Anybody know anything about ACH transfers, timing, interest?

[Lost_in_the_HTTP]

I know they take a few days to process. But what happens during the transaction?

I set a transfer to start today that is scheduled to be at the destination account by Tuesday. If it's pulled out of the origin account today and isn't deposited until Tuesday, what happens to the interest for that 4 or 5 days? Is it still accruing on the origin account until Tuesday, does it begin accruing on the destination account today, or is it lost?

 

[sdifox]

Nope, banks keep that.

 

[highland145]

If you set it to leave your account today...it's not yours. I take debit card payments over the phone and their $ becomes my $ nearly instantly. Customers will tell me they got a notification before we get off the phone.

 

[Lost_in_the_HTTP]

Yeah, but we're not talking about a payment where my money becomes somebody elses' money. It's still my money, but in another pocket.

 

[sdifox]

Yeah, but we're not talking about a payment where my money becomes somebody elses' money. It's still my money, but in another pocket.

You understand this is one of the ways bank make money?

 

[Lost_in_the_HTTP]

But then the question becomes, WHICH bank, origination or destination?

This whole issue is supposed to become moot at some point. The new FedNow system is supposed to be instant, same day, often within minutes. Most banks are already in it, but they haven't passed it one to us peons yet.

 

[sdifox]

But then the question becomes, WHICH bank, origination or destination?

This whole issue is supposed to become moot at some point. The new FedNow system is supposed to be instant, same day, often within minutes. Most banks are already in it, but they haven't passed it one to us peons yet.

origination