why do ACH transfer take 3 days if my account was debited next day?

I submitted a transfer.on the.7th and it cleared the sending.bank on the 8th... but suntrust (receiving bank) said they wont get.it until the 13th (3rd business day). Why does it take 3 days especially when my account was debited and cleared out.of my balance?

3 Answers

  • 8 years ago
    Favorite Answer

    It's only taking 2 business days. Monday, November 12 isn't a business day since it is a federal holiday (Veterans Day).

    It would be ridiculously expensive for every bank in the US to have a system of sending money directly to each and every one of the over 6,000 different banks in this country. So the money first goes through the ACH, or Automated Clearing House. The ACH then sends a batch of transfers in full to your bank.

    If you get paid by direct deposit on Fridays, the transaction has to be submitted late on Tuesday afternoon. The money leaves your employer's bank account on Wednesday.

  • Anonymous
    5 years ago

    You are correct -- the transfers SHOULD take just milliseconds not days! The money transfers through a clearinghouse that deals with the banks. That clearinhouse purposely takes their time with the transfer so that they can enjoy the interest on it for the period they have it. Adding your small transfer with all the others and they might be getting interest on millions of dollars every day. That is how they make their money. Bastards!!!!

  • Cala
    Lv 7
    8 years ago

    An ACH payment goes via a clearing house as opposed to going direct to the recipient. So it takes longer than a standard EFT.

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