EFT clearance time?

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Cicero

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This has been asked a few times before, but not really recently from what I can see.

What is the usual EFT clearance time, from different banks?

I ask this because I received an EFT payment notification from SB telling me a payment was placed into my account on Friday afternoon 4pm - and to check my account - but the money hasn't cleared into my ABSA account as yet.

Do public holidays, weekends affect things? I would've thought EFT's are automatic?

Normally it takes about 12hours from my previous experience, just wondering if I should be asking more questions from SB side or something? Or just wait a few more days.
 
markface said:
This has been asked a few times before, but not really recently from what I can see.

What is the usual EFT clearance time, from different banks?

I ask this because I received an EFT payment notification from SB telling me a payment was placed into my account on Friday afternoon 4pm - and to check my account - but the money hasn't cleared into my ABSA account as yet.

Do public holidays, weekends affect things? I would've thought EFT's are automatic?

Normally it takes about 12hours from my previous experience, just wondering if I should be asking more questions from SB side or something? Or just wait a few more days.
Click to expand...

Hi,

I'm assuming that by 'notification from SB', you mean Proof of Payment email or sms? If so, then that doesn't mean that the funds have/would been in your account already. SB to ABSA is generally a 24 hour transfer - but as this was done on a Friday, with Saturday being a weekend and a holiday, your funds should reflect either by 12 noon today or by tomorrow morning at worst case.

Also, SB transfers made AFTER 7pm are actually treated as the next day's transfers. However, if done before 7pm, it would count as part of that particular days transactions.

Hope that helps a little?
 
sh4rpz said:
Hi,

I'm assuming that by 'notification from SB', you mean Proof of Payment email or sms? If so, then that doesn't mean that the funds have/would been in your account already. SB to ABSA is generally a 24 hour transfer - but as this was done on a Friday, with Saturday being a weekend and a holiday, your funds should reflect either by 12 noon today or by tomorrow morning at worst case.

Also, SB transfers made AFTER 7pm are actually treated as the next day's transfers. However, if done before 7pm, it would count as part of that particular days transactions.

Hope that helps a little?
Click to expand...
Yeah, I meant the proof of payment notification -by sms- from SB :p And I realise it doesn't mean the funds are there right then and there - i was mearly pointing out that its pretty funny the way it tells you to 'check your account' when really, there's no point.

I just started to get a little weary as normally it takes 12hours for me, but this time its way longer. I thought possibly the guy got his details wrong, or cancelled it or something and i should follow up sooner than later.

I'll wait a little longer then...thanks again.
 
48 hours, banks usually keep money on the books overnight for interest accruals.
 
However, transfers from the same bank should reflect instantly, at least thats the case with nedbank
 
So guys I need to transfer money to my Gf. I'm SBSA she's ABSA. Quickest way to go about?
 
sh4rpz said:
but as this was done on a Friday, with Saturday being a weekend and a holiday, your funds should reflect either by 12 noon today or by tomorrow morning at worst case.

Also, SB transfers made AFTER 7pm are actually treated as the next day's transfers. However, if done before 7pm, it would count as part of that particular days transactions.
Click to expand...
Why would it being weekend matter for an EFT?

Nice info @ 7pm.
 
phiber said:
48 hours, banks usually keep money on the books overnight for interest accruals.
Click to expand...
Yeah, for me its been 68hrs! :sick:

But I'm not holding my breath for today..hopefully it'll clear overnight so it reflects tomorrow morning.
 
There are multiple methods of paying between banks. Most of the time, it is recorded and the balancing happens at the clearing house. That is why the cutoff is 15:30. Also, the need to report to reserve bank to ensure liquidity as per regulations.

But the worst case is that it takes 48 hours. Unless there is an irregularity. Then it gets investigated.
 
samaras said:
still don't have my pay. this sucks:cry:. I ran into this article.

http://news.bbc.co.uk/2/hi/business/7417303.stm

Can we talk to the Consumer Protection about this. Apparently this is all about interest. 4 banks can handle this far better(+ capitec).
Click to expand...

wow man, that sucks!

You should have received it by now... On the proof of payment, there should be a number you can call and quote your reference number (also found on P.o.P.) and speak to SB directly.

