bank computer holiday

[Lolly]

Can anyone give a logical explanation as to why computers don't process electronic transactions on weekends or public holidays?????

St George couldn't tell me why. Its just so - oh and all the banks do it. This is what makes me suspicious. My money. Transferred on Friday out into lalah land (making St George interest oui?). Not expected to be seen again until midnight Wednesday if I'm lucky (given that tomorrow is a PH), otherwise Thursday am.

Why?

[IPIT]

'Clearance' times is the oldest bank scam in the world (especially since the introduction of computers). Banks make shitloads in interest holding onto your money for a few days.

[Bundera]

So the banks make interest on your money for longer?

I had a bank cheque for about 40K take a week to "clear" once, my issue is that it was from the same bank!

[Lolly]

Its so rude!!

[IPIT]

If you and I do it it will be called robbery not cheeky

[Lolly]

I feel like its time for a revolution

[drifter]

they play the market with your cash over those days.

with cheques its a slightly different story. they have to send the cheque to the issuing bank and they compare the signature with their signature on file to verify the authenticity. still shouldn't take a whole 3 days, but does take some time.

[Aphex]

Banks are a law unto themselves and yes, it's so they can make more money.

[IPIT]

They check signatures? I signed 'cock' once for a laugh and it still cleared. Did the same at a store with my credit card.

[Desmo]

Yes, they charge you for the privilege of using your money to make more money.
Disgusting isn't it.

[Lolly]

I'm just annoyed that I will cop the interest on the CC for not paying it out in full in time (even though technically I paid it 4 days prior to due date). Would like to pass any such charges on to St George if I may.

[Bundera]

good luck with that

The amount will normally add to the available balance on the credit card but wont appear for a few days, effectively not paying interest on the amount. Cheques are always best to put straight onto the credit card as they come off the balance immediately, even though they dont clear for a few days.

[Moorby]

Build a bridge. Cheques go to a clearing
house and transfers have to be verified
that the sender has the money.
Posted svia Mobile Device

[mystery]

Bing, moorby has it.

[Lolly]

It wasn't a cheque. Its an electronic cash transfer - you can't transfer any more than you have in your account so no additional verification required there.
So no Moorby I don't think its acceptable that we 'just get over it'.

That said, it looks like the transfer has been backdated to yesterday so all is good with world

[JaR6d]

they play the market with your cash over those days.

with cheques its a slightly different story. they have to send the cheque to the issuing bank and they compare the signature with their signature on file to verify the authenticity. still shouldn't take a whole 3 days, but does take some time.

I used to work in a cheque processing place.
We'd have all the cheques sorted, scanned, balanced, and in the system by 9-10pm the night that they are given to the bank.

We'd only check the signatures on the cheques if they didn't run through the machine.

[Roger Explosion]

Topic wasn't about cheques! Can anyone who works in the Banking industry explain why an electronic funds transfer should take an extra day (or even one bloody day FTM) on a public holiday?

[chew]

People Ranting On Financial Institutions Transactions sums it up.

Not in the industry but they have got plenty of my money over the years. Dont put money in the bank, buy shares in the bank.

[Mirkz]

I often do transfers over the weekend, sometimes they go through instantly, but don't get 'processed' till the following working day.

Maybe just not be with such a homo bank ?

Look at things on the flip side.
If you DIDN'T transfer some money, but someone else DID from your account (Fraudulently), wouldn't you rather it gets processed on a day when people work so you can call up screaming 'wtf is my money going, u must fix it, I didn't authorise this' blah blah whinge whinge ?
Or would u rather it completely clears from your account and into the Bahama's instantly, possibly losing any possible way to obtain money back ?

[mystery]

Not everything is done automatically through the systems - people have to process batch transactions and so on..And public holidays apply to these people too.