R rosehill 29th Dec, 2010 #1 Is it possible that there is loss of interest (1 or 2 days) for A$ funds in transit between 2 different local banks? I noted that my paying bank paid money on day 1 (Tuesday) whilst the bank statement date for the receiving bank is day 3 (Thursday).
Is it possible that there is loss of interest (1 or 2 days) for A$ funds in transit between 2 different local banks? I noted that my paying bank paid money on day 1 (Tuesday) whilst the bank statement date for the receiving bank is day 3 (Thursday).
A Ausprop 29th Dec, 2010 #2 same as cheques - banks have billions of other peoples money on deposit. it's called using OPM in the true sense
same as cheques - banks have billions of other peoples money on deposit. it's called using OPM in the true sense
B bluestorm 29th Dec, 2010 #3 The interest is not lost. The banks gets it by parking the money in overnight markets. Money probably hit the receiving bank on day 2.
The interest is not lost. The banks gets it by parking the money in overnight markets. Money probably hit the receiving bank on day 2.
A Ausprop 29th Dec, 2010 #4 bluestorm said: The interest is not lost. The banks gets it by parking the money in overnight markets. Money probably hit the receiving bank on day 2. Click to expand... lost to the owner of the funds, gained by the banks
bluestorm said: The interest is not lost. The banks gets it by parking the money in overnight markets. Money probably hit the receiving bank on day 2. Click to expand... lost to the owner of the funds, gained by the banks
