Also, the potential law suits. Why 7 days in this day and age?
LOL! Funny huh? When it’s them getting it from you it’s instant. Try going the other way and it’s always 3 to 7 days. Pretty sure it’s interest they’re raking in for those extra couple days. I could be wrong but probably not.
To make more money with our money.
It’s Federal Reserve System rules. Don’t kid yourself. Every electronic transaction goes through at least one Federal Reserve Bank, depending on whether the sender and receiver live in the same banking region. If they are in different banking regions the money goes through two reserve banks.
The only real “instant” transaction is cash. Everything else is done on electronic faith.
It’s card processors
Bank owner processors park money....for days to batch and settle and disburse
Mine hit daily but they hold around 60% which hits on one big drop weekly
It’s a joke...but my bank requires I use Elavon which processes for the bank card issuer and all get a cut.
Others like Square don’t
I’ve taken cards a long time
It’s a pure racket
Big bank processors like Evalon may charge 7% for outside unverified charges
Square charts 1.5-2%
There are other cheap processors too
And money transfer apps are eating into this as well
It’s only a matter of time it’s mostly device prompted
I own car washes and refund daily via cash app and Venmo and zelle
The first two charge I think one and a half percent to move cash from them to your bank account....instant....free if you can wait 1-3 days
Course they have your money bearing interest in meantime
Zelle a member bank service may be free
This is fast evolving biz model and technology but I’d say plastic as we know it is on the wane
I switched insurance products within the same company. My original premium was paid several months before by CC. I got a next day refund back to my CC when I switched plans.