Why do funds take 3+ working days to clear via internet banking?

Surely it should be instant. Is it so banks can make money on interest?Why do funds take 3+ working days to clear via internet banking?
You answered your own question - the banks hold onto the money and get interest off it or use it for other purposes. Ever wondered how comes you use your debit card and the transaction goes thru immediately (!!!), but if you want to move your money from one bank to another it takes three working days!!!!!!!!!!! Cheers!Why do funds take 3+ working days to clear via internet banking?
taking 3 working days assist in stopping fraud so it is more difficult for someone to open an account in one name launder money gained through criminal activity and then close the account. Yes banks profit from this, but generally unlike most countries they dont charge you for having an account or using your account as long as you keep it in credit which if you dont then fair enough they should charge you.
3 Days! You are not safe until 6 days after the date they record it as they can take it back. This time has got longer since the old manual days because they make loads of money from it.
Yes and no. The reason the money doesn't transfer immediately from your account to your creditor, or from wherever you're trying to move it from to your account is because there's a difference between a wire transfer and an ACH (automated clearing house) transfer. Banks have the capability to wire money to or from your account, a process which is not instant, but does typically occur on the same day. However, when you transfer money to/from your account online it's an ACH transfer. This type of transfer is similar to a wire, but typically takes two business days to transact. The reason it take longer is because a wire requires you to be at the bank with appropriate i.d. for the transaction due to federal regulations. The rules for ACH transfers are more lax but part of that is because the extra time allows the bank to track the money more effectively I think.
It's because funds still need to go through the clearing process, however they are spent, which takes... three days, like all other money. Banks may indeed be money-making sh*t bags but where ever you choose to switch funds, it's going to take three days. As well as the banks, there are plenty of other b*stards out there ready to nick your money, so you have to wait and make sure you money has gone to the right person etc. And no, I dont work for a bank!
Thanks yahoo for asking and sharing..





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It is so they can make money. It could be done instantly, but they are just money-grabbing sh*t bags.
Banks do it because the longer the money stays with them the more interest they will earn. But it is probably misguided because since every bank does it, it works out that the nett effect is that the gains and losses cancel out and it just results in inconvenience to their customers.