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EFT clearance time

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TasiaB
Occasional Visitor

EFT clearance time

Received a transfer from another Standard bank account earlier, amount shows in balance but not available. Why does it take so long to clear from another account that has previously transferred to me. Only been with Standard a short time, come from FNB and always been able to receive money immediately. Why is Standard bank delayed ?
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2 REPLIES
Community Coordinator

Re: EFT clearance time

Hello @TasiaB,

 

Please be advised that there is a 24 hour period maximum clearance time for transfers between Standard Bank accounts, while payments to other banks may take two to three business days to reflect on the beneficiary's statement. Payments made into a MasterCard account take 24 hours to reflect on a statement. Kindly note that you can visit: http://community.standardbank.co.za/t5/Internet-banking/EFT-clearance-time/ta-p/523 for further information on our EFT clearance time.

 

Kind Regards,

Mandy

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RenRenRen
New Contributor

Re: EFT clearance time

This happened to me today for the first time after being with Standard Bank for over 20 years. They can't give any reason other than "it can take up to 24 hours". Fine print nonsense that everybody knows it not what is the expected experience. Yes, fine, but WHY? It never did in the past? Does Standard Bank gain a financial benefit holding your money hostage for 24 hours with no other reason than "that's just how it is". Why was it not like this for 20 years? What has changed? Up until today if my boyfriend transferred money it was available immediately. This has been the case for years. I was left with a basket full of shopping and "insufficient funds". "It can takeup to 24 hours" is not good enough Standard Bank. Just saying something doesnt mean it is justified. I will be inheriting money sometimes later this year and I am thinking of opening a Nedbank account after all this time. I am really tired of Standard Bank.

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