check funds becoming available

[Eric Coffey]

Originally Posted by KC911

Wire Transfers...yep!

When real $ is in play....instant, real time....

Most wires take at least 24 hours, and can take up to several days, depending on the bank(s), day, and time (cut-off) they are sent.

[Eric Coffey]

Originally Posted by red-beard

And $50 each

If your bank charges $50 for domestic wires, it may be time to shop for a new bank.

[KFC911]

Originally Posted by Eric Coffey

Most wires take at least 24 hours, and can take up to several days, depending on the bank(s), day, and time (cut-off) they are sent.

Internally....I thought it's real-time, but I dunno for sure. Definitely securererer

I know the 10Bs that I saw move around daily through the FED system decades ago was real-time though.

[cabmandone]

Only wires I have ever had take more than same business day to appear in my account when sent in that business day were international. Even then, 24-48 hours max. Some banks do batch wiring and send all wires out before the end of the day cutoff time. When this happens, the wire shows in my account at the beginning of the next business day.

I've had customers send the money before the come to my place. Drive 2 or 3 hours to get here and their money beat them here. I always tell my customers "ask if your bank sends wires as they come in or if the do batch wires" I've had some take as little as an hour. It seems to depend on the size of the bank and the number of wires they do.

[rwest]

Originally Posted by GH85Carrera

I have to use a bank, as credit unions are not for profit and will not do a business account. At my bank, if I transfer money from one account to the other between business entities, the funds leave one account and are instantly available at the other instantly.

I have my small business account with my credit union, my business isn’t supposed to be non profit...!

[Brian 162]

Originally Posted by KC911

Wire Transfers...yep!

When real $ is in play....instant, real time....

I think it depends on the bank.

One time I wired funds from Toronto to a dealer's bank in Asheville N.C. The bank had the money that day and I could fly down to pick up the vehicle whenever I liked.

Last time I wired funds from Toronto to a dealer's bank in Eastern Canada.
This time they held the funds for a week. It still doesn't make sense to me 5 years later.
Oh and the bank charged me $75. I complained and they told me to pound salt. Each bank blamed each other, I never got a straight answer.
Thanks for letting me vent.
Like I said it depends on the bank.

As far as checks go if I receive a check I automatically have access to it because I have overdraft protection. If I issue a check the money is gone within a week.

[DanielDudley]

Originally Posted by KC911

Transferring $ between two checking accts. at the same institution can now take 8 daze....

Nuthin' nefarious, no one making $....just the idiots who designed it .

I will NOT name names....in order to protect the stoooopid ....

If'n ya don't understand...yer not alone....YMMV though....that is all .

Imagine, if you will, a bank so very big, that by holding money for 10 days, they could keep many, many millions of dollars at all times without paying interest. Now imagine that they are using that money to get a 10% return.

If you think for a moment about the number of people who transfer money every day, they get to hang on to a substantial amount of money that they do not pay interest on. My bank has a policy that states that the time period goes UP as the amount of the check increases, from two to ten days.

I have an arrangement with my bank that all funds deposited are available for immediate use. but I also have an account with funds that will cover any check deposited, so they still win.

[pavulon]

Originally Posted by DanielDudley

Imagine, if you will, a bank so very big, that by holding money for 10 days, they could keep many, many millions of dollars at all times without paying interest. Now imagine that they are using that money to get a 10% return.

If you think for a moment about the number of people who transfer money every day, they get to hang on to a substantial amount of money that they do not pay interest on. My bank has a policy that states that the time period goes UP as the amount of the check increases, from two to ten days.

I have an arrangement with my bank that all funds deposited are available for immediate use. but I also have an account with funds that will cover any check deposited, so they still win.

It has to be the above. Rolling, micro time frame loan sharking.

[epbrown]

Originally Posted by pavulon

If funds from a check leave an account in bank A in state AA, how long does it take for those funds to become available at bank B in state BB? Seconds, minutes, days, ?? and what are the steps involved today?

Want to guess what I used to do for a living? VP of Deposit Operations at a bank in Chicago.

When I started in 1992, checking took days. Your bank processed your deposit, sent the check to deposit operations, who encoded MICR on the check and sent it to the Fed, who sorted it by Routing Number and got it back to the bank it came from, who coughed up the dough to the Fed, who sent the money to us, and we deposited it to the account. It could take about a week for a check to move across country, and we padded the number to allow for problems like fraud, insufficient funds, transportation or processing issues, etc. Even so, we occasionally had to eat a loss when we released funds after a week and discovered the check was no good too late.

