Why does it take so many days to transfer money between two banks in the US? I have accounts with two different banks in the USA, and whenever I transfer money online between those two banks, it takes around 3-4 days.

When I transfer money, it is debited from my source account instantly. However, it takes 3-4 working days for it to reach the destination bank. I know that the transfer goes through the ACH, but in the interim period, who has the money?

Why do banks want to slow down this process? Why do they want to keep money with them for a longer period of time?

Why does it take so many days to transfer money between two banks in the US? I have accounts with two different banks in the USA, and whenever I transfer money online between those two banks, it takes around 3-4 days.

When I transfer money, it is debited from my source account instantly. However, it takes 3-4 working days for it to reach the destination bank. I know that the transfer goes through the ACH, but in the interim period, who has the money?

Why do banks want to slow down this process? Why do they want to keep money with them for a longer period of time?

EDIT: How is the situation now since Zelle is implemented?

Why does it take so many days to transfer money between two banks in the US. I have accounts with two different banks in the USA, and whenever I transfer money online between those two banks, it takes around 3-4 days.

The thing is that when I transfer money, it is debited from my source account instantly. But it takes 3-4 working days, for it to reach the destination bank.I know that the transfer goes through the ACH, but in the interim period, who has the money? Because it is debited from the source account, but has not reached the destination account yet.

why do banks want to slow down this process? Why do they want to keep money with them for a longer time?

Why does it take so many days to transfer money between two banks in the US? I have accounts with two different banks in the USA, and whenever I transfer money online between those two banks, it takes around 3-4 days.

When I transfer money, it is debited from my source account instantly. However, it takes 3-4 working days for it to reach the destination bank. I know that the transfer goes through the ACH, but in the interim period, who has the money?

Why do banks want to slow down this process? Why do they want to keep money with them for a longer period of time?

Why does it take so many days to transfer money between two banks in the US. I have accounts with two different banks in the USA, and whenever I transfer money online between those two banks, it takes around 3-4 days.

The thing is that when I transfer money, it is debited from my source account instantly. But it takes 3-4 working days, for it to reach the destination bank.I know that the transfer goes through the ACH, but in the interim period, who has the money? Because it is debited from the source account, but has not reached the destination account yet.

Why does it take so many days to transfer money between two banks in the US. I have accounts with two different banks in the USA, and whenever I transfer money online between those two banks, it takes around 3-4 days.

The thing is that when I transfer money, it is debited from my source account instantly. But it takes 3-4 working days, for it to reach the destination bank.I know that the transfer goes through the ACH, but in the interim period, who has the money? Because it is debited from the source account, but has not reached the destination account yet.

why do banks want to slow down this process? Why do they want to keep money with them for a longer time?