Author Topic: 24/7 banks --- why not ?? (Read 12260 times)

*barny* · « **on:** June 01, 2009, 11:51:22 AM »

Bearing in mind electronic communication capability these days... Why are banks not doing real time transfers every day ??

There seems to be no real reason to only do one "batch" transfer per day, because the system is automated and does not rely on staff to make it work. Further, it seems to me to be ridiculous that any on-line banking done after a set time on Friday is not processed until Monday night.

This whinge doesn't apply if the transfer is with in the same bank, as they can (and some do) process everything in real time. I did a direct deposit last Saturday, that showed in the receivers account in under a minute (ANZ)...

Why is it so ?? (said in Julius Sumner-Miller voice)

*CountessA* · « **Reply #1 on:** June 01, 2009, 12:03:24 PM »

It may be due to verification requirements. I don't mind them taking a little longer as long as the transfers are verified and secure.

But you're on to something there, Barny. Can you see it now? Drive-through banks? McWestpac? McCommonwealth? Hungry NAB's? Kentucky Fried Banking? "Two McBank Transfers with Diet Bank Statement, one Bpay in a cone... Would you like to upsize that?"

*r3830* · « **Reply #2 on:** June 01, 2009, 01:08:55 PM »

Barny, The banks are doing it pretty hard these days you know - well at least that's what they tell us anyhow.

Would you then stop them from having a little dabble with YOUR money on the overnight money market for a night or two? The bank still tells me that it takes seven days to clear a cheque as well! But then - who am I to doubt what they say?

*wheels* · « **Reply #3 on:** June 01, 2009, 04:48:36 PM »

I recently queried my work's bank about their cheque clearance days. I was told they allow between 3-7 days but this depends on when the cheques are actually collected from the branch. The branch that I was at has their cheques collected at approx 3pm so if I did the banking after 3pm that added one extra day. Back in the prehistoric days when I was a bank teller, cheques were given either 3/7/10 days depending on the drawing branch's location. Not much seems to have changed!

*barny* · « **Reply #4 on:** June 01, 2009, 05:19:59 PM »

I unnerstand the cheque situation Wheels, And I have no quarrel with that..

But I specifically aimed my comments at Electonic banking....Having been in the industry, can you give us an insight into why only one batch update per day ??

*wheels* · « **Reply #5 on:** June 01, 2009, 05:40:21 PM »

Sorry Barny, can't help you there.

I haven't worked for The Bank for many, many years. In my time - locked tellers boxes, a gun for each teller (although only the males went to the shooting range each year for practice), paper money (not plastic), coins in rolls (not bags). No online computer - all passbook entries were handwritten and data entry was via punched paper tape which was collected each day and couriered off to the capital city, printed reports showing account balances were returned the following morning.

da_ewok · « **Reply #6 on:** June 01, 2009, 07:16:02 PM »

Hi everyone - sorry for the not being here

Alrgith - immediate transfers on EFT (electronic funds tranfers) are not immediate because the power required by the servers to do them constantly is too great.

The 12hr delay - enables checking to be done AND also allows all the transfers to be grouped to the bank and then transfered as a total.

Does that make sense?

*smee* · « **Reply #7 on:** June 01, 2009, 07:38:27 PM »

Not really because they run them constantley to deduct the payment straigh away from your account and it would take equal amount of power to credit the receivers account

da_ewok · « **Reply #8 on:** June 01, 2009, 07:46:47 PM »

I am not going to play brickwalls - I have enough of that here already

but for them to send externally - they have to open up the porthole to do so - thus making things a little 'less' secure

to transfer internally doesn't take anywhere near as much resources as externally - same as working and saving the framework of a site and ten having to 'upload' it onto the servers

Same principle

da_ewok · « **Reply #9 on:** June 01, 2009, 07:53:32 PM »

sorry - **removes grumpy hat** by here - I mean here in the real world - not here as in forum

Sorry to anyone I may have offended

Roo · « **Reply #10 on:** June 01, 2009, 08:08:01 PM »

Hmm.....as an ex Bankie myself..I kinda know the delays that may happen in bank transfers.and have just accepted the fact that they will never....in the near future..be considered "instant'.!

I did once work in a centre that worked overnight to try to get deposits processed as fast as possible..but still there were many other factors that prohibited that happening.

A big difference between bank transfers and ..let's say Paypal..is that the banks will always release funds when they are sure they are clear...not like Paypal that may say funds are clear..and then whip them out from under you after you have sent the item and thought everything was OK.

To my way of thinking...this is one of the most profound problems that Paypal faces. They are relying on verification through the banks to clear funds..but if they stuff up... then it's either the consumer or the banks that suffer.

Paypal NEVER loses out!

They need to be accountable! Thay need to provide proper verification of their members and not ride on the coat-tails of the banks.

And the Roo has spoken...lol...

*barny* · « **Reply #11 on:** June 02, 2009, 08:07:53 AM »

OK Wokkie,

I think I get what you are saying. Do you have any comment on the weekend delays ?? In this age of consistent movement towards 7 day trading... Why are banks loathe to move with the times... If I was management in a bank, I would want to be leading the way here...

da_ewok · « **Reply #12 on:** June 02, 2009, 08:31:59 AM »

can't comment about weekends - my only thought being that the technicians/operators don't work on weekends and as a cost cutting measure they aren't employed for the weekends?

Thoughts only

*Brum6y* · « **Reply #13 on:** June 02, 2009, 05:15:47 PM »

I have had a bit of exposure to funds transfer issues in bank situations and the immediate transfer of "notifications" is not a problem - it's simply sending numbers all over cyberspace. The real issue comes with the verification of those "messages" - like ewok has said.

There must be an independant mechanism for confirming those electonic "messages" and actually transfering real funds. Batching is the logical means of doing so. It also makes sense that these have some human review involvement and I suspect this is the case since banks are pretty sensitive about trusting computers completely. Hence extra time over weekends. (There is also another factor for weekend processing delays - where weekly processing tasks take a significant portion of the processing windows, reducing the time available for daily transaction processing. Since weekends are quieter, the extra transactions to be processed on the first batch after the weekend is only marginally larger than a regular weekday. So its a matter of time and priorities.)

If there wasn't an alternate path for checking, then all a hacker would have to do is throw in an appropriately structured transfer and it would not be easily found.

It may be that more streamlined processes will evolve - but the cynic in me says the average punter bank customer won't see benefits any time soon.

col52 · « **Reply #14 on:** June 02, 2009, 07:52:50 PM »

Drive-through banks?

Well, they do exist in USA. You just never know!!!!!!! Would you like fries with that?

On an off topic note, just reminded me of my 1st experience of drive through funeral parlours. Yup, you drive through and the "goods" are on display in a showroom window for you to pay your respects. T'was in Kissimmee, Florida.