How is the concept of "business days" relevant anymore?
It used to be that bills weren't due except on "business days", Monday through Friday; if you postmarked your mail on Friday but your payment got there the following week, you were all good. But now, in this weird electronic world, bills are due all the time. And yet, my payments don't post until the next "business day". So how can it be due if it won't be processed?
What relevance are "business days" when someone is in a call center somewhere, 24 hours a day, 7 days a week, processing payments? My money comes out of the account instantly- yet my payment doesn't go in? If I use my bank card and miscalculate something, it will charge me an overdraft on the weekend, even if I make a deposit to cover it- because the deposit isn't processed until Monday.
Why do electrons take 2 days to travel through the system if they involve money?
This is yet another way technology has made life worse.
My rant for the day.
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3 comments
Feel free to reply to any comment by clicking the "Reply" button.I've always thought someone, other than you, is making interest on your money during this time.
RiverRick
Level 7
Sep 9, 2019
2
And it occurred to me, it should be just as easy to send me a reminder by email that my payment is due today, as it is to send me a reminder that it was due yesterday- and I owe an extra $20. But that would be saving me $20, wouldn't it.
@Paul4747 I work for a national lender. We aren't going to take the time, usually, to remind someone their payment is due prior to the due date. That is up to YOU to know that and to pay on time. Late fees are a "swat" to sting a little to make sure you pay on time NEXT time.
But that is not what your post is about. I agree that in this electronic age, funds transfer should be immediate if you have the available balance. I assume that they verify that you have the funds first, prior to sending. But still... It takes 2-4 days to send electronically and that is too long.
@RiverRick There is a set of account preferences on all my accounts that can be set to "remind of an upcoming payment date". That's no harder than "remind me the date payment is due". 10 days before the payment may also be a week before payday. You know as well as I how many people live from check to check, and I happen to be one of them. I do make it a habit, most paydays, to check all my accounts and see if I have a payment due before next payday, but life happens.
In the UK several government departments, companies and quangos started to use easy method of payment when banking began to modernize. Many of them however have back tracked on that in recent years, despite the fact that easy payments must be better for them to administer. For example the government no longer sends out tax reminders to new car owners in the first year, and no longer collect some taxes by direct debit as it used to in the past. Could it be that they want more work, that they profit by fines on defaulters, or both.
Fernapple
Level 9
Sep 9, 2019
0
Right? And why does it take 9 days to get my money back when they over charge me but heaven forbid I'm late with a payment?
Remi
Level 7
Sep 9, 2019
2
Nine days, you are lucky I have had them take nearly a year with me. Think there may be something called bank interest involved. LOL
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