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Originally Posted by Ima saver
Thanks it does! It just seems like it should be transferred immediately. I mail a check to American express. The day they get the check, they do an electronic transfer and the money is out of my account immediately.
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You would think so. But now you realize that a part of how banks make money is by floating our funds.
For example, HSBC will make about $349(3 days interest) per million dollars transfer.
So they will make or save in interest payments of $349,000 per billion dollar transfer.