Why does it takes 3 days to transfer money from one account to another. But in films its instant.?

Question

Planning to rob an internet bank. LOL ;)

Answer 1

For many checks and personal account transfers it may takes three days but instant tranfers do exist. Many of my clients use they everyday from business checking accounts. They are additional fees attached for account set up, maintenance and a minimum balance requirement like for one of my clients they were charged $25 per transfer for any wire transfer anywhere in the world but it did happen instantly.

Answer 2

It takes 3 days to transfer between accounts from one bank to another bank but usually instant from one account to another within the same bank. You can also arrange for instant transfers between different banks but there is a charge for this - that's why most people go for the 3 days option except they need the money at the other end urgently.

Answer 3

The normal banking process is subject to delays because the banks earn interest on the money whilst its in transfer.

You can transfer money instantly through the CHAPS system. Its what solicitors use to transfer money when handling property completions. An alternative term often used to describe the same thing is "telegraphic transfer"

Using the CHAPS system is more expensive. The banks usually charge an extortionate fee for this.

Answer 4

Film allows you to use your imagination! ;)

Actually wiring funds from one account to another occurs in 1 day. Funds transfer which take 3 days to occur use the ACH (automated clearing house) method, similar to how direct deposits (from the IRS, Payroll, Social Security, etc) are transacted.

They're both transferring money; they just use different methods (and omit the word "wire" out). Hope this explanation helps! :)

Answer 5

The bank make money in the intervening period, so the longer it takes the better. I can transfer money instantly from one account to the other in under i minute. UK ( First Direct. com 0800 24 24 24)

Answer 6

same reason that in the movies detectives only solve the case when the've resigned from their jobs, or stolen cars never run out of petrol, or sheets are L-shaped so that they reach the man's waist, but the woman's armpits, or... shall i go on?

Answer 7

it a film :P anything can happen

Answer 8

Duh!! It's in the script!!