If my money is withdrawn from my account up front, but it takes 3-5 business days for my payment to be received. Isn’t someone making interest on that money?
Although the third party payment processor does benefit from the “float” on the funds, that interest is factored into the service fees that they charge the Credit Union. Without that factor, the processing fees that they charge would be higher, which would likely result in a higher monthly service fee to members for Online Bill Pay.
Related Questions
- If my money is withdrawn from my account up front, but it takes 3-5 business days for my payment to be received. Isn’t someone making interest on that money?
- It has been less then 4 full business days since I submitted the payment and the beneficiary has not received the money?
- What happens if my payment isn received within three business days of the order being placed?
