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why does an electronic payment from my bank to my credit card take 4 days to clear?

Question:
I use PC banking. If I make a payment to my credit card, as soon as i hit 'enter', the money is effectively gone from my account.
But, If i dont give the payment 4 _working_ days to clear, my credit card company will charge me a 'late fee', for not paying up on time!!

What the heck do they do with the payment? print it off and send it by canal barge to the credit company?

Answer:
There lot of internal procedures involved even after u made the payment through online. The bank afterall looks for its own profits, so willl try as much to delay. but u hv a proof dat u made the payment four days back. so u can show dem da payment receipt proof which u ususally get after u made the payment online.

it happened twice wid me that they charge me for late payment though both times it were they who at fault for the delay of procesing. but i had a proof of payment receipt. so i cud straighten the things up with them instantly.

so make sure do keep all the receipts of payment with you. its quite essential especaily when u deal with banks or any such financial institutions. afterall, u're consumer and hv every right to fight for your needs, your convenience & your choice of dealings.

Cheerz!!!