Discussions

My employer sent my direct deposit wages to my old bank account. That previous banking institution held those moneys for three days before sending them back to my employers account. I wonder why three days? Do they put those moneys into a interest accumulated account? Interest accumulated over three days on $1000.00 likely not a great amount but if this happens numerous times everyday could mean a significant amount of money. I just would like to know how much profit if any is made off these mis-transfers of deposit of money, if any? They could be putting these moneys into a neutral account. But... then why hold them for three days in a world of instant banking?