Thursday, January 15, 2009

Where does it go ?

I initiated a bank to bank transfer Tuesday night and was notified that it takes 3 days for this transaction to get completed. By Wednesday morning, the funds have already been deducted from the source account (Account1) but there is no indication of any pending deposits for the destination account (Account2).

I'm not really worried because I've done this lots of times before and my $ always gets there eventually. I just feel a bit cheated because I do know that transfers are done electronically nowadays and it takes less than a second to complete the transaction. Don't tell me that they just record the transaction and have to wait for the actual cash to get transferred.

So, the question is, for the 3 days that my funds disappear (neither in Account1 or Account2) who gets it ? Where does it go ? Does my bank get temporary "custody" of my money and invests it somewhere and earns from it ?

Can anybody explain this to me ?

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