On 11 Apr 2023 05:04:41 GMT, Gordon <
Gordon@leaf.net.nz> wrote:
https://www.stuff.co.nz/business/300850648/no-more-waiting-for-payments-at-weekends-banks-shift-to-sevenday-processing
There we go the banks can no longer hold only your money for a couple of
days until they pay it out.
Just wondering if this could be needed for part of the Great Reset, >conspiraty theory. After all it is all about banks, money and power.
There are two major reasons that real-time settlement will never be
permitted and both are related to banking business practice.
The first is that errors are not reversible because this would require
a 'withdrawal' from the account that received the funds transfer. This
becomes a nightmare of 'authorisation' particularly if the owner of
the account acts on the credit before the reversal is actioned (ie the
reversal causes the account to go into overdraft).
The second is that banks want to have the ability to intercept an
outgoing payment before it goes - this was the reason they only went
through on business days (but sometimes after-hours).
My guess (from past experience) is that the banks have very few errors
despite the fact that nearly all transfers are automated, and this
weakens their justification to the Reserve Bank to stay with
business-day-only transfers.
--
Crash McBash
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