24-04-2008, 01:29 PM
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Registered User
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Join Date: Sep 2007
Location: Sydney, Northern Beaches, NSW
Posts: 55
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Quote:
Originally Posted by asterisk
Amazing how the time for "clearance" also gets applied to electronic transfers. When I do a direct credit - money instantly leaves my account but does not appear in the recipient's account for at least 2 days. How do they justify this? (Besides being able to use the payee's money for their own purposes for those 2 days).
Cheers
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Overnight processing...day 1 debit your account and credit (money goes to) the Bank's Exchange Settlement Account at the Reserve Bank. Day 2 (overnight) Bank's ESA account is debited and funds credited to the recipient's account - assumes payee and recipient accounts are at different banks; no real time processing, that only happens within the same bank.
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