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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

'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 ...
 

Electronic Fund Transfer Act now provides protections for consumers who send ...

Michigan State University Extension
In fall 2013, new protections became effective for those who send money to family members outside of the United States. Have you ever heard of a remittance? Federal law defines ?remittance transfers? to include electronic money transfers from consumers ...
 

The Punch

CBN Gives Banks Dec 31 Deadline On Funds Transfer Status
AllAfrica.com
 

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 ...
 

Peninsula churches take advantage of online giving

Daily Press
Members have been able to do so since 2009, although church leaders began providing the option to set up donations via electronic funds transfer in 2005, said Sherrie Turner, the church's human resources and finance director. At first, online donations ...
 

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 ...
 

NBWA Announces Partnership with Fintech

Brewbound.com
ALEXANDRIA, VA ? The National Beer Wholesalers Association (NBWA) and Fintech today announced a strategic partnership aimed at growing the number of beer industry payments conducted via electronic funds transfer (EFT). As part of the partnership, ...
 

Bruce Cole pleads guilty to Mamtek-related criminal charges

Columbia Daily Tribune
One of the securities fraud counts in the plea deal focuses on Cole's statements that the money was transferred to his wife's personal account so that Ramwell, which did not have a U.S. bank account, could be paid. Instead, the money was spent on the ...
 

Russia's giant spy ship was a high-tech disaster waiting to happen

The Week Magazine
Hobbled by faulty hardware, cursed with bad luck, and starved of funds for repairs, Ural was eventually laid up. The giant spy ship's ... All that juice was meant to both propel the ship to a speed of 22 knots and power one of the densest, most complex ...
 

The Internet an asset that can devour

The Albany Herald
We don't buy things with cash. We swipe a debit or credit card, or electronically transfer funds online. While in the past many decried paper money that wasn't backed by gold, there are electronic currencies now, such as Bitcoin, that aren't even on paper.