[PLUG-TALK] Off topic - bank transfers

AthlonRob AthlonRob at axpr.net
Tue Jun 10 12:16:17 PDT 2008

On Tue, Jun 10, 2008 at 8:51 AM, Keith Lofstrom <keithl at kl-ic.com> wrote:
> Not related to Linux per se, but lately I've been noticing that
> various financial institutions are delaying payments, apparently
> to profit on the float.  One recent check took almost 3 weeks to
> clear, and Paypal is requiring 3 or 4 days.  Since the actual
> electronic transfer takes milliseconds, there must be something
> else going on.

Usually it takes 2 days to do an EFT (think old-school batch jobs).
I've noticed my bank has a three-day hold, so transfers take 3 days,
but usually the funds are actually available after two days.  I get my
paycheck a day early at that bank.

The check that took forever to clear is odd, but 2-4 days for PayPal -
yeah, they're playing the market for a day... all the banks do it.


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