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Resolved Question

Money, Transfer waiting time, where is the money in the mean time?

I have transferred money from my private account at one bank group, to a private account [also mine] at another bank group. The money was immediately shown to be withdrawn from my one account, but have 48 hours later not yet shown up in the second account. Where is it in the meantime and who is owning the interrest while it is not in either of my accounts?

The point I want to make is: their must be literally millions of Rands out the in Cyber space at any given moment, which amounts to one hefty interest earning potential. If I had the opportunity to earn the interest on the R250 some-one else transferred as so also money transferred by millions of other users, I wont have to work, ever again!!!
70 mths ago

Best Answer

On the earning interest question, different banks appear to behave differently. Some take the transaction date, others the day the money lands in your account. If you do an EFT, you must try do it before noon, else your money can take an extra day to get to its destination (so 48hrs instead of 24). Some banks seem to collaborate and others not. So transferring from Nedbank to say FNB usually takes 2-3 days whereas Nedbank to Standard can be as fast as 12hrs. Sometimes it's even slower if there are week-ends or public hols involved and again other banks don't make any distinction. If this is something you are going to be doing regularly, don't expect the lead time to change - just always get your transaction in before noon - or find another way. Most transfers start running at midnight but 'disconnected' banks seem only to see your transfers lodged 12hrs before!

70 mths ago

Answers -

I suppose you get the interest once it is available in your other bank account. The money is floating in cyber space between the 2 accounts but I am sure you get the benefit of the interest. Best to stick to one bank then the transfer is available immediately

70 mths ago

Probably in the bank CEO's Swiss account, gathering interest.

70 mths ago

Should you transfer to the same bank it is avialable immediate in the account transfered to, but if it goes to another bank - they need to verify that the money was available in the account transfered from and send it via their computers - manpower at the end of the day is used and therefore the time restraint. Different banks use different servers.

70 mths ago

Interesting question. The only reason money doesn't show immediately is because it's transferred to another bank. It takes a few days to move through all the servers.

70 mths ago

Somewhere between here and there

70 mths ago

Servers and security processes ,i think are the cause of delay.be in mind of laws like anti-money laudering and torrorist financing must be prectised always.

70 mths ago

The money is put into a "suspense" account with the other bank. Sometimes they need to manually verify the account details if the system does not automatically clear it out with in the 24 hr period. No-one gets the interest during the period, but the bank does score as it has increased it reserves for a short period and would pay less interest to the reserve bank.... so in a nut shell ... the bank.

70 mths ago

These type of transactions usually gets processed in the evenings when the bank process their batches. These are groups of transactions that gets accumilated during the day. Inner-bank batches usually happen within 24 hours, but inter-bank takes longer, as different banks use different systems. If it does take longer, contact your "from" bank to try and find out what has happened. And I don't think that anyone really gets any interest, but I tend to agree that if someone is getting some sort of gain out of this "limbo" period, it would most probably be the bank.

70 mths ago

EECH wrong. All banks communicate via a central server called bank serve (i know because my brother work for absa). Std and Absa have direct communication on the server, as they use centralised branch codes for trasfer purposes. The other banks not (because they are full of C***). when you transfer to banks that uses different branch codes for each transaction, the communication on the server takes longer to communicate because the server in looking through all those branch codes for your bank and account no. So in a sense the money is hanging in virtual space, and no one is earning interest on it. Hope that clears it for you.

70 mths ago

In cyber bank

70 mths ago

My concern exactly! It is so infuriating that in this day and age of electronics that money transferred from one bank to a different bank (i.e. ABSA to FNB etc.) should take 12 hours or more. It may be that the banks are colluding to boosting their suspense account for a day or two!! And as you say the money is not shown on your account - at least it could remain in your account with a note saying pending transfer so it would obviate you drawing those funds out. Using FNB’s ATM - when transferring money to another bank even takes two to three days. Yet if you arrange a payment facility at the ABSA to another bank you can go to the ATM and effect a payment immediately and that payment is reflected as paid the same day.

Source: self

70 mths ago

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