Please. The idea that electronic transfers cannot be processed within one day is ridiculous. I have initiated and received hundreds of such transfers, and the time frames vary radically based on the banks used, importance of the customer, etc.
If your point is that it is a bit more complex than leaving one bank and appearing in the recipient's bank a few seconds later, that is of course true. But other than truly special situations in which a transfer requires extra scrutiny, there is no good reason why they shouldn't be completed within a day.
To flesh this out a bit, I used to buy and sell Thoroughbred racehorses, and at a fairly high level. Many six, and some seven figure deals. There was often great pressure to complete deals, for various reasons, including making sure that the horse could get on a particular van or plane to travel, etc.
I learned fairly quickly that incoming transfers can be "pulled" into an account by utilizing a FED ID. In other words, rather than accessing one's account online, and passively awaiting confirmation of the arrival of an incoming wire, producing the FED ID – which denotes that it is "available" in the Fed system – allows it to be identified as if the transfer were complete. So, in essence, without the use of this "trick", hours, or even a day can go by for no good reason, as the funds sit in limbo.
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