Tan Kin Lian - Perspectives Delay in implementing large transfers
I wish to suggest that the banks delay implementing large transfer by 6 hours. The threshold for a large transfer can be set by the account holder. The default is $10,000.

This is to prevent fraudulent transfers made by scammers who have access to the login credentials of the bank accounts. 

The bank will send a notification of the transfer by email or a text message to the account owner. This allows the owner to stop the transfer, if it was made fraudulently by an unauthorized person. This measure is not totally fool proof, but is likely to prevent many of the unauthorized transfers. 

In most cases, there is no need for the payee to receive the transfer immediately. The delay of 6 hours is acceptable. 

Tan Kin Lian 

 

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