Don't worry, it will update soon. When we collect payments via ACH, it can take up to 10 days for the payment to completely clear.
Why so long!?
When we transfer money, that money transfer goes from one bank to a clearing house like the ACH (Automated Clearing House) where it’s then sorted and picked up by another bank (its intended destination). Any payment made via ACH also has to clear the Federal Reserve System and their clearing process only runs once per day.
The overall process can take up to ten days and is a system that was put in place in the 1970s. Basically, the reason why it takes so long is because banks in the United States use an old system with old pipes.
The U.K. also used an old system with old pipes, but after years of complaints, moved to a new banking initiative known as the Faster Payments Service, which made money transfers from banks in the U.K. instantaneous. In the U.K., you can even transfer money on Christmas Day and see it ASAP.
So: Why doesn’t the U.S. do like our British counterparts and move to a faster system?
According to Planet Money, the banking community in the U.S. came together to vote for a plan that would provide same-day service (though still not instantaneous service!), and the vote was no (the vote needed a supermajority of 75 percent yeses, and though more than half voted yes, the banks failed to reach a supermajority). The banks were hesitant because it would mean a major overhaul of the U.S. banking system as well as a greater chance of fraud occurring, which means were stuck with what we have for now!