What sort of transaction are you referring to - a cheque lodgement, electronic transfer etc.?When you do a bank transfer and your bank says it will take 3-4 days to clear
Where the money has been withdrawn from the source account but has not yet appeared in the destination account then I presume that it resides in some financial institution's account and they benefit from any interest that it might earn.where is the money located for those days before it ends up in the destination account??? Who is earning the interest on the transferred money on its route to destination?
Why do online banking bill payments (including ESB, ntl:, PTSB VISA etc.) take 5 days so (at least with PTSB Open24 anyway)?Cash is cleared immediately.
There is only a Clearance Cycle when it comes to cheques & the time for this is 5 working days.
Where the money has been withdrawn from the source account but has not yet appeared in the destination account then I presume that it resides in some financial institution's account and they benefit from any interest that it might earn.
BTW someone told me it takes up to 10 days to transfer money into a Rabobank a/c. Can this possibly be true ? He told me it has to go through AIB first
PTSB Open24 online banking bill payments even to PTSB VISA take 5 days. In the meantime the money is in in neither the source nor destination account. It's a bit odd.
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