Why do bank transfers take 2-3 business days?

when i worked at a credit union, they would process ACH and EFT transfers a couple of times per day in a mass processing. that is, they don't go into each individual account and process ACH transactions on that individual account. that would just be too much to be handling all the time. when the bank gets these ACH transactions, they are processed as scheduled. part of the problem might be in the company (or other bank or whatever) that is submitting the transaction for you. it always takes longer for a company to credit an account vs. debit, for obvious reasons. i would say it's more likely the company wants to hold onto your money longer.

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Why do bank transfers take 2-3 business days?

Why in this digital, lightning-fast age, do ACH and EFT transfers take 2-3 days to get to your account. Why can't it be instantaneous or at least be cleared the next day. I have a theory that banks let it take so long so they can hold your money and make interest off of it :-)

You are correct -- the transfers SHOULD take just milliseconds not days! The money transfers through a clearinghouse that deals with the banks. That clearinhouse purposely takes their time with the transfer so that they can enjoy the interest on it for the period they have it. Adding your small transfer with all the others and they might be getting interest on millions of dollars every day. That is how they make their money. Bastards!!!!

Because human beings are still in the process: Even an EFT has a human reviewing it, even for minor transactions, they check the transaction details and protect the bank's (and bank's clients) funds.

The delay is because there is no direct bank-to-bank connection. Typically I see a 1 day delay in an ACH transfer. Your bank may impose an additional delay to reduce instances of fraud.

Computers get tired and need a rest. All computers are shut off at 5pm. Also, they are not required to work over the weekend and on holidays. On the downside, computers have to pay outrageous union dues.

a regular tranfer of funds from one account to another is immediate. However checks and such things like take a little longer because they have to go certain places before they clear and that is done by regular mail. All and all you cant rush the post office....

Michael Parker and Roland Williams asked the same question. You should see the answers side by side.

so the bank can use your money longer

That's exactly what they do, make money on your account!!!