It's more then a banking thing...
Okay, just to add a little two cents on this and let everyone know how it works. First, I work in tech support at a major bank in Canada. My job is to help companies with their EFT (Electronic Funds Transfer), EDI (Electronic Daily Interchange) and Wire payment systems. I know the wait times and deposit times so here it goes...
When PayPal receives a request to deposit funds into your account they first start by "Processing" your request, this will take at least one day. It then gets changed to "processed" and they describe this as they have sent the deposit request to your bank (sure they did).
With deposits into the US, the company directs the deposit request to their bank prior to their banks cut off time. Approximately two hours after that their bank transmits the payment instructions to the other institutes and they run a deposit job late at night. Funds are deposited into the account for the next business day. No files are processed Saturday or Sunday night. Deposits can be sent for deposit on Saturday for that job runs on Friday night.
With deposits into Canada, follow the same process as above, only difference is that there are 4 data exchange times between the US and Canada. Deposits are run as soon as they are received! They do not wait till the middle of the night. No deposits happen on Saturday or Sunday.
Other differences, they come from dealing with small financial institutes. If you deal with a credit union you may have to wait for a large FI to process the payments and direct them to your account at your credit union.
I request PayPal to deposit funds into my account on Saturday or Sunday. By Monday morning they say that they have completed my request. The funds show up on Thursday in my account. PayPal has played with the money for 3 days. Glad I could help them out...NOT!
Doug
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