Banks control hassle to customers

[royalmix]

In the age of digital, 24/7, always "on" economic systems, I am still perplexed on why my transfer of $200 from one bank to another on a Sunday still gives a "effective" ledger date of Monday ..... and for the same transaction I did yesterday, the effective is Tuesday as Monday (today) is a public holiday ......

Banks compete for customers; customers should compete for the best deals.

Every bank has its own rules and interest policies. It's up to us to understand them, compare our options and make our money work smarter.

No point complaining when we can simply choose a bank that better suits our needs!

Be it maximising interest earnings or avoiding/minimising unnecessary restrictions and hassles!

 

[vsvs24]

In the age of digital, 24/7, always "on" economic systems, I am still perplexed on why my transfer of $200 from one bank to another on a Sunday still gives a "effective" ledger date of Monday ..... and for the same transaction I did yesterday, the effective is Tuesday as Monday (today) is a public holiday ......

This is the value date which affects interest calculation only. Does not affect movement of funds eg although date shown for deposit is Tue, still allowed to transfer out or withdraw by ATM same day.

 

[sohguanh]

This is the value date which affects interest calculation only. Does not affect movement of funds eg although date shown for deposit is Tue, still allowed to transfer out or withdraw by ATM same day.

For 200k one day interest not small leh especially if you play those HYSA like eSaver iSavvy FastSaver etc etc