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Thread: Why are 'electronic transactions'...

  1. #1
    Richtree7 is offline Senior Member Achievements:
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    Why are 'electronic transactions'...

    so slow? I had an ach processed on the 2nd of Feb. and it hasn't reached my checking account yet. Also why, if it is an electronic transaction, don't they ever appear in your account on a Sunday?
    Anybody know the answer?
    Thanks.
    Rich

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    lojo is offline Banned User - repetitive violations of posting rule 1.1
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    There's a graphic on page; http://www.nacha.org/About/what_is_ach_.htm that shows the process. And here are the 'rules' http://ebt.nacha.org/docs/Chapter_6.pdf

    "Example 2: Transactions performed after
    Thursday Business Day cut-off time and before Sunday
    cut-off time shall be settled to Acquirers on Monday
    Business Day)."

    Hope that helped.

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    Thanks for the info Lojo.

    I just wish the debit card would be as quick with on-line casino's as it is with the local super market or gasoline station. Usually when I make a purchase using my debit card at one of these types of stores, the transaction will be posted on my checking account before I get home.

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    Quote Originally Posted by Richtree7 View Post
    I just wish the debit card would be as quick with on-line casino's as it is with the local super market or gasoline station. Usually when I make a purchase using my debit card at one of these types of stores, the transaction will be posted on my checking account before I get home.
    The problem is with the banking regulations. I'm not sure when they stopped allowing it, but it was even impossible to credit funds to a debit/credit card for anything other than a refund before the UIGEA passed.
    Operators: If you don't know what Transparency means, then here you go.....now how about practicing it?

    Transparency, as used in the humanities and in a social context more generally, implies openness, communication, and accountability. It is a metaphorical extension of the meaning a "transparent" object is one that can be seen through. ...

  5. The Following User Says Thank You to winbig For This Useful Post:

    Richtree7 (12th February 2007)

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