Why are 'electronic transactions'...

[Richtree7]

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

[lojo]

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.

[Richtree7]

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.

[winbig]

Originally Posted by Richtree7

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.