Although the computer age and technological advances have increased the response speed of certain processes, paradoxically, some commercial transactions, especially banking, seem to be carried out manually because they are carried out in an excessively long waiting time. In this sense, it is almost normal for banking institutions to inform you that the money traded during a banking operation will be available once a certain period of time has elapsed, which is generally 24 business hours!
In the quantification of this waiting time between the completion of the banking procedure that you have carried out and the availability of the money involved, several factors operate: the type of operation, the type of product, the bank or banks involved, the banking hours, the capacity of the banking system, the number of transactions processed…; In short, human and technological factors come together to make waiting time difficult to quantify, especially when it comes to deposits or transfers from different banks and regardless of whether they are large banking institutions or small banks.
How does the availability of money affect the cashing of a check?
Obviously it is not the same to make deposits by check than in cash, since in the first way it involves a greater number of additional processes, such as the verification of the signature and the availability of funds in the account to be debited.
Although, again it is worth saying, in these times of digital speed it should be assumed that the comparison of the digital signature would be a matter of seconds, apparently it is not like that, and the same happens with the availability of funds, because it can take days for the bank to tell you. indicate that the check deposited in your account should be directed to the drawer due to insufficient funds.
What is faster, a bank transaction at the bank office or via the Internet?
Again we fall into the terrain of mystery and speculation, because the banking transaction through the Internet banking platform should be much faster than the operation through the bank box office, but sometimes the opposite happens.
When we sit in front of a computer to make a bank transfer, we believe that we have saved the time of going to the bank, as well as the time of waiting to be attended, but for some reason the online banking system tells us that the banking operation carried out is is in the process of verification or is pending execution What does this mean?
This delay in the time of verification or execution of the transfer of bank funds can be due to many technical, operational, logical and even mysterious and unknown factors (even a bug in the system may be against logic). The fact is that this means that what has been transferred or deposited is not yet available in the destination account, even though they have already been debited from the origin account. In other words, unbelievably, the system removed it from the account to be debited, but without knowing exactly why, it still doesn’t add to the funds in the other account.
This generally happens when the accounts, the origin and destination, are from different banks, even though they belong to the same owner.
Some banks report this delay by announcing that the making of transfers includes a certain schedule, normally from 8 in the morning to 10 at night, and only from Monday to Friday, in addition to not including holidays; what would be worth asking, is it that the system sleeps or rests perhaps? Or is it that it is not 100% automated and depends on a bank employee, who must put the server into operation.
Obviously, the capacity and operational philosophy of the bank involved will also depend on the time it takes to cash a check or a transfer, because just as each person is different, each bank is, and in this case those that are agile and dynamic to some things will be slow and heavy for others. For example, there are banking institutions that pay more attention to security than to waiting time.
Consequently, there are banks that have a robust online platform equipped with a firewall and security mechanisms that provide confidence but slow down the process in such a way that to carry out a simple bank transfer you have to be patient.
Other banking institutions, on the other hand, offer less security aspects and are more user-friendly, even facilitating operations by creating user and account affiliation mechanisms, so they do not require checks at each step of the process when they have already been carried out previously. transfers or deposits to those same users or accounts.