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Direct Debit - fund clearing time

Discussion in 'Property Finance' started by Greyghost, 5th Jul, 2016.

  1. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,259
    Location:
    Melbourne
    Hi all,
    Just wondering what you believe would be the standard time for funds to clear when direct debiting funds into one bank from non related bank.

    My understanding is that there may be a longer time for funds to clear when direct debiting vs transferring. As Dding is a "pull" from another bank vs transferring is a "push" to another bank.

    Is 3 days for DD to clear funds from one bank account to another non related bank longer than you would expect? I would have assumed 1-2 days at most.
     
  2. Elives

    Elives Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    536
    Location:
    Queensland
    i would allow 3 business days to be safe