Tilted Forum Project Discussion Community - View Single Post - Why don't purchases clear my bank account immedently when using a check card?

Bamrak · 07-24-2004, 04:54 PM

Jubal,

They also pay around .35 cents per debit transaction, so it's not cost effective on items under $15.00.

In my experience, most of the hold up is because the funds have to outclear through the Fed and Interchange ( Visa/MC). I know the files we send are only held for a matter of hours.

For the most part the hold up is because the merchant won't settle the transactions until after hours, or even later if their terminal settles via their processor ( ~2 am or so). From there it has to go to the fed to move the funds, which could take more than 8 hours or so bringing you into the 24/48 hours to hit your bank. From there it depends on your bank's postings of it.

I know i have have had check cards post the next day, but mostly it is 48 to 72 based on the logistics.

07-24-2004, 04:54 PM	#7 (permalink)
Bamrak Enter Title Here Location: Tennessee	Jubal, They also pay around .35 cents per debit transaction, so it's not cost effective on items under $15.00. In my experience, most of the hold up is because the funds have to outclear through the Fed and Interchange ( Visa/MC). I know the files we send are only held for a matter of hours. For the most part the hold up is because the merchant won't settle the transactions until after hours, or even later if their terminal settles via their processor ( ~2 am or so). From there it has to go to the fed to move the funds, which could take more than 8 hours or so bringing you into the 24/48 hours to hit your bank. From there it depends on your bank's postings of it. I know i have have had check cards post the next day, but mostly it is 48 to 72 based on the logistics.