bank computer holiday

[Lolly]

The operator from St George I spoke to told me the transfer was electronic - not processed by people. But then she also told me I shouldn't expect to see the $$ until Wed, and as noted above it came through this morning but backdated to yesterday.

So from where I sit, a possiblity looks as follows: St George had my money on Friday, Sat and Sun. After which Westpac took the money on the Monday, but only had it register in my account on Tuesday (but backdated it to yesterday - minus any interest they accrued from the international markets ).

[HughDMan]

You earn interest on the chq immediately, it just isn't available to spend. My Home loan if it is due on a Saturday or Sunday comes out on the next business day and I don't pay Extra. Not sure why it takes so long for Money Transfers those, I know that some of it used to be paper based so that may hold it up for a bit longer.

[shmoo]

So, you transfered money out of your account on Friday right?

I'm betting you did the transfer after 2pm, making it after bank processing time (which I understand is 6pm eastern). That means the transaction is processed on the next working day, being the Monday. So on Monday, your transaction goes into the system. The transfer then takes one day to end up in the destination account, making it Tuesday. Then to make sure you didnt call up and complain on tuesday, the bank told you to wait until Wednesday (one extra day) to be sure the money had arrived.

[FJ Steve]

As Mystery said...all the transactions are batched...and then sent thru "electronically" at the appointed hour..as shmoo said.

And if you miss the last batching..then it's good odds that your "money' has gone on a world wide tour overnight...visiting the various money exchanges/markets. But good luck getting a bank to admit that.

[mystery]

Cut off time for most banks to process transaction is 3PM, otherwise it goes next day.

[lee]

Westpac takes 24 hours (it's never actually taken 24 hours afaik), and then once you're in the 'transferred money to this person' list, it's instant from then on, regardless of the bank that you're transferring to.

No complaints

[Para045]

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

Sounds like someone who works for a bank or has shares in them

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 ?

That is the banks problem not yours if they transfer it to the wrong person (which unless you give someone your pin is down to lax security measures not transfer times and like it being done by a person will make any difference ) and they must replace the amount taken if it was obtained fraudulently

So, you transfered money out of your account on Friday right?

I'm betting you did the transfer after 2pm, making it after bank processing time (which I understand is 6pm eastern). That means the transaction is processed on the next working day, being the Monday. So on Monday, your transaction goes into the system. The transfer then takes one day to end up in the destination account, making it Tuesday. Then to make sure you didn't call up and complain on Tuesday, the bank told you to wait until Wednesday (one extra day) to be sure the money had arrived.

Still shouldn't take that long to process with the systems in place these days, I can transfer money to my share trading account instantly during the day and that is all done electronically.
I could understand it in the old days and with checks "IF" they actually checked signatures but in reality they are just making a huge profit
The biggest scam IMHO is when you deposit a Commonwealth Reserve Bank Tax cheque, like the fucker is going to bounce