Somethings screwy with electronic banking

[archerships]

This is the age of the internet right? Everything's electronic, transactions should therefore take place at the speed of light.

Hah.

My company reimbursed me via a paypal. It took five days for the electronic check to clear and appear in my paypal account. Now, to transfer it to my bank account, it's going to take another 3 - 4 days to clear.

So to get paid via paypal it takes a total of 8-9 days. It would've been faster to just have my company send a physical check to my bank.

Something's screwy.

Comments

[denshi.livejournal.com]

IIRC, Paypal's business model is making money off the spread -- lots of transactions, money held in their accounts for 3-7 days, they have a statistically consistent pile of cash to collect interest off of, invest, etc.

The problem here with your banking delay is that 'sending crasch his money' is just a side-effect of the 'real' business.

[crasch.livejournal.com]

Yeah, I realize that paypal makes its money on the spread. But if it takes longer than a physical check, why would I use them in the first place.

[andysocial]

In the podunk town where I'm living, the local Wells Fargo branches don't accept ATM deposits. No amount of questioning of this bizarro-world behavior has changed it over the past five years, it just is what it is.

But, because of this, I have to stand in line to give them money on the rare occasion that I have a physical artifact of the economy in hand. Thankfully, most transactions are direct deposit for me. When I give them the money, it takes two days for it to "clear" the bank, even if it is legal U.S. tender. Now, I can almost see taking a day for a check, but cash money should be in the bank as available funds as soon as a human being vouches that it isn't counterfeit. Not here. Strangely, the ATMs I used in Arizona and California, all in the Wells Fargo system, accepted deposits and credited them instantly. Go figure.

[crasch.livejournal.com]

Weird. I agree, cash should go straight into your account. I

[crasch.livejournal.com]

Yeah, that's probably the case.