How come if I ...

Discussion in 'The Pub' started by BluesForDan, May 7, 2016.

  1. BluesForDan

    BluesForDan Member

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    How come if I sent you money from my Paypal account you get it instantly but if I transfer money to my checking account it takes 3-5 business days?

    same thing with credit card payments. If I charge something, bam, it's on my account usually within 24 hours depending on how the brick and mortar store handles their charges, and usually instantly when I buy something online. But when I make a payment, it takes 3-4 days to post?
     
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  2. cheapgtrs

    cheapgtrs Supporting Member

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    Seriously! That drives me crazy
     
  3. Peteyvee

    Peteyvee Premium Platinum Member

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    That drives me nuts too, especially the bank cards. You'd think that if I make a payment from checking to the bank for a credit card issued by the same bank that it would take effect instantly, but NO!!! OK, the amount I paid is available on the card instantly, but the payment takes 3 or 4 days to post. Are they actually still using posts and pieces of paper or do they have slower electrons when they accept a payment or what? It drives me nuts...
     
  4. HeyMrTeleMan

    HeyMrTeleMan Colonel of Truth Gold Supporting Member

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    "Odd Crank?..."

    We can't be political here so I'll say this in an obtuse yet informative way. There was this bill (which rhymes with Odd Crank), that was supposed to fix that.

    Right?
     
  5. pbenn2112

    pbenn2112 Member

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    So the banks can make interest I guess.
     
  6. Jamalot

    Jamalot Member

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    Dammit! Beat me to it!:)
     
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  7. Jamalot

    Jamalot Member

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    Float is not illegal, immoral, or targeted for elimination by legislation

    It is the disclosure of float ... as part of larger focus on fee and compensation disclosure in general, that was at issue recently, goosed primarily by multi-million dollar SEC and ERISA sanctions - your regulators at work! :)
     
    Last edited: May 7, 2016
  8. VCuomo

    VCuomo Member

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    :huh What's "political" about mentioning that the name of the bill is the Dodd-Frank Act?

    I think DFA did contain language about check-clearing, but I'm not sure it covers EFT. Could certainly be wrong though...
     
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  9. Nevets

    Nevets Supporting Member

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    Weird. My transfers from savings to chequing or vice versa take place immediately, even after business hours, when I do it online.
     
  10. Jamalot

    Jamalot Member

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    I could see the thread nosediving. My three-pointer came from something about as innocuous. :dunno
     
  11. VCuomo

    VCuomo Member

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    I sure hope that simply mentioning the official name, and some of the contents, of a congressional Act that was passed and is now Federal law wouldn't be considered "political" nor land anyone in hot water. A lot of folks would not get the "Odd Crank" reference, and you pretty much need to know the actual name in order to go look up the financial regulations that it contains (which is totally relevant to the OP).
     
    Last edited: May 7, 2016
  12. Jamalot

    Jamalot Member

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    Who are Odd and Crank? And where does the conversation go once we stsrt talking about it?

    The crappa
     
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  13. VCuomo

    VCuomo Member

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    Sounds like a good name for a pub or a band. "Odd and Crank" or "The Odd Crank"... :)
     
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  14. Jamalot

    Jamalot Member

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    "Odd Crank" ... that's got stadium tour written all over it!

    Freaky uppers? Or freaky johnson?

    .....

    FREAKEY JOHNSON!

    Trademarking it right now!
     
  15. markjsmith

    markjsmith Member

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    Cause banks suck! If you're waiting for money to go into you're account it takes 3-5 business days, but it comes out of your account the day of
     
  16. Roark

    Roark Member

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    https://digitalinsight.presentment.com/csp/ws/DI-4354/html/GlobalHelp/faq_eft.html#Q7

    EFT payments take three days to complete, depending back end processing means the time the bank cutoff for today's business. Most banks don't post transactions until all of the day's processing is complete. Which used to be quite early in the am, now it takes place late afternoon. We're talking a lot of transactions here.

    Float, banks have been working to eliminate float for the 10 years, see the check21 act. As I understand EFT transactions there is no float, just funds in limbo.

    It has nothing to do with DFA, at least as far as I know.
     
  17. Sweetfinger

    Sweetfinger Supporting Member

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    Paypal is not a bank and does not fall under a great deal of banking legislation or regulation. In fact, it is surprisingly unregulated. If you're sending money "through" Paypal from one Paypal member to another, those are simply numbers moving around in their system. They still hold the money. If you want to yank it out of their system, they take their sweet time because they get to earn interest and capitalize on your money for those three or so days...or 30, or other holding period. It isn't much on your two hundred bucks or whatever, but when you add up all the money passing through from every user, it adds up in the amount, and essentially, is continuously held. Imagine holding tens of millions of dollars in an interest bearing account. THAT is just the "3 day" money. Paypal moves close to 250 Billion a year.
     
  18. bluesjuke

    bluesjuke Disrespected Elder

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    The latest OD pedal.
     
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  19. Campfired

    Campfired Member

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    Because it's PayPal's equivalent of you saying, "Check's in the mail!"
     
  20. kkregsg

    kkregsg Member

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    It is immoral if it doesn't apply equally to both parties of the transaction.
     

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