Presumably the transactions are all electronic and should be instant, so why does it take 3-5 days for a bank to bank ACH transfer to go through? Do the banks purposely delay it to avoid paying interest for those 3-5 days?
2006-12-16 16:40:10 · 2 answers · asked by alferzz 2 in Business & Finance ➔ Personal Finance
Well, think about your question, for a moment, if you were a financial institution, wouldn't you in your lust for greed try to avoid interest payments?
Hint: This ACH process typically takes LONGER with regular BANKS than Credit unions, which take approxamitely HALF the time to process these transactions, AND are not for PROFIT, question, answer.
2006-12-16 16:56:57 · answer #1 · answered by ______...Questing101..._____ 1 · 0⤊ 0⤋
It should only take 2 business days. For instance, if a payroll company runs your payroll - 1 day to go from payroll to the feds and 1 day to go from the feds to the receiving bank
2006-12-17 00:49:46 · answer #2 · answered by Tish 5 · 1⤊ 0⤋