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system
transferring money between two banks
user
why? because they can get away with it, of course. in short - why not? you may want to read the answers to this similar question (my answer is the one accepted by the op). who has the money? the banks, who else. i have found that some banks are capable of sending/receiving ach transfers faster than others. i have accounts in two banks, lets call them a and b. if i send money (push) from a to b, it may take several days. but if i decide to pull the money from a to b by originating the transaction through my account at b - the money arrives the next day! so the actual transfer only takes a night, one business day. its just the direction that matters - if the bank has to give the money out, it will do all it can (including taking 2-3 days for "processing") to keep the money as long as possible. but when another bank charges them - they have no choice but to pay. by the way, bank b behaves better - when i send the money from my account at b, it arrives to a the next day as well. try a similar experiment. instead of originating the transaction at the sender bank - try to originate it at the receiver bank, see how long it takes then for the money to appear on your account after it disappeared from the other one.
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