Why is it that banks....

poadeleted21

poadeleted21

Touchdown! Greaser!
Joined
Aug 18, 2011
Messages
12,332
Can remove money from my account instantly but can't seem to get money in there for 3-4 days.

Seriously. I did a transfer from one account to the other. it's been 4 days and it's still hasn't processed through.

I'm fully aware of how modern data networks operate and this should be measured in fractions of a second.

Although I do have the option of paying them $25 for the transfer to happen instantly.
 
bartmc said:
Can remove money from my account instantly but can't seem to get money in there for 3-4 days.
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Why do large check deposits have 7 and 10 day holds put on them? They know instantly if taht check is good or not. Gotta love it.
 
Reread your last statement carefully.

It's called "float". The bank gets to use your money for those few days at no cost.
 
There are laws (or at least federal bank regulations) dealing with funds availability.

Your bank is required to give you a zillion disclosure statements, at least one will be related to funds availability.
 
Personally, in general, I hate banks. Unfortunately in today's society dealing with them is a necessary evil. That being said, I have had good relationships with banks, especially when starting a business, we found a bank that bent over backwards to help us fund the business.

I too have a problem paying for wire transfers into an my account. If this is something you do regularly between your own accounts you can set up ACH transfers which are done for free, but still have some float associated with it.
 
bartmc said:
Can remove money from my account instantly but can't seem to get money in there for 3-4 days.

Seriously. I did a transfer from one account to the other. it's been 4 days and it's still hasn't processed through.
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You think that is bad, you should try dealing with the military pay system. You need to change the days to weeks/months.
 
My plane is sitting complete, got a call last week that the bill was going to be about $1000 more than I anticipated (go figure). So, I instantly setup a transfer to pull it from a savings account I have. Plane was completed last night. Need to go pick it up waiting on the funds to arrive. I can "call to speak with a representative to initiate a wire transfer for $25.00).
 
bartmc said:
My plane is sitting complete, got a call last week that the bill was going to be about $1000 more than I anticipated (go figure). So, I instantly setup a transfer to pull it from a savings account I have. Plane was completed last night. Need to go pick it up waiting on the funds to arrive. I can "call to speak with a representative to initiate a wire transfer for $25.00).
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Wow.

I do transfers online with Chase, they are instantaneous. Same deal with the local bank I use for business.

I'd look at changing banks.
 
bartmc said:
My plane is sitting complete, got a call last week that the bill was going to be about $1000 more than I anticipated (go figure). So, I instantly setup a transfer to pull it from a savings account I have. Plane was completed last night. Need to go pick it up waiting on the funds to arrive. I can "call to speak with a representative to initiate a wire transfer for $25.00).
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So we can avoid them, what bank?
 
My local bank never puts a hold on my funds. A couple of months ago I had to simultaneously deposit $30k and write a check for $30k. Bank had no problem at all with it. Wire transfers and international checks drawn on other than dollars are still a problem though.
 
Old Geek said:
My local bank never puts a hold on my funds. A couple of months ago I had to simultaneously deposit $30k and write a check for $30k.
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No way, my CU would put a 7-10 day hold on that $30k.
 
bartmc said:
My plane is sitting complete, got a call last week that the bill was going to be about $1000 more than I anticipated (go figure). So, I instantly setup a transfer to pull it from a savings account I have. Plane was completed last night. Need to go pick it up waiting on the funds to arrive. I can "call to speak with a representative to initiate a wire transfer for $25.00).
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It depends how you transferred it. My bank has this new person to person system that takes days to transact via the electronic bill payer and has a fee. I don't use that. I'd tell you what it is called, but my bank's website is down :rolleyes:....

I would go down to your local branch and talk with the manager and tell them what is going on. I find this always works best, the people on the phone generally suck whereas the managers don't want you to pull your money out. They can pretty much fix anything.

Bank site back up, the service is called popmoney. Pop as in they pop the fees right out of your account. Looked like a sucky deal to me.
 
bartmc said:
Can remove money from my account instantly but can't seem to get money in there for 3-4 days.
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Because the last time congress addressed this was in the pre-electronic banking days with the 1987 Expedited Funds Availability Act. It imposed "fair" time limits on the banks based on the technology of the day. Today, however, banks know on the same day, if not immediately, if a a check clears but they still play with your money to the fullest extent allowed by this outdated law. It's one of my pet peeves, I've written my congress critters about it.

They're F***ing you, plain and simple.
 
Our CU is instant. We will get a call if there is a electronic pay out to an unknown party, or our CC is used out of our normal buy area.
 
