Bank is Holding up My Money Transfer

 In my lost post I told that I had been granted the one time top-up for Canada Housing Benefit. Well that was issued (direct deposit) to my bank account on the 15th very early in the morning hours. Here it is the 19th and I still don't have it showing in my account. The bank tells me they have no way to see pending transfers and can't make it clear faster. They also tell me it can take up to 8 banking days to clear. Well this is 3 banking days and nothing yet. So why is it not instant like most of the world? They use your money the entire time and make interest lending it out. It seems an extremely common practice in Canada and the USA. This is not at all a necessity, it is a choice by the bank. As I said, most of the world, transfers are almost instant - they take seconds not a week. The technology is definitely in place here to do this, as preferred customers already do get instant transfers.

The bitch of it is, I wanted to use some of it to order a gift for a friend, but now there is no way on earth it will be here on time for Christmas, so they will have to get it in the new year I suppose. I'm also itching for a new TV with the money, as my old one needs to be used with my headphones as the audio to the speakers is really messed up.

I also don't actually know what to do it say 2 weeks rolls around and it's still not in. The bank tells me they can't find it, and Revenue Canada will full on insist it was sent to my bank, so there will be almost no chance of a re-issue of the funds. In that case, I'm literally screwed. Not only do I not get a new TV, I end up not being able to pay off my overdraft ever again. I'm $200 in the hole to the bank every month for more than a year now, so it would be nice to have that paid off, so I can have that buffer of funds if needed, as is there is no buffer.

Unless you are rich, banks don't seem to give a darn that you exist and that they might be screwing you over with their little games to make the maximum amount of money off of you that they can. Being that all banks are doing this, and the one I'm will is literally the only one in town with no fee checking, I'm kind of stuck with them. There is also the fact my bank does more for the community by far than the other banks in the city, so I'm staying with them. Here's hoping the money comes in Tuesday (tomorrow) so I can have it on my card Thursday. That's another scam, it should not take 2 banking days to pay my credit card down, it also should be instant.

There is an update to this story HERE. Oops my bad.