0
Electronic Payments take upto 5 business days to clear because:
- The Transferring bank has to deduct funds from your account
- Transfer fund to the receiver bank
- The receiving bank has to receive funds into their account
- The receiving bank has to credit the amount into the payee account
All these involve time & effort. That is why it takes this much time.
To quicken this banks offer quicker transfer features but they charge a higher fee for the same.
This could be done immediately since it is done by computer. They do not actually transfer actual money to the bank. The banks do this because they make more money by holding your funds for 5 days. They have earned 5 days of interest by lending it to someone else. Notice how they can "immediately" take out your money when you have to pay them, but not immediately when they have to pay you.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Where can you float a check?
Pretty much anywhere that does not have electronic instant check redemption services, (such as those that Walmart uses). Even if they take it to the bank that night, it will usually take 3-4 days for the check to clear your account.
Where can you float a check at?
Pretty much anywhere that does not have electronic instant check redemption services, (such as those that walmart uses). Even if they take it to the bank that night, it will usually take 3-4 days for the check to clear your account.
How long does it take the urine to be clear?
Marijuana is clear in 21 days about. Most other drugs 3 days.
How long for does it take for banks to electronic transfer money?
Well, It can take up to 2 days....international transfers can take up to 4 days....
You smoked one day and took a swab test 2 days later did I pass?
Probably not, if you take any drug on a regular basis it can take 30 days or more to clear your system, if you rarely take drugs it can take about 3 days to clear your system.
How long does it take for a cross cheque to clear?
200 days
How do people use eChecks online?
People use eChecks both to pay and buy stuff. eChecks are very similar to electronic payments that we regularly do with our traditional banking institutions. With eChecks though, the funds will take about three to four days to process.
How long does a check take to clear in Yorkshire bank?
It is usually five working days for a cheque to clear.
How long does a cheque take to clear in barclays?
5 working days
How long does it take for abSA tjek to clear?
10 working days
How long does it take a navy federal check to clear?
7 days
How long does a bank check take to clear?
3-4 days
