_Funds_Transfer_Act for finding Acts of Government of India you may visit: http://indiacode.nic.in/ichome.asp

Question: Can I use electronic funds transfer between countries on behalf of a friend ? Can I use electronic transfer to get money transferred from my friend in the UK into my account and then transfer the money locally to his family by cheque/cash? His family does not have an account that enables electronic transfer.

Answer: As long as it is legal money you should not have any problem. Generally it is advisable not to get involved in such transactions unless you are sure it is genuine and lawful money.

Question: How long does it take for a one-time electronic fund transfer take? I was in totally need to go grocery shopping today b/c i have family coming over and staying for the week. Since i dont get paid in till Thursday, i used a check to pay. Today is tuesday. How long will it take for my check to go through if it went in using the one-time electronic fund transfer?

Answer: EFT goes through on the day it's posted and clears the next day.