Re: Electronic Transfer Process
This is one of my pet hates with banks (and god knows, I have a few).
Regardless of what they are actually "doing with the money" once it has left your account, surely it is in some holding or suspense account somewhere earning interest for them. Not a lot on each transaction, I'm sure, but huge when all the money floating around is taken into consideration. And even if the money is not in some kind of suspense account, it is still in the interest of the bank to have it gone from your current a/c, because they can whack the lovely referral charges on you and follow up with interest if you go overdrawn, as well as charging extra interest on your mortgage/credit card. Cushtie.
When you make an express lodgement, they can credit your account with cheques within the hour no matter what bank they are from, clear evidence of how quickly they can act if it suits them. If the cheques are "bounced", they just debit it back out again a few days later.
It's not good for my blood pressure thinking about this stuff.
Rebecca