When EFT and the computer were paired we were all told that it would sppedup and greatly simplify any financial transactions we made on line. Not long ago it was announced that the process of returning checks to the bank they are written on for clearing will now through EFT become almost instantaneous. Those who would write that check three days before payday are now in hot water real quick.
Here's some other realities of EFT that I have noticed !
Regularly scheduled deposits to my checking account are not there until the bank opens for business - do they turn their computers off at the end of each business day? Deposits made electronically on Friday after banking hours won't show up until opening for business on Monday.
I recently transfered via computer money from my checking account to an on-line banking account. My bank account lost the funds almost immediately - it took 4 business days before the funds appeared in my online savings account - where was my money for 4 days? (four days of no interest by the way and I collect interest on both my checking and online savings account). Also, I recently used my online brokerage account to sell of some shares of stock so I could transfer the funds to my checking account. The sale transaction posted that very day before the stock market closed - the funds did not appear in my mony market account until 3 days later awaiting settlement.
I'm beginning to feel like when my money goes to or is needed by some entity out there in EFT land it happens like right now. When money moves to my advantage - EFT slows down enormously.
Am I imagining things or being paranoid? Are banks and other entities "floating my finds?"
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