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EFT's where both parties use Standard Bank

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Lo-Ammi
Occasional Visitor
My husband and I both have Standard Bank accounts which we have used for more than 10 years to send money to each other. The money always automatically cleared immediately in the recipient's bank account - until last week when all of a sudden it took 2/3 days for the money to become avalable.

And today when he paid over his contribution to the household expenses, the money AGAIN did not become available right away.

Is there an explanation for that?
Is there suddenly without prior notice a clearing period for standard bank to standardbank eft's between people.
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7 REPLIES 7
Community Coordinator

Hello @Lo-Ammi,

 

Kindly 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.

 

Regards,

Mandy

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Wenz007
New Contributor
Please can you explain why it takes so long from Std to Std? No other banks have this issue
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Shirley1985
New Contributor
I am encoutering the same problem. Its ridiculous actually. No other bank have these delays.
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Tomsharps
Occasional Contributor
This is still a problem even today. This is frustrating & unfair. Other banks offer option for immediate clearance, Standard Bank still doesn't even to this day. Worse no one know why that's the case, why they have told the money for 24 hours Std to Std EFT from an account that has deposited money before. This bank is obviously not prepared to invest in its customers, maybe they have too many to handle & this is a way to get ride of us. I'll kindly oblige.
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Tomsharps
Occasional Contributor
I tried to get an explanation from a consultant & she said she doesn't know & it has always been like that, which of course is not true, I've received immediate clearance before. Now I see why people are switching to FNB & Capitec.
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Tomsharps
Occasional Contributor
Same problem here. They just don't care about thier own customers. Not even considering this could be money for an emergency. Am sad.
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Tomsharps
Occasional Contributor
Why the 24 hours holding period between Std to Std EFT? I was just told now that EFT from other banks have options for immediate clearance. Why can't we your customers get the same option? This is frustrating.
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