How does electronic transfer of money work??
to my understanding…yes they are just changing numbers in the system…but i don’t think the bank really has hundreds of thousands of little bank accounts stashed in their back room with everyones names on it and their amount of money in it. i believe the bank has hundreds of thousands of dollars and when you go to a bank to cash a check they just take the money out of that and adjust the numbers in the system. i mean theres no logic in like if your name was John Doe and someone goes to the bank that you wrote a check to for 50.00$ and they go to cash it, i’m sure they dont go in their back room and go to a John Doe and take out 50$ manually to pay the person..
