When an EFT leaves bank "A" going to bank "B", how soon can it be expected to be posted to the account in bank "B?" Are there laws governing this type of transaction?
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Depending on the method used to transfer the funds, Bank B could receive credit for the transfer on the same day it is initiated, or a couple of business days later. The receiving bank is required by various agreements and rules to credit the account of its receiving depositor on the same day that the bank receives final credit for the transfer and the information about the transfer needed to identify the account to be credited. Once the funds are credited to the depositor's account, the receiving bank should provide same-day, or at minimum, next business day, access to the funds.
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Depending on the method used to transfer the funds, Bank B could receive credit for the 