Delayed Transactions over Weekends and Holidays
Random question. I am launching into YNAB this year as an experiment. For it to work well, I really would like my spending transactions to download daily from the previous day. My bank (and all traditional banks that I am aware of) have this old built in tradition that transactions after 8pm on Friday do not show up to download until TUESDAY! Add a holiday on Monday into the weekend, and the transactions do not show up between Friday night until WEDNESDAY.
This looks like an old-school habit by banks from the days when banks were closed and therefore transactions not formally process over the weekend and holidays. This (to me) is a joke because the computers behind the scenes did not take the weekend off. There is no longer any real logic to this.
I was wondering if anyone uses a banking system that does not do this lag over the weekends. I suspect some of the new modern Internet based banks may not follow these old patterns.
Anyone know if they exist?
The best method is manual data entry with direct import used for validation and clearing. The banking system isn't the only cause of transaction lag.
Ecommerce can't charge your card till the item is shipped, but you've already committed the spend. Human error can cause card authorizations not to be captured for days or weeks.
Hi Orange Vacuum !
nolesrule is absolutely correct! Manually entering your transactions is the best way to go to make sure your budget is always up to date. We've received a number of emails from users who expected their transactions to import, but the banks haven't cleared them due to the holidays.
However, to answer your question, there are some financial institutions that no longer follow that rule. There isn't an official list, but I bank with a credit union that clears transactions after hours. They even cleared a payment On Christmas because, like you said, the computers didn't take the day off. Even then, the transactions don't import immediately, so I tend to use Scheduled Transactions a lot to stay on top of things.
Thank you all for the feedback. I am migrating information and style from Quicken to YNAB. I have been a hardcore quicken user since - wait for it - 1978. Holy cow, you want data - I gots me some data! I can tell you what my dog cost me over her life from 1990 to 2011. (side note, don't look at that if you want to get a dog). Quicken has been great for many things, but the budget portion is weak and uses the traditional style of forecasting with little real-time feedback about how one is doing. Like most budgeting software, it can tell you where you screwed up a month later (kind of late to get that information). The YNAB approach is much better.
Since I also track every cash transaction with the Quicken app, I am used to mobile manual entry. As I migrate, I will likely need to manually enter into both apps for each transaction. That is kind of a pain.
I also heard from one friend that his credit card transactions post in one day as well. I am quite disciplined about credit cards and I could start using that card for transactions to speed up the process if it worked. I will wait until I have a few months of practice under my belt before I start to over think that.
I don't tend to blow out a category without knowing I did so on a given day. So a nightly update would suffice and help me avoid this delay. Also, weekends tend to have more small transactions and this is when the banking delay happens. Of course, I am launching into YNAB over the holidays where I am still getting grounded and the holiday weekends make the delays far longer. Not good timing.
It is an imperfect world! I will make it work. I am looking forward to seeing my first load of transactions download (import) into ynab to get a good idea of how well the software matches with manual transactions.
Big side bar and feature suggestion for YNAB: One thing the Mint mobile app does that neither Quicken nor YNAB currently do is use the GPS of the phone to bring up a list of probable "payees". If I am standing in Target, Mint will bring up a list of choices based on the GPS and I just touch Target. You can skip the auto-list if you waited to drive somewhere to do the entry, but this auto populate is really nice. Again though, Mint does NOT do what YNAB does as far as actually getting finances under control. So I am not saying Mint would be an alternative. I do like the idea of using the GPS to bring up the vendors you are near. It makes it just that much faster.
Thank you again for the feedback.
Orange Vacuum said:
Big side bar and feature suggestion for YNAB: One thing the Mint mobile app does that neither Quicken nor YNAB currently do is use the GPS of the phone to bring up a list of probable "payees".
YNAB actually does that, at least to some extent. It does pair payees with specific GPS locations, so if you make a purchase using the mobile app and assign it a specific payee, YNAB should default to that payee at that location in the future.
Excellent Ben! Thank you. Obviously that would have become clear to me over time. I can see from a developers approach how this makes sense. The GPS/Payee relationship grows organically over time and is custom to that specific user. While this approach is slower to become a "flush database", it has advantages over time since I will get the match based on my own buying habits and I will not need to see the purse shop on the list that is next to the coffee place I frequent . Very nice.