Mike, Can't prove anything, but I've run into the same thing and I think it goes back to the old "float time" profit center. (Plus it produces more than a few late charges!)
I try to avoid using any financial institution that doesn't seem to have enough 21st century IT savvy to be able to post "nearly real time". Capital One CCards are the only ones I use because I can post a payment 1 minute before their cut off of 3pm and the payment is accepted as "on time" as of that date. What annoys me is our electric utility only accepts electronic payment as a bank drafts initiated through their own website, and they still hold the transactions proceeds for two days. That has bit my butt more than once when I tried to pay the bill the same day it was due! But if you challenge them you get a 15-minute cheese&wine performance about how hard they are trying to accommodate everyone and how difficult it all is...(hint: fire your VP of Tech). Now if only I could find an alternate electric service (that doesn't involve Solyndra)... Mike -------- Original Message -------- Subject: [NF] Why does it take 7-10 days for EFT to post? From: Michael J. Babcock, MCP <[email protected]> To: [email protected] Date: 9/28/2011 5:25 PM Just ranting, but this is somewhat technical in nature so hence the NF. A bank claims they haven't received payment. The entity responsible for sending the payment says it was dispersed on 9/22, but that it could take 7-10 BUSINESS DAYS to post. WTF is that all about?!?! It's a freaking electronic transaction!?!?!!!!!! Isn't that supposed to be nearly REAL TIME?!?!?!!??!!!!!?????? Grrrr..... _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
