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Eft clearance time

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GAN1
New Contributor
I've had an eft done from standard bank to my standard bank an hour ago but nothing has reflected as yet. I had the same issue on Saturday. The funds only cleared on Sunday. This is absolutely unacceptable. All the other banks clear funds immediately when it is transferred from the same bank. Why does standard bank take so long? This is the worst service ever. You can not bank with a bank that can not process same bank to bank transfers timeously. Its inconvenient and annoying!
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Community Coordinator

Hello @GAN1,

 

I can understand your frustration on this and appreciate the feedback that you've share in this regard. Please be advised that currently, EFT payments made between Standard Bank accounts generally take 24 hours to clear while transfers from Standard Bank to other banks take 2 to 3 business days to reflect on the beneficiary statement. To read more, please click on the following link: http://community.standardbank.co.za/t5/Internet-banking/EFT-clearance-time/ta-p/523.

 

Regards,

Mandy

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GAN1
New Contributor
Hi Mandy

Please explain that to a mother who just got money to take her sick child to the doctor and see what her response is.

Transfers from the same bank should reflect immediately in real time not anytime between 0 and 24 hours. None of the other banks do that!

What is the point in having a bank account with a bank that does not actually work. Banks tend to move forward not backwards.
My money still has not cleared and I can not wait 24 hours. So what other options do I have Mandy? How can I have my money released quicker?
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Community Coordinator

Hello @GAN1,

 

I'm really sorry to hear about your child. Unfortunately it will only clear within 24 hours and to other banks it can take up to 72 working hours to reflect.

 

Let us know should you still need further assistance on this.

 

Regards, 

Boitumelo

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