Balance Transfers

[JSS3]

Before I ask this, let me state that I'm not being impatient. I'm posing this to get a better understanding of the process. 

When you've done a balance transfer, and the amount(s) have been deducted immediately from the card that's paying off the others, but has yet to be credited to the account it's going to...who are we waiting on? I'm guessing the recepients? How does it take up to 3 weeks for a simple acceptance of payment when normally it only takes 2-3 days...especially when the transfer was not done on a Holiday.  I see the process as one bank knocking on another banks door saying, "Hello, we have money for you. Please accept or decline".  It seems pretty straightforward and simple, but I'm not in that field, hence this question. As far as whether it's electronically accepted or checks are needed, I know for a fact that the banks I transferred to all accept electronic payments, as that's how I've been paying them...straight from my online checking account.

What am I missing with regards to this process?

[Pat94108]

Great question. I don't have the answer but I just wanted to share my own experience.

I once requested a BT from Discover but they were taking so much time to debit the money that I had time to cancel it (a week or more after I requested it). I tried at a different time a BT with Cap One, they debited the money right after I was done chatting with the rep and the receiving bank, Chase, got the money two days later.  Those are the only two times I requested a BT. That being said, it seems to me that they all say that it might take up to three weeks to complete but that's definitely not always the case. hopefully, someone else will chime in and enlighten us.

[JSS3]

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@Pat94108 wrote:

Great question. I don't have the answer but I just wanted to share my own experience.

I once requested a BT from Discover but they were taking so much time to debit the money that I had time to cancel it (a week or more after I requested it). I tried at a different time a BT with Cap One, they debited the money right after I was done chatting with the rep and the receiving bank, Chase, got the money two days later.  Those are the only two times I requested a BT. That being said, it seems to me that they all say that it might take up to three weeks to complete but that's definitely not always the case. hopefully, someone else will chime in and enlighten us.

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I'm *assuming* since the money was immediately deducted then it's the receiving bank that's taking it's time?  I have to wonder if the payee really doesn't like this process. I mean, if I'm getting money, and it's known it's legit(not a bad check since it's from another established business), I'd push that accept button with LIGHT SPEED since I'm getting paid. 

[Creditaddict]

Balance Transfers are more and more being sent electronic where in the past they were sent by check and mail and then receiving banks put holds on them sometimes... Even like Navy Federal told many, I think all that asked that checks were being printed and actually mailed but then it ended up being electronic for us and just a few days.  I would say these days it's 3-7 business days if on the quick side... keep in mind, if it's not cleared by tomorrow you probably won't see it credited until after Monday on the bank it's going to.

Who did you do the bt with and who did you pay?

[JSS3]

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@Creditaddict wrote:

Balance Transfers are more and more being sent electronic where in the past they were sent by check and mail and then receiving banks put holds on them sometimes... Even like Navy Federal told many, I think all that asked that checks were being printed and actually mailed but then it ended up being electronic for us and just a few days.  I would say these days it's 3-7 business days if on the quick side... keep in mind, if it's not cleared by tomorrow you probably won't see it credited until after Monday on the bank it's going to.

Who did you do the bt with and who did you pay?

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From: Chase(Slate)

To: Discover, Cap1, and Citi

I really did it to test it out and take advantage of the 0% offer on BT for the first 3 months. I wanted to see how long this process takes should I really need to do it in the future.

[youngandcreditwrthy]

It really depends.
Discover won't even process a BT til your account has been opened 13 days.

If possible, use the balance transfer check if you get one... It is easier to deposit money into your checking and then pay the bill yourself.

[JSS3]

It hit me that, due to my closing dates, I'll be charged double. The cards with the indiviual balances have already reported. Now, the card I did the transfer to(Chase) will report with all the transferred amounts on them. I'll still be below my 30% overall utilization, but...ouch! Next month two cards won't even update; showing the real blances until the middle/towards the end. 

[CashOnDelivery]

Citi has a similar policy like Discover on BT's.

[too-much-time]

Lenders are very old fashioned and don't change quickly. Batch processing, daily deposit cutoffs, laws and safeguards to follow.

I once chose a Citi balance transfer deposited straight into my non-Citi checking account with a two day turnaround.