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Community


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A one-stop forum for all your banking questions

EFT payment

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3 REPLIES 3
llsjk
New Contributor

The worst is that these guys are not telling us the truth!

 

The funds are taken immediately from our accounts and placed in a transito account. There they do with out money what they want until they finally decide to transfer it. Some banks invested the millions from the interest on this account into large farms.

If they used the old ACB method of transfer it should not take longer than after the first 8pm that passed, as the banks did the clearing every night at 8pm at the ACB. No they want to earn on our money while we don't have and the payee doesn't have it.

So much for a 24/7 service!

Magwheel17
Visitor
Good day,

Just a suggestion, I have a business account and one of my employees uses a different account, all others standard bank. Is it possible to add an option for instant payment on the existing benificiary list, just after you review your transaction. That way it will assist before you confirm if you paying the benificiary now or as per usual.

It only works on once off payment and it will do duplicate transactions
KurtWill
Contributor

I truely feel your pain, the unfortunate reality is that all banks have this in some way or another. New accounts tend to have a delay on processing certain "new" payments to new beneficiaries and i have experienced this at 3 banks so far. Delays can also be due to the time a payment was processed from your account......and all EFT payments at all banks have t&c's that say payments can take up to 48 hours to reflect at a beneficiary.

AdelGrabe
Occasional Visitor
Good day
I made an EFT payment two days ago, still not cleared. Told by call centre that this is just your policy. No other bank has this delay. You also have no immediate clearance option. I now have a domestic worker who cannot buy gifts for her kids for Christmas. Pathetic. I’ve had my accounts for a month but definitely moving away from Standard.