re: Only 13% of workers under 50, could answer 4 of 5 financial literacy questions correctly

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2)Funds are taken from a debit card transaction immediately.



What bank do you have where this is true? My debit transactions take 2-3 days.

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All debit card transactions (not debit transactions... this is referencing the card) put an immediate hold on funds.

Most retailers immediately run the balance at checkout against the checking account (i.e. grocery stores or online retailers).

Some retailers "marry" the charged amount at night and there may be a delay from when the "hold" amount becomes an actual withdrawal of funds (i.e. restaurant or barber where tips may be added. Gas stations hold the funds before the fillup but process the funds at the completion).

A lot of confusion about debit transactions occur because EFT (electronic funds transfer) is a slow process. This is a bulk request of funds to a bank that is run daily. The request includes every bank customer doing business with that retailer on that business day. This could be thousands or tens of thousands of requests to one bank (say Wells Fargo or Bank of America) from one retailer (say Progressive or Rocket Mortgage). It isnt uncommon for 2 to 3 business days needed to process a daily request (throw in a holiday weekend and that could be almost 5 calendar days).