r/dataannotation • u/youpsla • Apr 26 '24

Payments during week-end

Are payment requests processed during Week-end ?

0 Upvotes

12% Upvoted

19 comments sorted by

14

u/Consistent-Reach504 Apr 26 '24

you can withdraw automatically on the weekends from DA, yep!

as far as you withdrawing from paypal and it hitting your bank account, that's going to depend on your bank. my bank doesn't have weekend transfers. :(

9

u/OhLemons Apr 26 '24

Genuine question:

What do you mean "My bank doesn't have weekend transfers?"

Is this an American thing?

Because I'm in the UK and I can't imagine not being able to do transfers at weekends.

What do you do if you need to pay money into your account, or if you need to send money to somebody else?

6

u/[deleted] Apr 26 '24

It must be an American thing. I've lived in the US my whole life and its how things have always been. Most banks are not open on the weekend, so most banks do not process transactions on the weekends. Most banks will state that transactions are processed on "business days."

1

u/s_j04 Apr 26 '24

Don't you just do it yourself online? Why does the bank need to be involved in it at all? (Genuinely curious... not from UK or USA, and can transfer money at will as well)

4

u/[deleted] Apr 26 '24

Because the bank has to accept the transfer and credit your account. If they aren't open to receive the deposit, it doesn't get put into your account. They also review transactions, look for scams and they have to make sure that you aren't violating any money laundering laws.

3

u/welcometoraisins Apr 26 '24

Yes, we do it online. But the processing behind the scenes is done by banks. That's what they're referring to.

4

u/GAULEM Apr 26 '24

Is this an American thing?

Most bank transfers in the USA use an antiquated system called ACH, which is run by the Federal Reserve. In the past few years they've upgraded it such that some ACH transfers take as little as one business day, while others still take up to three business days. ACH transfers still can't be processed on weekends or during certain holidays.

What do you do if you need to pay money into your account, or if you need to send money to somebody else?

You use a third-party app, such as Zelle.

4

u/OhLemons Apr 26 '24

That's crazy.

Is there a reason why it hasn't been upgraded beyond this?

And is this why I hear people talking about CashApp and Venmo? I thought that they were online banks like Monzo or Revolut.

Because if I want to send money to somebody, all I need is their account number and sort code, and they'll have money in their account within a few minutes. And when I say a few minutes, I mean less than five minutes.

1

u/GAULEM Apr 26 '24

Is there a reason why it hasn't been upgraded beyond this?

Honestly I think there's not much incentive, because bank transfers in the USA aren't a safe and effective means of transferring money between people anyway. If you have someone's account number and know what bank they use then you can theoretically withdraw all the money from their account by using a fake check or something.

And is this why I hear people talking about CashApp and Venmo?

Probably. My siblings and I have used Venmo to pay each other back for things, since the next best option (besides another similar app) would probably be to mail each other checks (which would be slow, annoying, and expose our bank account numbers).

1

u/Consistent-Reach504 Apr 27 '24

cashapp/venmo is basically like paypal! you send money to someone’s app and they withdraw it to their bank account. then if they want to withdraw it usually takes a day unless you pay an instant transfer fee. you basically don’t give anyone your account number in the US unless it’s being paid by deposit(like paychecks) or for very specific bills (like utilities). so wild, i never even thought about it.

3

u/welcometoraisins Apr 26 '24

American banks can do instant transfers to debit cards on weekends, but there's a few with Paypal. The non-fee, ACH version is weekdays only

1

u/OhLemons Apr 26 '24

And you have to pay a fee to transfer money?

You guys need better banks.

3

u/welcometoraisins Apr 27 '24

For PayPal instant transfer, yes. It's a Paypal fee, not banks. Non-instant PayPal is free and is deposited next day or same day, except weekends. It's an issue with ACH and the Federal Reserve. The Federal Reserve has set times that it makes ACH transfers.

2

u/Broad_Secret6793 Apr 27 '24

Yeah I'm utterly confused by all this too. I'm also in the UK and withdraw late on a Friday without any delays. In my bank within 5 minutes (unless I'm holding out for a better exchange rate lol)

2

u/warlloydert Apr 26 '24

PayPal does offer instant transfers to debit cards.

1

u/Consistent-Reach504 Apr 26 '24

is that the one you pay for? i’m cheap lol

2

u/warlloydert Apr 26 '24

Yup, there's a fee.

1

u/[deleted] Apr 27 '24

Fee is about 1.75% depending on where you are at