Posted: 5/16/2009 8:50:07 AM EDT
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So I have a checking account, a savings account, and a bank-issued credit card, which are all issued through the same bank and all linked together.
I can access all of these on-line and manage my accounts, moving money around with a few keystrokes and mouseclicks. If I want to move money from my checking account to my savings account, the electronic funds transfer is instantaneous (the money moves the minute I execute the command). If I want to move money from my savings account to my checking account, ditto. Instant EFT. BUT... If I have a balance on my credit card, and I want to pay that balance, that "may take up to 48 to 72 hours to process." Why? Is this just the bank's way of maximizing the interest they collect on credit cards? Why can't the same instantaneous EFT technology be used to make a payment on your credit card and have it post immediately? I do not run any balances on my credit cards. If I use one, I pay it off in full by the end of the month. But am thinking that banks are earning millions in extra interest every year by the "48 to 72 hours to process" bullshit. Yes? No? |