Anyone work in the banking sector???

[VoluptuaGoodshag]

Why is it that money transactions take 3 days even if they are done electronically? Is it so that the money lies in some slush fund to earn the banks massive amounts of interest or am I just a cynical old bag?

Just curious as I do on-line banking and my visa bill came out of my bank account on the Friday but didn't appear on my visa bill until the Monday. I can see reasoning before everything was automated but not now.

used to. the clearing cycle is 3 days in this country. think there's some controversy about which day customers receive value though.

other countries have much faster clearing cycles - i'm not at all sure why we're so much slower.

sorry - half an answer. might google for you if ds doesn't wake up...

here you go

Friday to Monday could also be explained by the weekend
I'm not sure that there is processing on Fri after a certain time or on Saturdays
But yes I'm sure there is a delay in some part down to the benefits a bank may get to keeping your money a day or so.

i don't think the clearing system operates on sat/sun.

friday a very busy day in banking. that's why staff are never paid on a friday. i think. or is it monday...?

used to be very important to me when i started and was skint.

Amazing that they still get away with it

Thanks Tutter btw