Electronic Funds Transfer

After close of business Thursday the 29th I transferred funds from an NAB account to one of my Westpac accounts as well as a transfer to my ANZ account. At 1pm today the 3rd of April these transfers hadn't been completed.
My question is how is this possible?

Interestingly the funds disappear from my account immediately but are then 'in transit' for 5 days. I make a visa card purchase and the transaction item immediately appears in my transaction history.
Still waiting for monthly rental payments as well.
It is not as if transactions are completed with chalk and slate.

I just received this from NAB as I assume their call centre must have been getting overloaded with similar inquires.
I understand it has been a long weekend with public holidays but surely a little prior planning could avoid this?

 

I think having an extra long weekend fall on the end of the month like it just did was the main reason. All the month end transactions being backed up because systems were closed/not fully functional for 4 days. You made transfers after business close on Thursday. So really, it's only been 4 official business hours today so far. I'd say wait until the end of today - should have the funds cleared by then.

 

none of our cheques cleared nor have we received any deposits that weren't TT'd as at COB today. Seems like an extra day's holiday for CBA. This includes pre COB transfers made on Thursday.

 

Something weird that I noticed today. We had some mortgage payments due on 1/4, they are showing as credited on the mortgage accounts but the money hasn’t been withdrawn at all yet from the account it comes from (different banks).

@HUGH72 I hope your money has gone through...

 

Yes, all transactions now accounted for, I really don't understand why it takes so long. Carrier pigeon would have been quicker.

 

I am sure there would be some delayed settlements as well.

 

As the new payments platform proves, there is absolutely no reason why bank transfers even need to be held up on weekends or public holidays anymore.

 

It takes 2-10 seconds in Singapore for bank transfers to clear. I am still shocked at how Australian system is so outdated.

 

That's what I thought. Apparently that's not the case and we are still in the 1980's.

 

That’s the only conclusion I can think of..

 

Should have paid with Litecoin!

Seriously though, I saw an ad from ING about instant payments, including on the weekend which sounds good. You can even set it up, so you can send funds to someone's email or phone number. It has limits per day, and was aimed more as splitting bills at a restaurant - but interesting. I haven't used it yet.

 

I have tried this once, my payment was rejected. I called NAB and they advised me there is a bug/problem with their android phone app. I was shown a workaround as they are aware of the problem.

 

Here in the USA its called Zelle Pay
How It Works | Zelle

Lots of limitations eg maximums per day and per month etc. Never used it but basically banks all signed on when Paypal started getting into p2p instant payments a few years ago and started freaking them out.

 

Very true. I am very interested in any study estimating the amount of money OZ banks can make by just delaying all bank transfer. I guess the amount will be quite significant.

 

Sounds like several banks have rushed to get the technology live without providing sufficient support and prior testing.