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They don’t instantly take your money. It’s instantly made unavailable to you, but it’s still held by your bank for a bit before they receive it.
When they refund money to you, it’s instantly unavailable to them, but is still held by their bank a bit before you receive it.
So it’s banks stealing from both sides.
Yes, but it’s also a coordintion thing.
Banks, businesses, and payment processors have to coordinate billions of payments a day and it’s easier to do occasional reconciliation followed by an adjuted transfer for the net difference instead of a ton of individual transfers, most of which cancel each other out.
Sure but it’s their choice to do reconciliation once daily instead of hourly
It’s how they always come out on top.
https://www.youtube.com/watch?v=cob6wDLW-PE&t=250s
Was coming in to say this say this as well. I worked at a bank as an IT guy, I managed SWIFT payments. This is indeed the exact thing that happens.