Dolby
08-11-2007, 09:14 AM
Anyone noticed that this delay seems have have dropped from 48 hours to 24 hours?
Transfer to/from ABSA/FNB seem to take effect at midnight.
Transfer to/from ABSA/FNB seem to take effect at midnight.
View Full Version : Transfer between banks
Smurfatefrog
08-11-2007, 09:45 AM
I thought it was always like this as long as you did it before cut off at around 4PM, it was with Nedbank at least
andres101
08-11-2007, 09:50 AM
I think it is 2 or 3 PM for transfer from ABSA.
On ABSA, you can now pay extra to have the transfer take effect immediatly! Now if they can do this, why do we have to wait 24 hours for the payment to go through?
On ABSA, you can now pay extra to have the transfer take effect immediatly! Now if they can do this, why do we have to wait 24 hours for the payment to go through?
ToxicBunny
08-11-2007, 09:51 AM
So they can make more money...
Its simple.
Its simple.
Debbie
08-11-2007, 10:00 AM
I noticed an FNB to Std transfer of a few thousand this week took less than a day to clear.
AcidRaZor
08-11-2007, 10:53 AM
Before 3pm EFT clears 12pm at night the same day. After 3pm it is usually 12pm at night the next day.
So depending when the money gets transfered, you're either looking at 48 hours or 12 hours more or less
So depending when the money gets transfered, you're either looking at 48 hours or 12 hours more or less
milomak
08-11-2007, 11:36 AM
it's good news nonetheless
Gothan
08-11-2007, 12:28 PM
Some of the banks still use mag tapes for all their transactions (I will not name names, but green and white is the official colours), so at 00:00 they take the mag tapes and do the transfers manually to another bank. Luckily most of them, use the good ol fashion electronic transfers
McSack
08-11-2007, 12:33 PM
I think it is 2 or 3 PM for transfer from ABSA.
On ABSA, you can now pay extra to have the transfer take effect immediatly! Now if they can do this, why do we have to wait 24 hours for the payment to go through?
All the banks use a central clearing house (used to be called Bankserv - could still be) to manage the movement of funds between the various entities. The actual money will only reach ABSA once the cycle has run with Bankserv, so they are just charging an "insurance fee" to clear the funds immediately.
On ABSA, you can now pay extra to have the transfer take effect immediatly! Now if they can do this, why do we have to wait 24 hours for the payment to go through?
All the banks use a central clearing house (used to be called Bankserv - could still be) to manage the movement of funds between the various entities. The actual money will only reach ABSA once the cycle has run with Bankserv, so they are just charging an "insurance fee" to clear the funds immediately.
Dolby
08-11-2007, 12:35 PM
Who pays the insurance fee?
gdiza
08-11-2007, 12:38 PM
Well, all I've noticed lately is that my banking fees are getting higher (with FNB)
Not only do I pay to put money into my account or take out, I'm paying monthly fees now and it increases as I do more changes on my account.
I've actually decided to keep the money under my bed, cheaper! :P
Not only do I pay to put money into my account or take out, I'm paying monthly fees now and it increases as I do more changes on my account.
I've actually decided to keep the money under my bed, cheaper! :P