Why don't banks process transaction on weekends?

Discussion in 'Go ahead!...ask us anything!' started by skeepe, Dec 20, 2010.

  1. skeepe

    skeepe Referee

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    It's 2010, not 1980. Why can't I transfer money from one bank to another on a Friday and expect to see the money in my account on Saturday or even Sunday?

    Surely in the age of electronic processing it should be possible to run transactions every single day of the year? Or do they turn their computers off for the weekend?

    What a rort. They certainly take the money immediately.
     
  2. Mr Angry

    Mr Angry Not a Referee

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    Whilst it is an automated process, the reconciliation requires a manual look over. This is only done on weekdays.

    That is if it is millions out it needs correcting immediately. With billion dollars profit could this be done, yes, but they wont, people accept this.
     
  3. skeepe

    skeepe Referee

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    Ridiculous. The banks are making so much money that surely they can afford to pay someone to do this on weekends as well.

    I rang the bank and took them to task over this, they stated that if I wanted it done quicker I could go in to a branch. The obvious "there's no branches open on weekends" reply was met with silence.
     
  4. Pierced Soul

    Pierced Soul First Grade

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    i imagine it's cos they then hold your money for 2 days getting interest on it... but then this is just my speculating why they're merkins
     
  5. bazza

    bazza Coach

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    The Commonwealth has a few branches open on Saturdays in Sydney
     
  6. Twizzle

    Twizzle The Alpha Male Staff Member

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    Just remember the money goes out of your account immediately, but doesn't appear in the receiver's account till Monday or Tuesday

    so meanwhile they are having a party at your expense with your money
     
  7. Twizzle

    Twizzle The Alpha Male Staff Member

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    Just remember the money goes out of your account immediately, but doesn't appear in the receiver's account till Monday or Tuesday

    so meanwhile they are having a party at your expense with your money
     
  8. Scorpio30

    Scorpio30 Bench

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    There was an article about this on the "7pm project" the other day. According to a leading bank when asked "Where does the money go on the weekend whilst in limbo?"..."Errrrr it just goes."

    Apparently also according to the same article it is illegal for the bank to invest it short term whilst it is inbetween the payer and payee.
     
  9. kia ora storm

    kia ora storm Moderator Staff Member

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    Illegal to invest...very hard to prove though if this is not occurring.
     
  10. skeepe

    skeepe Referee

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    And that helps a Canberran how?
     

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