+6 It's amazing how long it takes a bank to put money in your account where as a purchase is instantly taken out of your account. amirite?

by Conscious-Bunch 1 month ago

Regarding the return process, when a retailer sends you a cash return you can expect to wait three days (5 if there is a weekend involved) to actually receive your money. What most people see is that when a charge is made the money is taken immediately but that isn't the case. You see an immediate charge but it is more like a placeholder. The retailer that makes the charge to your account has to wait that same 3-5 days to actually receive the money as you do to receive money back from them. If you make a cash deposit, it is available immediately

by Madisenmoen 1 month ago

The movie portrayal is different, once the money is zero on your account there is no money already on it, does 3-5 business days not work? or case to case basis?

by bartolettinia 1 month ago

Money goes in straight away for me. Which country are you in?

by Gutmanncristoph 1 month ago

Yep, there is missing context here. Most transactions are very fast nowadays so OP must be thinking of a specific situation or type of bank (thinking small town single branch or something)

by Anonymous 1 month ago

Wait, why? If you were going to use them, why not just use them? Why would you make a deposit to immediately withdraw it?

by Anonymous 1 month ago

Interesting. Sounds like a hassle.

by Anonymous 1 month ago

old £20 notes No longer legal tender, so can't spend them.

by Anonymous 1 month ago

OK but the bank can just exchange them. I see that not all PO's do that, many do. Fair enough if you had to do it.

by Anonymous 1 month ago

How do you mean? It's all instant.

by Anonymous 1 month ago

One you are the start of the transaction, the other you are the end. It is not instantly given to the merchant. Stay in school.

by Ewiza 1 month ago

Many banks put a hold on larger deposits. They will say it's for security, but they know exactly when they receive those funds and they place them in a revolving account where the bank collects interest. It's not much for you, but the bank can have very large amounts of money in this account at any one time. An easy way to tell if you bank does this is by looking at when you get access to direct deposits. If a direct deposit is available the moment of deposit, no shenanigans. If the bank waits until "midnight" or some other fixed time, then they are collecting interest from your money…

by Anonymous 1 month ago

Money doesn't actually go straight in. There is a settle-time; however we are essentially taking a loan on that deposit.

by Adeliabreitenbe 1 month ago

I'm afraid this might be an American problem. I use the app on my phone to transfer money from my account to someone else, and usually they will get it in seconds. In the UK, writing cheques has virtually disappeared (I've not written or received one for years now).

by Firm-Dig 1 month ago

For those of you confused, this is a US thing. Our banks intentionally use an antiquated, slow, and insecure transaction tracking system so they can make billions of dollars from overdraft fees from poor and struggling people. It's a feature not a bug.

by dorothea78 1 month ago