I made an electronic payment from a checking account and the funds are deducted on the first day of the month. This same payment is used to pay a credit cardaccount at another banking institution, and the payments appear in this account on the fifth of the month. Where is this payment for the four days in between? Are there interim accounts set up that earn someone interest during those four days?
Even if you authorized the monthly payment electronically, it's possible that the payment is made the old-fashioned way by check. Even if the payment is electronically processed, it is not done instantaneously; it may still take a day or two to arrive at the credit card issuing bank and another day to be posted to your account. There isn't anyone out there earning interest on your money in transit.
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Even if you authorized the monthly payment electronically, it's possible that the payment is made the old-fashioned way by 