Quote:
Originally Posted by leon
Hi Guys, could someone please tell me why the Banks can't do their sums on weekends and public holidays. 
Do the Computers need a few days off too 
Leon  |
Leon, as a former bank IT manager I can shed some light on your problem. You will notice that it is the end of the financial year. At that time all banks and financial organisations have end of year processing tasks that have to be run.. in addition settlement between banks on the interchange network has to take place, and there are credit card jobs to run as well.
Be thankful for the progress that has been made over the last twenty years, and the robust nature of the network infrastructure. We take for granted instant access to our funds, but it was not that long ago that there were mandatory settlement periods on every transaction.
It is not unusual for there to be delays In refund processing, and in some cases it is not the banks, but the credit card company and PayPal that informed delays. It used to be that banks would impose delays on funds transfers because they rolled the money out to overnight cash management accounts (effectively earning micro cents on your money every night.). You can bet that the credit card companies and PayPal still do this. PayPal usually will send out an email warning about up to five days to process refunds when in reality it can be done pretty much instantly or worse case overnight. These interbank settlement jobs are usually run as scheduled batch processes in the middle of the night (when network and other loads are light).
they are very quick to take your dollars, but not so speedy in paying it back. 
