bank savings account?

Question

when my savings bank transfers money electronically to my current account bank they tell me that it takes three working days to complete the transfer who has the interest on the money transferred because it moves out immediately from my savings account.three days interest for who?

Answer 1

If both accounts are with the same bank then your bank is being greedy, if you are paying to a different bank then yes it disappears in "limbo" as with most banks...........

Answer 2

It takes 3 days due to federal law. An ACH transfer requires the sending bank to guaranty the funds are in the bank before they send the funds and hold them for the 3 days. In the 3 day period, if you change your mind it is too late. You should change your savings to the same bank so you can do the transfer online or at a teller. It would be done right away.

Answer 3

With my UK bank account I can transfer funds immediately (phone or internet) between accounts and I can transfer funds to other accounts which clear in four working days. Check out alternative banks and make change...

Answer 4

Savings account. Most banks will still offer a debit card to be attached to the account, but you are describing a standard savings account.

Answer 5

I transfer mine on line and it goes immediately. You are with the wrong bank

Answer 6

The bank does.

Answer 7

Banks will always take every opportunity to rip you off. This is just another way.

Answer 8

For the bank. That is how they make a profit.

Answer 9

they do but if over draw by one sec they will charge you it is all one way with banks