The Netherlands: banking industry electronic transactions work against consumers and in favor of banks during Public holidays and weekends - by RM

Banks in the Netherlands and probably also in many other places around the world are saying they can not make automatic electronic transfers during religious and other public holidays.

The question one should immediately pose ,when the banks make that statement is; why? Why should automatic banking transactions done on public holidays be any different from those done during the regular work week?

 For example: if you make an electronic transfer during the 4 day Easter holiday weekend in the Netherlands, say on Good Friday, to another bank account, the transferred money is immediately electronically debited from your own account, but than, the money only re-appears 4 days later on the account to which it was electronically transferred. before you see that transfer on your statement.

Obviously the question it raises is: WHAT DOES THE BANK DO WITH YOUR MONEY during those four days, or any other amount of time they hold it without telling you where it is or what they do with it during that time ?

What is happening to your money while it is hidden those four days of the Easter weekend or less during other regular Public holidays ?

The answer should not be too difficult to figure out . The bank has probably been making millions on interest and other speculative activities with your money.

If you ask the bank, however,  you will certainly get  a rather vague story.

Something definitely needs to be done here, especially given the bad reputation that banks have gained in recent years during and after the financial crises.

Almere-Digest