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So where does my money go for two days?

May 3rd, 2007 at 02:26 pm

I use the same bank for my chequing as for my visa. Yeah, yeah I know technically one is the bank and one is the credit card compnay but to me THEY ARE EFFECTIVELY THE SAME COMPANY

So why if I do an online transaction paying my visa card on Tuesday does it take til Thursday night for the payment to show on my Visa? The money gets debited from my chequing account on the Tuesday. That transaction seems to take about a nanosecond. Poof money gone.

Just where is that money for two days?

Enquiring minds want to know...

3 Responses to “So where does my money go for two days?”

  1. newlyfrugal Says:

    I have wondered the same thing myself....and is some one else earning interest on it while it is in limbo?

  2. Mulyanto Says:

    I think it depends on the bank you're using. My credit union makes the money over "instantaneously". Even nicer is when I pay of my Citicard from my credit union checking, Citi credits my payment within 24 hours, while my checking account is usually charged only 2 or 3 days later.

  3. scfr Says:

    Talked this over with my personal bank rep just yesterday ... He very frankly said, "It's a bank float ... our customers aren't allowed to do that, but apparently we are."

    I've been mulling over going back to mailing checks instead of using on-line bill pay for my larger payments (like credit cards), and after that discussion with my banker I made up my mind.

    $20 trash bill = on-line bill pay to save the postage

    $500 cc bill = mail a check, earn about an extra week's interest by the time the check gets sent back and cleared, come out a bit ahead on interest vs. postage

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