DIRECT DEPOSITS- The ACH or EFTs (automated clearing house or electronic funds transfer). All money transfers go through the Federal Reserve Bank (Fed Bank). The Fed Bank sends notices to our bank with deposits and withdraws periodically throughout the day.
Once the Fed Bank sends information, it still has to be download by your bank. Your bank will have to separate it, so to speak. They receive one big dollar figure total, with all the transactions both positive and negative that made up the total and a list of EACH transaction. The bank will have to pull apart each line item and apply it to the appropriate accounts (which is usually when it gets put in that "pending" status with our banks)..I'm focusing on the DD now, not the withdraws.
A friend that processes in a bank, she said most banks pull information from ACH (Fed Bank) multiple times per day, and the ACH (Fed Bank) will send it multiple times per day. The Fed Bank usually sends information over about the same time every day, so banks usually do their downloads shortly after they Fed Bank does theirs.
So, once your bank downloads and separates there monies and places each line item with the correct account, it will update thier system. If you have direct deposits with a pay out date specified, it will usually not upload it until the specified payout date (like your paychecks). This is because the Fed Bank (which guarantees the money) will not guarantee the money if it was given out before the specified release date. HOWEVER, this does not stop banks from taking the risk and releasing them before the specified date on the deposit... especially if they know the customer and the source of the funds is credible (if anyone thinks the US Treasury is credible anymore).. :-)
So I asked her what the "normal" times the Fed Bank sends out payments and whatever. I was given these "approximate" times 12:00am is set up on an automatic send; 6:am (is usually when gov office open); 10am (usually when the gov offices start to move and work a little more... lol); 2pm (gov offices starting to wake up after lunch)... and 6pm (gov offices doing whatever they need to do so they can close down for the day)... OUR banks usually download shortly after these time to pick up all recent information that was sent over - they will usually compile the days worth and set the final posting up for midnight (or whenever they do their customary major update post). ..
So, this means that we COULD still see our money today... and we can call the bank to see if it they see a pending deposit (they CAN see it once they have separated them from the ACH download). They don't pick and choose which ones they post right away, because it would take too long to manually go through each one... therefore they use the specified date on the check. You can call your bank and IF they see it pending you can ask if they can release it... if they haven't already.
Now, being that it is Friday and IRS and Fed Bank. The banks processing departments are more than likely closed because the Fed Bank is not sending any information for them to download and process.... The odds are the deposits that are DUE to go in on Monday or Tuesday, will be sent to the banks TODAY. The Fed Bank will do this to give the bank time to separate and disburse the funds, so that the direct deposits that are scheduled to be in the bank at midnight on Monday morning can actually be there... and Tuesday's would be a cushion for both the bank and the Fed Bank.
Now that I have written a book about how the ACH/EFT transfers work, lets all hope that it goes this way and in OUR favor for a change. It sure would be nice to get this before the weekend.... not that I am going to turn into a pumpkin without it, but I sure would be able to turn into a princess with it .. (hair, nails, clothes, shoes.. etc.. )... Just excited to be able to pamper myself ONCE a year with no regrets.... it is OUR money that we pretty much let the Government BORROW for the year... I think I will be changing the exemptions on mine (have less taxes taken out_so I am not lending to THEM... who don't pay it back when they rightfully should.
Think about it... if they are in debt that 14billion.. or whatever it is.. How far in debt do you think they would REALLY be if they didn't have all the taxpayers refunds ..... I think they should start appreciating US tax payers before we all change our exemptions and quit letting THEM borrow our money.. INTEREST FREE.. UGH.. If only I had the control to put this money in my OWN bank and not touch it..I could be making interest too.
Well.. Much luck is wished to ALL of us, in hopes that the IRS can figure out their mistakes and get our monies to us... .I wonder what the heck they are doing the rest of the year when it is NOT tax season... One would think they would be perfecting their operations and making sure it runs SMOOTHLY... April 15 - January 15 - 9 months of off season.. huh?
FRIENDS IN LOW PLACES, MY OTHER PERSONALITY, COMMON SENSE, PSYCHO SENSE.