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I'm not understanding why banks follow this outdated practice in a global 24/7 world. Is it regulatory? Or simply an attempt to hold onto the 5 day workweek? If somebody wanted an edge over the competition this would be a good way to do it because having to wait from mid friday afternoon to monday night for funds can be an eternity for a business or individual.
Except for the reason advanced by MrRational, I can think of only one other: Banks may have to pay a slight premium to workers who work weekends and by retaining the Monday through Friday work week for as many employees as possible they save a few dollars.
It does seem a bit odd in a world which has become 24/7/365 in so many respects that banks would cling to an outmoded way of doing business, provided that one doesn't think about overdraft fees and that sort of thing.
I would say one is living too close to the edge, financially speaking, if it makes a difference waiting from "mid Friday afternoon to Monday night" for funds. In other words, we have to adapt to the world as it is, not as we wish it could be.
They do it because they hope you'll spend a bunch of money on the weekend and possibly go below your minimum balance and then they can tack on a low balance fee. Not only that , but when you deposit to your account, they don't post it until the end of the day for the same reason. I just went through that with my bank after I deposited cash to cover an outstanding check and they tried to put a low balance fee on me. When I said I had deposited cash they at first said "no it was a check", they lost that argument and had to reverse the low balance fee.
I'm just genuinely curious, I wouldn't call it living on the edge, more one of those people that reconciles my accounts on a daily basis and this long gap (fri afternoon to tues morn) leaves me in limbo, particularly when it comes to direct deposit and eft transactions.
I'm just genuinely curious, I wouldn't call it living on the edge, more one of those people that reconciles my accounts on a daily basis and this long gap (fri afternoon to tues morn) leaves me in limbo, particularly when it comes to direct deposit and eft transactions.
BAC does make direct deposits received on Saturdays available immediately. My wife & I receive pensions that are direct deposited on the first of every month. When the first falls on a Saturday, BAC credits it on that day and it is added to the available balance of the account and it is available for immediate withdrawal even though the deposit day will officially be shown as Monday the third.
Banks do a lot of back-end processing on weekends. Remember banks used centralized processing centers and have to get their weekly reporting, etc done then.
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