View Full Version : When Does Money Move
brokencross
12-Dec-08, 10:49
The other day I made a financial transaction on t'internet and the next day I went to my on-line banking account day to see if the money had left my account. It hadn't, so I checked again last night about 2230 and it still hadn't been taken out, yet this morning at 0700 lo and behold it had been paid.
Was just wondering if any Orgers with banking experience can tell me when the money magically moves. Do the banks do all the "electronic paperwork" during the day and then later somebody then press a button at a predetermined time and money "flies" all over the place. OR.........
Depends what kinda transaction you did brokencross! Some stuff you do online shows itself moving from your account straight away but does not reach it's destination 'til sometime (maybe a couple of days) later. Think most stuff happens in the wee small hours but things are changin in the banking world and "who knows" is the short answer! :roll:
Tugmistress
12-Dec-08, 11:08
Hi,
I do a lot of online transactions and it can vary from company to company :roll:
if it's a bank to bank thing it's usually instant, if it's to a shop/retailer it can take up to 5 days for 'the button to be pressed' from my own experience. not a great answer but i hope that helps as it's not unusual for the money to be transferred about 3 working days after the initial transaction.
I think it all takes place around 2 am. That's what I've found with mine anyway. Sometimes payments for items on the internet only go through once the order is despatched.
Dreamweaver
12-Dec-08, 15:30
On the first of each month I have a standing order from one bank to another. This invariably takes 3 or 4 days to arrive and it really really annoys me. Its just a way of banks hanging on to your money.
purplelady
13-Dec-08, 00:13
On the first of each month I have a standing order from one bank to another. This invariably takes 3 or 4 days to arrive and it really really annoys me. Its just a way of banks hanging on to your money.
i used to have that problem to but have noticed last couple of months has been arriving on the day it leaves the account which is good x
George Brims
13-Dec-08, 01:17
It all depends who on you bank with, and also what kind of account you have. But I will tell you one thing. It doesn't matter who you bank with, if you pay in a cheque, and make an electronic payment scheduled for the same day, the cheque will not clear until after the payment comes off. D'oh! Overdraft fee!
rockchick
14-Dec-08, 20:49
My paycheque arrives electronically on the stroke of midnight...not sure about other transactions tho.
teenybash
15-Dec-08, 00:07
It's all a bit of a mystery to me though I do my banking online......probably all the monies are moved in the wee small hours by the penny elves or munchkins, with the money sacks on their backs............rushing here and there................:eek:
Youre right about the overdraft fee, George.
Basic accountancy however teaches you to put debits before credits.
Some banks are ok about the overall figure for the day on an incoming and outgoing transaction on the same day, and if the end result is a credit balance they do not impose the overdraft fee. (A&L do this for instance).
brokencross
15-Dec-08, 08:32
Basic accountancy however teaches you to put debits before credits.
My wife used to work in a bank in the 1970's and they were told "never anticipate your wages" and I think they used to get slap wrists if they went overdrawn.
Unlike some of us at the end of the month, a couple of days before payday and funds were low, would write a cheque knowing it would take about 5 days to clear and come out of your account so the pay would be in the bank by then! She couldn't do that.
It's all a bit of a mystery to me though I do my banking online......probably all the monies are moved in the wee small hours by the penny elves or munchkins, with the money sacks on their backs............rushing here and there................:eek:
It happens in the wee small hours cos that is how long it takes to get money from your shoe box to their shoe box! ;)
brokencross
16-Dec-08, 09:24
It happens in the wee small hours! ;)
What happens if you keep your money under the mattress;) you would get disturbed
What happens if you keep your money under the mattress;) you would get disturbed
Haha! I think if you kept it there you would have to move it yourself or employ yer own elves! In this case time would not be an issue! :Razz
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