A week is too long in banking

Why is it, when we boast about our IT infrastructure and banking sector and multi-national banks and all that hot air, that it takes almost a week, yes a week, for Maltese banks to “clear” another Maltese bank’s cheque? The same thing applies to the...

Why is it, when we boast about our IT infrastructure and banking sector and multi-national banks and all that hot air, that it takes almost a week, yes a week, for Maltese banks to “clear” another Maltese bank’s cheque?

The same thing applies to the internet banking Maltese banks boast about and charge us for. If you transfer funds through internet banking to an account in another bank it takes a week. A week! Unbelievable.

Would somebody kindly explain this and, please, a real explanation, not a lot of passing the buck or lame excuses!

Is it possible Maltese banks are so inefficient?

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