Now it's all digital. Someone at the branch images the check, transmits it to processing, and everyone swaps images at pre-set intervals throughout the day (OCR is so good maybe .01% of checks need to be looked at by a human, which is how my dept was eliminated). The Fed physically processes the few checks that can't be imaged, and they charge through the nose for it.

During the business week, almost nothing takes longer than 24 hours to process anymore, period. But hey, banks love money and people are used to delays so banks still play the "x days to clear" game so they can make money on your money for a bit before giving you access to it. Which is hilarious to me. Nowadays you can write a check at a Wal-Mart and have the funds withdrawn from your account before you get to your car - how can people not realize the reverse is true, and the money comes in as quickly as it goes out?

[KFC911]

I know mega-banks (from the inside...infrastructure, I held the "keys to the kingdom"...as a peon )...back then as a systems/communications designer, implementer, troubleshooter, etc. .

Two of them anywho....

I've used a debit card exclusively since they appeared....security is a different world now, yet most of the $ucker$....ma$$e$ ....fall for the CC mantra...pushed by whom? Ken Lewis took home over 90 million in one year....before he trashed BOA...Wells owe me a pension too...

They ALL suck....some less than others....imnsho !

[KFC911]

Originally Posted by epbrown

Want to guess what I used to do for a living? VP of Deposit Operations at a bank in Chicago.

When I started in 1992, checking took days. Your bank processed your deposit, sent the check to deposit operations, who encoded MICR on the check and sent it to the Fed, who sorted it by Routing Number and got it back to the bank it came from, who coughed up the dough to the Fed, who sent the money to us, and we deposited it to the account. It could take about a week for a check to move across country, and we padded the number to allow for problems like fraud, insufficient funds, transportation or processing issues, etc. Even so, we occasionally had to eat a loss when we released funds after a week and discovered the check was no good too late.

Now it's all digital. Someone at the branch images the check, transmits it to processing, and everyone swaps images at pre-set intervals throughout the day (OCR is so good maybe .01% of checks need to be looked at by a human, which is how my dept was eliminated). The Fed physically processes the few checks that can't be imaged, and they charge through the nose for it.

During the business week, almost nothing takes longer than 24 hours to process anymore, period. But hey, banks love money and people are used to delays so banks still play the "x days to clear" game so they can make money on your money for a bit before giving you access to it. Which is hilarious to me. Nowadays you can write a check at a Wal-Mart and have the funds withdrawn from your account before you get to your car - how can people not realize the reverse is true, and the money comes in as quickly as it goes out?

I didn't see this post....

You know

edited: I was an AVP (peon) @ Wachovia (mebbe the best commercial or just the best large bank in the US back then when I joined them)....I had endured too much B$...fired them in '97

Fun thinkin' about it again ....best move I ever made...for I am not Neuman ....

[JJ 911SC]

Bank are like Insurance Company, they like to get money but not to dish it out.

Funny that they need a day or to to clear stuff, but less then 30 minutes after I left the dentist this morning, my CC charge was posted (not pending) to my account.

[KFC911]

We are domed, domed I tell ya...

So what shows up in my mailbox.....a check fer $10 .

That I can't cash without driving to another city....the other party is just SOL

Idjuts, maroons....whatever? I put in a request to EFT between two accts at the same institution 11 daze ago.

This isn't hard.

Dayum

[epbrown]

Originally Posted by KC911

We are domed, domed I tell ya...

So what shows up in my mailbox.....a check fer $10 .

That I can't cash without driving to another city....the other party is just SOL

I use a rinky-dink credit union since moving to KY (I like being a big fish in a small pond) and even they have an app that lets you take a picture of a check with your smartphone and deposit it from home. You may want to look into that.

[KFC911]

Originally Posted by epbrown

I use a rinky-dink credit union since moving to KY (I like being a big fish in a small pond) and even they have an app that lets you take a picture of a check with your smartphone and deposit it from home. You may want to look into that.

I love my CU

I'll look into another way....they have another option....but the mobile app is a bit lacking....was gonna take me 720 keystrokes to enter my birthday .

I already have a "Plan B...Z" ?