[random Bank Rant Of The Day]

[cbelt3]

It's called "Playing the Float". Used to be nicely profitable. With interest rates being as low as they are, the profit is less.

[AllGold]

deckeda wrote:
Correction: it was another bank, not same bank.

That makes a big difference. But it still should have only taken one business day.

[geon]

deckeda wrote:
Disclosure: Years ago I used to work in retail banking. I have a sense of how the beast works. Or used to.

1) Family member transfers money from his account to mine - same bank. All done online.
2) This isn't a wire transfer, which would have been same-day and of course expensive.
3) After getting notification it was sent, and another that it was received, funds aren't seen.
4) Called the bank twice and was told it takes up to 3 days to transfer from the date of notification, which in this case is 4 days from transfer initiation.

I know what the solution is. It's called PayPal. Or in this case, him driving to the bank and depositing with a teller. Amazing.

My credit union charges a fee of $2 for overnight, free for three biz days. I move cash often from one cu to another.

[Dennis S]

At my locally-owned bank, if I want to transfer money between 2 accounts, I just call them and say "I'd like to move some money." It's always there the next day.

[Robert M]

Dennis,

Two of your own accounts at that same bank or from your account at the bank to someone else's account at the same bank or to someone else's account at a different bank? Each has an impact on the time it takes for the transfer to complete. All of these transactions should be instantaneous in this day and age of technology but that isn't the case. The only one that is close to instantaneous is transferring $$$ from your account in X bank to another of your accounts at the same bank. Even then, I always confirm the transfer is complete prior to doing anything with the $$$ in the event of a hold or other issue.

Robert