Banking question. - GoFuckYourself.com

kane · 08-06-2012, 11:42 AM

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?

mikesouth · 08-06-2012, 11:51 AM

It's called "float" and financial institutions make a lot of money on it.

kane · 08-06-2012, 12:04 PM

Quote:

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?

garce · 08-06-2012, 12:35 PM

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.

Adraco · 08-06-2012, 02:03 PM

Quote:

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

alias · 08-06-2012, 02:05 PM

I have had Paypal take literally weeks to complete a transaction from a bank account, it was ridiculous.

Colmike9 · 08-06-2012, 02:06 PM

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.

Barry-xlovecam · 08-06-2012, 02:10 PM

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 ...

08-06-2012, 11:42 AM	#1
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	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?

08-06-2012, 11:51 AM	#2
mikesouth Confirmed User Industry Role: Join Date: Jun 2003 Location: My High Horse Posts: 6,334	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.

08-06-2012, 02:05 PM	#6
alias aliasx Join Date: Apr 2001 Posts: 19,010	I have had Paypal take literally weeks to complete a transaction from a bank account, it was ridiculous. __________________ https://porncorporation.com

08-06-2012, 02:06 PM	#7
Colmike9 (>^_^)b Industry Role: Join Date: Dec 2011 Posts: 7,224	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. __________________ Join the BEST cam affiliate program on the internet! I've referred over $1.7mil in spending this past year, you should join in. I make a lot more money in the medical field in a lab now, fuck you guys. Don't ask me to come back, but do join Chaturbate in my sig, it still makes bank without me touching shit for years..

08-06-2012, 02:10 PM	#8
Barry-xlovecam It's 42 Industry Role: Join Date: Jun 2010 Location: Global Posts: 18,083	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 ...

08-06-2012, 12:35 PM	#4
garce Confirmed User Industry Role: Join Date: Oct 2001 Location: Toronto Posts: 7,103	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.