Banking question.

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  • kane
    Too lazy to set a custom title
    • Aug 2001
    • 20684
    #1

    Banking question.

    This has always perplexed me.

    I can use my debit card to buy something online or at a brick and mortar store and it is instantly debited from my account and shows up in my online statement yet when I do a transfer of funds from Paypal or Paxum it takes 3-5 business days.

    Any idea why this is?
    Tags: None
    • mikesouth
      Confirmed User
      • Jun 2003
      • 6340
      #2
      It's called "float" and financial institutions make a lot of money on it.
      Mike South

      It's No wonder I took up drugs and alcohol, it's the only way I could dumb myself down enough to cope with the morons in this biz.

        Comment

        • kane
          Too lazy to set a custom title
          • Aug 2001
          • 20684
          #3
          Originally posted by mikesouth
          It's called "float" and financial institutions make a lot of money on it.
          So they basically hang onto your money for a few days and draw interest in it then put the transfer through?

            Comment

            • garce
              Confirmed User
              • Oct 2001
              • 7103
              #4
              Soon enough you'll be able to purchase things online using your bank card (if you use the right bank you can actually do that now...) I HATE credit cards. Always have.

                Comment

                • Adraco
                  Confirmed User
                  • May 2009
                  • 3745
                  #5
                  Originally posted by kane
                  So they basically hang onto your money for a few days and draw interest in it then put the transfer through?
                  Basically, yes
                  ----------------------------------------------------------------------------------
                  The truth is not affected by the beliefs, or doubts, of the majority.

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                    • alias
                      aliasx
                      • Apr 2001
                      • 19010
                      #6
                      I have had Paypal take literally weeks to complete a transaction from a bank account, it was ridiculous.
                      https://porncorporation.com

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                        • Colmike9
                          (>^_^)b
                          • Dec 2011
                          • 7217
                          #7
                          They'll have some other explanation of it, though, like to cut down on chargebacks/fraudulent charges or the fact that they are an online payment method and not a bank or something like that..

                          BTW, every Paypal payment I've sent and received have been instant except for once from CAN.
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                            • Barry-xlovecam
                              It's 42
                              • Jun 2010
                              • 18083
                              #8
                              24 to 48 hours (1-2 banking days) is the normal deposit credit time in the USA. Any further delay is because of the remitter I think. You could say the same for international wires -- seems to take 3 or 4 days.

                              Trillions are floating daily ...

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