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Community


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Community

A one-stop forum for all your banking questions

Eft clearance time

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Tshego_m
New Contributor
I'm facing the same problem.
Money was sent on Friday today it's now Tuesday still nothing
SilindileMbo
Community Coordinator

Hi GZA1,

 

Thank you for expressing your concerns. We are always looking for ways to improve our services and we appreciate for taking the time to provide us with this valuable feedback

 

Kindly note that our electronic transfers between Standard Bank accounts generally take a maximum of 24 hours to clear but the funds can also reflect before the 24 hour time-frame has lapsed.

 

Regards

Silindile

Standard Bank Team

 

 

GZA1
Occasional Visitor
How is it investec to investec , Nedbank to Nedbank, ABSA to ABSA etc can manage eft clearance within minutes - yet Std Bank takes up to 24hrs.
Please don't spin the old "security" yarn.
Bankserv / Payshap has proved that to be a big fat lie - closer to the truth is the fact the big 4 banks make R500m per year on immediate clearance fees.
Question remains - why can other banks achieve internal transfers within minutes, but you take up to 24hrs.
Is there a little old man travelling on horseback from branch to branch??
Tanyah
New Member
Money was paid to my account from nedbank and fnb but still not reflecting in my account nor did I get an sms notification. How long will this take. I really need the money
FanaM1
Community Coordinator

Hi @DC6.

 

Thank you for reaching out. 

 

EFTs from Standard Bank to Standard Bank take 0–24 hours. 

 

EFTs to other banks take 2–3 working days. 

 

Both may be delayed when processed over the weekend or on a public holiday. 

 

Let us know if you require further assistance on this. 

 

Kind regards,

Fana. 

Standard Bank Team

DC6
New Member
How long does it take a eft on Saturday to Nedbank when wil it reflect in the Nedbank acount?
FanaM1
Community Coordinator

Hi @seeker123.

 

Thank you for reaching out.

 

This is a temporary measure to prevent fraud. This cut-off time is to allow the fraud team to action any unusual transactions. Plans are in place to make the self-service channels even more secure. Once this is done the limitations will be lifted.

 

I hope these answers you.

 

Regards,

Fana.

Standard Bank Team.

seeker123
New Contributor
Cant wait for digital. Instant payment bigger the banks ...it's around the corner stuff their 72 hours **bleep**
seeker123
New Contributor
What's up with taking away immediate payment slider at certain times surely it should be the account holders choice....
Dawud
VIP

Hi, there is an immediate payment option that can be used when making payments to other banks.

Ihatebanks
New Contributor
Standard Bank has got to be the worst bank when it comes to clearing funds. I mean how pathetic can a bank be that they can't subtract an amount on one account and then add it to another account under the same account holder immediately. Do you do it intentionally to aggravate people? Absolutely pathetic.
Boitumelo
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

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?
MandyP
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

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!