Tell them that it's unacceptable that you should need to wait nearly 5 days for an EFT to clear. I'd imagine it has something to do with it being a combination of month-end/weekend/public holiday, which resulted in the delay.

Last year I did an EFT on Christmas Day SB to SB at around 9pm - cleared on the 6th January. Over a week!

Just contact them on the electronic banking number on the p.o.p.

The number to call is 0860 123 000 - tell them your problem and quote your ref #
 
Hi, i received payment notification on 15/06/2015 18:10 from nedbank to my capitec acc, the day before public holiday. Today is 17/06 when will this money reflect in my capitec acc. A few weeks back i received payment from absa in my capitec acc on a saturday at 9 the morning received the money the same saturday at 13:00 why is nedbank slow
 
Brianne said:
Hi, i received payment notification on 15/06/2015 18:10 from nedbank to my capitec acc, the day before public holiday. Today is 17/06 when will this money reflect in my capitec acc. A few weeks back i received payment from absa in my capitec acc on a saturday at 9 the morning received the money the same saturday at 13:00 why is nedbank slow
Click to expand...

This thread is ancient.

But anyway, the fact that you received a payment at 9 and received the money at 13:00 could only indicate that a instant transfer was select, which cost extra as far as I know, normal payments would take longer.

As for your payment from Nedbank, Nedbank seem to have a cut-off time of 16:15 to have the payment processed the same day, since you received the notification at 18:10, it would seems as if the payment was after this, so your payment would have been processed the next day, however yesterday was a holiday which results in your payment being processed today, so you should have your money sometime tomorrow.
 
phiber said:
48 hours, banks usually keep money on the books overnight for interest accruals.
Click to expand...

This is bank hate speech. I work at a bank. Absolutely rubbish. EFT = Electronic funds transfer. This is an automated procedure. The bank makes no money on the time delay from it being approved etc? How do I prove that. Because the funds from the transferee has left the account ie the balance available has gone. These funds are now in an automated process whereby bank systems attempt to resolve the applicable information under curatorship of specific payment bankers who oversee the process. The bank makes nothing other than the transaction cost

2) It is 2 Business working days. emphasis on Business. Then theres another issue. Transaction must be in before 2 Oclock each day. Otherwise it carries over in terms of processing
Scnario
STD bank pays FNB account on Friday afternoon at 3 oclock. Monday is a public holiday... But the sms went off to say funds went off. The payment will only clear wednesday morning the next week.

But I got the sms? The sms is a notification of funds that have been allocated to the account. This is not necessarily clearance.

I paid for the transaction to be immediate but its not being immediate. Immediate isnt literally that second. It by passes the workflow queue and enters another workflow fully prioritised and checked manually before clearing thus taking a couple of hours. Usually its Max of 6 hours clearing.

Please dont just assume the banks are devils they are not.
 
Greg C said:
Please dont just assume the banks are devils they are not.
Click to expand...

In most cases banks are just incompetent. Take your SBSA example - it is a known fact that for the last 5 years, SBSA is incapable of even clearing inter-account transfers within the same business day. How do I know this? We process thousands of those transactions every day, and we see hundreds of issues every months where a SBSA-to-SBSA-account EFT transfer will take 2-3 days, especially over month-end. During December 2014 (around the 15th of December) we see EFT delays of several days. The money has transferred out of the sender's account and does not arrive at the recipient for a number of days - eventually the transaction will reflect, with a back-dated effective date.
 
Greg C said:
This is bank hate speech. I work at a bank. Absolutely rubbish. EFT = Electronic funds transfer. This is an automated procedure. The bank makes no money on the time delay from it being approved etc? How do I prove that.
Click to expand...

I know this thread is old but EFT's done in the USA between different banks clear immediately. We are a little behind the times.
 
KZNCraig said:
I know this thread is old but EFT's done in the USA between different banks clear immediately. We are a little behind the times.
Click to expand...

Nope. We are not behind. You have the option of immediate payment, but SA banks charge you for it.
 
Hi there payment was done yesterday (18/11/2017) around 9:10 am the person has not received the money. When do you think he can expect the money in his capitec Bank account.
 
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