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I am impressed.
Posted by: space-time
Date: August 13, 2019 08:52PM
Remember when ACH transfer used to take 1-2 days?

Chase has a new REAL TIME money transfer ("within moments"). Limited to $5000. Once initiated it cannot be cancelled.

I just tried it, and damn, in the moment it took me to open a new tab and copy/paste the password, once I logged in to Bank of America, money was already in my account.

I am impressed.
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Re: I am impressed.
Posted by: Speedy
Date: August 13, 2019 09:11PM
I’m impressed that B of A deposited it in your account so quickly. No hold on the amount you can withdraw from your B of A account?



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: I am impressed.
Posted by: NewtonMP2100
Date: August 13, 2019 09:15PM
...don't believe it.....can you transfer $5000 to my account now to test it.....???



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Re: I am impressed.
Posted by: space-time
Date: August 13, 2019 09:21PM
Quote
NewtonMP2100
...don't believe it.....can you transfer $5000 to my account now to test it.....???

PM your routing and account number and then 2 days later please confirm the 2 small deposits.
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Re: I am impressed.
Posted by: Racer X
Date: August 13, 2019 09:32PM
yes. My mortgage company can do that too. Gone from my checking account in seconds. BECU credit union. Not sure who the mortgage holder is this month.
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Re: I am impressed.
Posted by: jdc
Date: August 13, 2019 09:37PM
I have no idea why transfers of any money cant take seconds.

I bill my clients thru quickbooks, they make the payment via bank transfer and it takes 5+ business days. Had a deposit done Aug 9 at 930 AM, and as of today, zip. If Im lucky i will get a "money is on the way" email tomorrow, which means getting the actual funds Thursday. Of course, no email tomorrow = one more day.

I dont know where the money sits for the 5 days, but some bank is making money off it somehow.



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: I am impressed.
Posted by: Speedy
Date: August 13, 2019 09:38PM
Yep, it’s all about the float.

Quote
jdc
I have no idea why transfers of any money cant take seconds.

I bill my clients thru quickbooks, they make the payment via bank transfer and it takes 5+ business days. Had a deposit done Aug 9 at 930 AM, and as of today, zip. If Im lucky i will get a "money is on the way" email tomorrow, which means getting the actual funds Thursday. Of course, no email tomorrow = one more day.

I dont know where the money sits for the 5 days, but some bank is making money off it somehow.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: I am impressed.
Posted by: vision63
Date: August 13, 2019 10:04PM
Everything had to be "cleared" by the govt. At least way back when I worked at a bank. I don't what has occured to where that doesn't have to happen now though.
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Re: I am impressed.
Posted by: Speedy
Date: August 13, 2019 10:24PM
Quote
vision63
Everything had to be "cleared" by the govt. At least way back when I worked at a bank. I don't what has occured to where that doesn't have to happen now though.

The banks also have their own investigative units to find structuring and money laundering.

Transfers can be undone by the banks, just not by you and not for trivial or even non-trivial reasons like you losing thousands to a scammer.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: I am impressed.
Posted by: vision63
Date: August 13, 2019 10:31PM
Quote
Speedy
Quote
vision63
Everything had to be "cleared" by the govt. At least way back when I worked at a bank. I don't what has occured to where that doesn't have to happen now though.

The banks also have their own investigative units to find structuring and money laundering.

Transfers can be undone by the banks, just not by you and not for trivial or even non-trivial reasons like you losing thousands to a scammer.

Right. But before, every transaction had to go through a clearing process via our govts clearinghouses (just a way to have their fingers in). Every electronic process was also covered via Regulation E.

But now, with Zelle, Venmo, Cash App etc., and recently PayPal, I can just instantly spot money. I don't know what has changed.
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Re: I am impressed.
Posted by: jdc
Date: August 13, 2019 10:53PM
Swipe your credit card/debit card at Mcdonalds and its INSTANT.

Rest of everything else should be the same way.



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: I am impressed.
Posted by: MrNoBody
Date: August 13, 2019 11:17PM
Monthly SSA payment is credited to my CU account @ 8AM (ET) on day of payment without fail.



N39° 39.7234', W075° 33.9788'
...word salad is not a disorder, it is a symptom...

“If you can't explain it to a six year old, you don't understand it yourself.”
-Albert Einstein

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Re: I am impressed.
Posted by: Michael
Date: August 14, 2019 05:14AM
It looks like our government at work: The Dept. of Treasury Fiscal Service published a final regulation concerning ACH a couple of years ago.

Same-Day ACH Entries are required to be posted by 5pm at the receiving institutions place of business. This was to go into place by March 16, 2018. There is also wording in the ruling about delays. My bet is that they allowed a short delay. I started getting same day ACH between Fidelity and Wells Fargo a couple of weeks ago.

You can read the final ruling from this link if you have nothing better to do! (I do many silly things now to fill my retirement day): [fiscal.treasury.gov]
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