I sold my 421 and the guy gave me a personal check, which I intended to deposit, but I needed to wire the money to escrow for the Conquest the next day.:confused: So, I called my buddy that owned the majority of the bank's stock and he let me deposit the personal check and wire it out the same day.:yes: This is why I love community banking and why I HATE dealing with big banks, no personality, no favors, we're just a number.:mad2:
I try to plan in advance when I need to transfer money, but sometimes it doesn't work out the way we think it will and it's good to have a banking relationship with someone who knows you aren't a thief.:D
 
SCCutler said:
Wow.

I do transfers online with Chase, they are instantaneous. Same deal with the local bank I use for business.

I'd look at changing banks.
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The savings account is with Discover, My bank will take the funds as soon as they send them. Discover just takes usually 4 days to send the transfer.

I could have setup ACH but that takes days to setup. They require me to set the account up then my bank will make 2 deposits (usually less than a $0.10) then I have to verify the amounts my bank deposited in the external account before they'll let me do that. Even then, the ACH's take a day or two.

I'm not bashing Discover, everybody seems to have a wait time for doing bank-to-bank transfers.
 
Old Geek said:
My local bank never puts a hold on my funds. A couple of months ago I had to simultaneously deposit $30k and write a check for $30k. Bank had no problem at all with it. Wire transfers and international checks drawn on other than dollars are still a problem though.
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There's no hold on the funds, they're there, in a savings account and have been there for years. I'm simply trying to extract money from a Savings account at Bank A and transfer it to my checking account at Bank B.

My savings account has no way to withdraw money from it, except to transfer it to another bank account. I'm only trying to transfer $1,100 so I can write him a check.
 
I had the same issue setting up a transfer to my wife's checking account, it's actually our checking account, but I don't ever use it. My pay is deposited into my account and I pay the major bills, while she covers the household stuff and slips the kids money I am not supposed to know about.;) It took 4 days to set it up, but it works better than me having to remember to write her a check and her running to the bank. :D

bartmc said:
The savings account is with Discover, My bank will take the funds as soon as they send them. Discover just takes usually 4 days to send the transfer.

I could have setup ACH but that takes days to setup. They require me to set the account up then my bank will make 2 deposits (usually less than a $0.10) then I have to verify the amounts my bank deposited in the external account before they'll let me do that. Even then, the ACH's take a day or two.

I'm not bashing Discover, everybody seems to have a wait time for doing bank-to-bank transfers.
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bartmc said:
There's no hold on the funds, they're there, in a savings account and have been there for years. I'm simply trying to extract money from a Savings account at Bank A and transfer it to my checking account at Bank B.

My savings account has no way to withdraw money from it, except to transfer it to another bank account. I'm only trying to transfer $1,100 so I can write him a check.
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Okay, I understand.

I go to local bank A, withdraw $, take to bank B or my "Personal Bank" and deposit. I don't keep all my eggs in the same basket.

Or I w/d cash from bank A and pay for services with the green stuff.
 
Old Geek said:
My local bank never puts a hold on my funds. A couple of months ago I had to simultaneously deposit $30k and write a check for $30k. Bank had no problem at all with it. Wire transfers and international checks drawn on other than dollars are still a problem though.
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How long have you been a customer with this bank ? What they did with that simultaneous deposit/write transaction is to extend credit to you which they will do for an established customer who has other assets with them.
 
RV10flyer said:
Okay, I understand.

I go to local bank A, withdraw $, take to bank B or my "Personal Bank" and deposit. I don't keep all my eggs in the same basket.

Or I w/d cash from bank A and pay for services with the green stuff.
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Bank A isn't local for me, it's Discover. My wife set it up, and I don't recall the last time I needed to withdraw from it. Here's how I got into this mess :D

1. I had money set aside for avionics upgrade.
2. Reality.
3. I need another $1K.
 
The float,nothing is free when dealing with a bank.
 
Two banks, different deal. Carry on.
 
I had a issue with my bank like this once a too
I wrote out a check from my Business account and wanted to deposit some if it on my personal account and get cash back.
They said they could not give me cash back because I did not have enough in my personal account to cover it of the bossiness check bounced. Both account are at the same bank :(
So I said ok. I then told them I just wanted to cash the check from the business account. She checked the account and said ok. Then I took the cash I wanted and deposited the rest of the cash in my personal account.
After it was done I asked her why I could do it the first way again. She just stated the original policy.
 
It's because ACH transfers are basically voodoo with a strong likelihood that the money can be taken back for an extended period of time. It's all about the banks managing their risk.
 
weilke said:
How long have you been a customer with this bank ? What they did with that simultaneous deposit/write transaction is to extend credit to you which they will do for an established customer who has other assets with them.
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About 18 years. It probably helped that we took out and paid off a mortgage with them.
 
If you only need an extra $1000.00 on the avionics upgrade, you should be a very happy man!!!:D

bartmc said:
Bank A isn't local for me, it's Discover. My wife set it up, and I don't recall the last time I needed to withdraw from it. Here's how I got into this mess :D

1. I had money set aside for avionics upgrade.
2. Reality.
3. I need another $1K.
Click to expand...
 
EdLarkin said:
Reread your last statement carefully.

