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[random Bank Rant Of The Day]
Posted by: deckeda
Date: June 14, 2012 10:43AM
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.
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Re: [random Bank Rant Of The Day]
Posted by: $tevie
Date: June 14, 2012 10:51AM
Years ago, my husband was sent a Cashier's Check for his share of the sale of his mother's house. When he went to deposit it in his account, he was told it would take ten days to clear because it was an out-of-state check. So in other words, paying the fee for a Cashier's Check is a complete and total waste of your money since it is treated exactly the same as a regular check. In my opinion, the whole Cashier's Check/Teller's Check thing is just a scam to con you out of money.



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Re: [random Bank Rant Of The Day]
Posted by: Robert M
Date: June 14, 2012 10:57AM
Deck,

I think it takes longer because it's going from your account to someone else's account. It'd be different if it was going from one of your accounts to another one of your accounts. In that case, it should be instantaneous or done by the next day. But, you're talking your account to someone else's account, even if it's in the same bank. So, it taking much longer isn't unexpected.

Robert
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Re: [random Bank Rant Of The Day]
Posted by: jdc
Date: June 14, 2012 10:59AM
Yeah, did that same thing with a Cashers Check the other day -- thought I was being smart by getting one -- and it was still treated like a regular check. stupid.

banks cant go away fast enough.





Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: [random Bank Rant Of The Day]
Posted by: flareslow
Date: June 14, 2012 11:09AM
Get a USAA account. Internet transfers (up to $10K) to other USAA accounts are instantaneous. Works great with son in college.
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Re: [random Bank Rant Of The Day]
Posted by: $tevie
Date: June 14, 2012 11:13AM
He'd have to get the other family member to get a USAA account as well. Not everyone is qualified for USAA, btw.



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Re: [random Bank Rant Of The Day]
Posted by: deckeda
Date: June 14, 2012 11:21AM
Correction: it was another bank, not same bank.

If it were a deposited check it would have cleared that night and funds made available next day, barring any limitations placed on availability due to a suspected problem.

re: Cashier's Cheques
They can be stolen, forged. Unless the issuing bank is the depositing bank they'd have no way of quickly knowing that.

Robert: think of computer file sharing with credentialed computers and users. There's no need for such a delay. One business day would be sufficient. Banks send each other money every night.
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Re: [random Bank Rant Of The Day]
Posted by: Robert M
Date: June 14, 2012 11:32AM
Deck,

True. In this day and age it should be instantaneous. Unfortunately, it isn't and we have to account for it accordingly.

Robert
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Re: [random Bank Rant Of The Day]
Posted by: ztirffritz
Date: June 14, 2012 11:32AM
The waiting period for checks is an obsolete security measure. It was implemented to foil people like Frank Abignail. He would cash a forged check from an out-of-state bank. Open a checking account at the bank across the street and deposit the cash. Then he could write checks that wouldn't actually bounce and it would take the first bank several days to find out that they'd been duped because the checks are all transmitted to a clearing house. The routing number determines which clearing house based on a regional system, hence, several days delay. Now though the account number and routing number are scanned optically and checks are cleared nearly instantly. That is why you can deposit a check with your phone's camera now.



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Re: [random Bank Rant Of The Day]
Posted by: NewtonMP2100
Date: June 14, 2012 11:40AM
.....don't wire transfers cost money....??

...can't you just ACH it....??

.......I've ACH'd from different acccounts/different banks.....the transaction itself is free.....you just have to preset them up....



_____________________________________

I reject your reality and substitute my own!



Edited 1 time(s). Last edit at 06/14/2012 11:40AM by NewtonMP2100.
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Re: [random Bank Rant Of The Day]
Posted by: cbelt3
Date: June 14, 2012 01:10PM
It's called "Playing the Float". Used to be nicely profitable. With interest rates being as low as they are, the profit is less.
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Re: [random Bank Rant Of The Day]
Posted by: AllGold
Date: June 14, 2012 03:56PM
Quote
deckeda
Correction: it was another bank, not same bank.

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



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Re: [random Bank Rant Of The Day]
Posted by: geon
Date: June 14, 2012 04:31PM
Quote
deckeda
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.



Edited 1 time(s). Last edit at 06/14/2012 04:31PM by geon.
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Re: [random Bank Rant Of The Day]
Posted by: Dennis S
Date: June 14, 2012 08:53PM
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.
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Re: [random Bank Rant Of The Day]
Posted by: Robert M
Date: June 15, 2012 05:49AM
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



Edited 1 time(s). Last edit at 06/15/2012 05:50AM by Robert M.
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