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04/28/2006 09:43:19 AM · #1 |
How quickly does money transfer between bank accounts for you people in the US?
For example, if you have a Standing Order to automatically transfer money from AccountA to AccountB, how long between the money leaving AccountA and arriving in AccountB? |
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04/28/2006 09:54:07 AM · #2 |
The reason I'm asking is because here (in Ireland) it takes '3 to 5 working days'... for an electronic transfer.
Basically the bank is sitting on your money for up to 5 days in a suspense account somewhere. I was wondering if the situation was the same in the US. |
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04/28/2006 09:59:32 AM · #3 |
If I am paying bills yes 3 - 5 days. Longer if the company I am paying doesn't take e-transfer (yes there are still a few out there)
If I transfer money from my Checking account to my savings account then it is almost instant.
Message edited by author 2006-04-28 09:59:49.
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04/28/2006 10:00:22 AM · #4 |
The transaction itself is instant (once someone codes it), if you're transfering funds between 2 accounts with the same bank it IS instant. Paying bills online is funds transfers and most of those (with my bank) are processed in a day or two, but occasionally one will take up to a week. I guess it depends on the bank on the other end.
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04/28/2006 10:17:04 AM · #5 |
It really depends on your financial institution.
For Chase, if you are doing an internal transfer, meaning both to and from accounts are Chase accounts and you are the owner of those accounts it is real-time.
From a Chase account you own to a Chase account that you do not own I believe it is 1 day.
From a Chase account to a non-Chase account via ACH, I believe it is 2 days.
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04/28/2006 10:21:55 AM · #6 |
Electronic transfers are instant. Even with paper checks the transfer if deposited in a bank if almost instant. Once a bank receives a check it is electronical scanned and the paper check never is used again in the transaction. A majority of all transfers either electronically or via paper checks are actually completed within one day now. This was started because so many people would "float" checks where there would not be any money for a few days to cover it. Now if you don't have money when you write the check it will probably bounce.
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04/28/2006 10:24:02 AM · #7 |
| Even email transfers are pretty much instant. (in Canada anyway - between chartered banks) |
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