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I had to laugh at this, after all the press and puffing and blowing of smoke about just how good the Canadian banking system is I get this response from the Royal Bank after requesting a wire transfer made in error is returned to the sender 3 days ago.
“Unfortunately it can take a minimum of 20 days to return the funs.”
So the reason our banking system is one to model your own on is because we refuse to send your money back 🙂 20 days to electronically transfer funds between banks has got to be as bad (and probably worse) as a Third World bank! The sender sent the wire and one day later it appeared in our account, somehow it takes us 20 days (or more!) to do the same in reverse! Being a computer literate person this is mid boggling and absurd. Even the mail (and Canada Post is not a model to follow either) gets there quicker than that. I could have drawn the funds, created a new wire transfer and it would have been there a lot quicker, and probably cost the sender less overall.. Its shameful! Royal Bank you should be ashamed…
Chris…
Looks like the bank employee was wrong! They are now saying the transfer has already been made but it could take a few days to get through the others banking channels not Royal Bank? We will see…
Chris…