It's called "float". The bank gets to use your money for those few days at no cost.
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Exactly! One of many reasons why banks have to be carefully regulated, something forgotten from 1980 on. Stock transactions now take only a fraction of a second. (See the Pechora commission of the 1930's)
 
N747JB said:
If you only need an extra $1000.00 on the avionics upgrade, you should be a very happy man!!!:D
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I guess their was interference caused by the KX155 that was directly under the GNS530W so they had to add a "notch filter" or something like that. Then had to replace the coax cable to GNS530W specs and had to relocate the KX155 due to the interference. I also had to add an external annunciator (Would have loved an ASPEN, but oh well). Had some other "while we're in there" stuff done also.
 
If I owned a bank, I would be completely unique. I would understand that I am in business and must make money, lots of money. I would gouge my customers in every possible way I could think of doing it. There would be none of this lovey dovey financial institution crap.

Late fees, overdraft fees, transfer fees, sitting on deposits as long as possible, statement fees, research fees, check fees, charge card fees, talking to a human fee, and whatever else I could dream up.

I would push auto loans, personal loans, charge cards, anything I could to rake in interest payments and late fees.

-John
 
John, did you ever work for B of A?? :lol::lol:

John Baker said:
If I owned a bank, I would be completely unique. I would understand that I am in business and must make money, lots of money. I would gouge my customers in every possible way I could think of doing it. There would be none of this lovey dovey financial institution crap.

Late fees, overdraft fees, transfer fees, sitting on deposits as long as possible, statement fees, research fees, check fees, charge card fees, talking to a human fee, and whatever else I could dream up.

I would push auto loans, personal loans, charge cards, anything I could to rake in interest payments and late fees.

-John
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I once went to my bank with a properly endorsed joint income tax return check.
The teller informed me she couldn't cash the check unless my wife was present with me. I went home got my wife and went back to the bank and waited for the same teller. When she asked if she could help me , I told her, "I now have my wife here with me , cash my check , ..... now who are you going to give the money to?"

One other time I went to cash a check written to me at bank the check was written on. Because I did not have an account there they were insistant that I would have to place a thumb print on the check. I refused ( I had already offered two picture IDs) . I asked if I could use their phone to call the person who wrote me the check, when he answered I informed him that they had refused to honor his check and we might have to find a better way to complete this transaction. He came to the bank much to the banks dismay.

I don't think banks need my business nor the use of my money anymore.
 
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N747JB said:
John, did you ever work for B of A?? :lol::lol:
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B of A is at the top of my banks to avoid no matter what list, at the very top is Chase Bank. I learned the hard way about big banks from both of them. Now I'm worried after seeing my above post, they are going to start hounding me to come and work for them.

-John
 
I've been with BA since they bought NationsBank - no matter what I ask for, they immediately do. Not just my local branch, a number of their branches around the country, and I think I've wandered in with some strange requests over 20 or so years.

I've had much better service there than with USAA Bank and NavyFederal Credit Union.

YMMV
 
Mine charges $10 to make an online loan payment from an outside account. They are also really good at cashing my check and not crediting my account when I mail a payment.
 
John Baker said:
If I owned a bank, I would be completely unique. I would understand that I am in business and must make money, lots of money. I would gouge my customers in every possible way I could think of doing it. There would be none of this lovey dovey financial institution crap.

Late fees, overdraft fees, transfer fees, sitting on deposits as long as possible, statement fees, research fees, check fees, charge card fees, talking to a human fee, and whatever else I could dream up.

I would push auto loans, personal loans, charge cards, anything I could to rake in interest payments and late fees.

-John
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Do I at least get a free waffle iron if I open an account? :eek:
 
My favorite bank story. I used to "front" a drywall subcontractor money all the time, he was a bad business man but a great metal stud and drywall contractor so it was worth the occasional hassle and he never failed to "finally" pay his bills.

We were on a project in Festus, MO he needed some cash so I wrote him a check for a few thousand...three I think. I was still with BoA then, since they had bought out my previous bank. He took it to the local branch and they told him that they couldn't cash the check because they didn't have that much cash at that bank. I went back with him later in the day and they gave me the same song and dance. I asked how large of a check they could cash for him and/or me and was told $500.

I moved all my money and closed all my accounts (except a credit card) within a month.
 
EdLarkin said:
I've been with BA since they bought NationsBank - no matter what I ask for, they immediately do.
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Close...

...NationsBank (formerly NCNB, aka North Caolina National Bank or, among business borrowers, "No Cash for NoBody") bought Bank of America, and assumed its (obviously valuable) name. That's why BofA is headquartered in North Carolina, and not San Francisco (where BofA was based prior to being acquired).
 
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