topic Re: Balance transfer "takes up to two weeks" in Credit Cards

Balance transfer "takes up to two weeks"

Gollum — Fri, 21 Oct 2022 08:09:11 GMT

I used my main credit card (BECU) to pay two relatively large bills (that were/are in addition to my normal monthly spend), and I was thinking about doing my first ever balance transfer (I was thinking $1000 for less than one month). I was surprised to read (in the Terms & Conditions from NFCU) that the balance transfer (from BECU to NFCU) would take "up to two weeks" to complete.

I decided to not do the balance transfer because it seemed easier / less complicated to just carry a $1000 balance on my BECU credit card for a month/whatever. I think it's six or eight bucks interest that I will have to pay.

I am fortunate enough that this is a minor inconvenience to me, so this is sort of a Public Service Announcement.

Others who may be in more dire need of a balance transfer may find the "up to two weeks" to complete the balance transfer more alarming.

Re: Balance transfer "takes up to two weeks"

NRB525 — Fri, 21 Oct 2022 08:53:57 GMT

It doesn't take two weeks to get a balance transfer completed. This is what is known as sandbagging the terms and conditions. if something really odd happened, then something else really odd happened, you might get out to 2 weeks, but generally it's going to be much less time to complete.

I'll challenge you to do a BT, $100, just to time it and see how long it takes. Since you haven't done any, and NFCU should have no BT fees, this will be a good chance to put a toe in the water to see how BT actually work

Re: Balance transfer "takes up to two weeks"

Gollum — Fri, 21 Oct 2022 09:17:38 GMT

@NRB525 wrote:
It doesn't take two weeks to get a balance transfer completed. This is what is known as sandbagging the terms and conditions. if something really odd happened, then something else really odd happened, you might get out to 2 weeks, but generally it's going to be much less time to complete.

I'll challenge you to do a BT, $100, just to time it and see how long it takes. Since you haven't done any, and NFCU should have no BT fees, this will be a good chance to put a toe in the water to see how BT actually work

Urgh... No... maybe... It's only a few bucks...

You're right. I'm reluctant to do a balance transfer.

Re: Balance transfer "takes up to two weeks"

aroundlsu — Fri, 21 Oct 2022 11:09:41 GMT

NFCU balance transfers are free. I've used them several times. They do, in fact, take up to two weeks so time your transfer accordingly. The first one I did took right at 2 weeks. The last one I did took a little over a week. I think they are manually reviewed and executed so it takes a few days for someone to look at it and approve it then I think they just mail a check to whoever you are paying off. So that takes some time.

Re: Balance transfer "takes up to two weeks"

OmarGB9 — Fri, 21 Oct 2022 13:49:14 GMT

Yea that's nothing new I'm afraid. BTs at any institution take up to 2 weeks usually. I've done plenty of BTs, and it can and often does take the full 2 weeks.

Re: Balance transfer "takes up to two weeks"

Gollum — Fri, 21 Oct 2022 15:21:55 GMT

Thanks for the replies.

I have a US Bank Personal Line Plus line of credit that I have never used, and when I called to find out the margin for that credit line (apparently the margin is 6% because its current interest rate is was 12.25%), the customer service representative lowered the interest rate to 8.99% for six months. She said it's a courtesy that the bank was able to do.

I might be able to squeak by anyway (paying in full) but 8.99% is "only" 0.75% more than my NFCU Platinum credit card interest rate (8.24%) and I don't have to do anything (because that line of credit is second in line for my checking account overdraft protection).

Re: Balance transfer "takes up to two weeks"

SouthJamaica — Fri, 21 Oct 2022 15:39:56 GMT

@Gollum wrote:
I used my main credit card (BECU) to pay two relatively large bills (that were/are in addition to my normal monthly spend), and I was thinking about doing my first ever balance transfer (I was thinking $1000 for less than one month). I was surprised to read (in the Terms & Conditions from NFCU) that the balance transfer (from BECU to NFCU) would take "up to two weeks" to complete.

I decided to not do the balance transfer because it seemed easier / less complicated to just carry a $1000 balance on my BECU credit card for a month/whatever. I think it's six or eight bucks interest that I will have to pay.

I am fortunate enough that this is a minor inconvenience to me, so this is sort of a Public Service Announcement.

Others who may be in more dire need of a balance transfer may find the "up to two weeks" to complete the balance transfer more alarming.

Balance transfer delays are usually all over the place. My experience with NFCU has been that they usually take 1 to 2 weeks.

Re: Balance transfer "takes up to two weeks"

SouthJamaica — Fri, 21 Oct 2022 15:48:12 GMT

@OmarGB9 wrote:
Yea that's nothing new I'm afraid. BTs at any institution take up to 2 weeks usually. I've done plenty of BTs, and it can and often does take the full 2 weeks.

I have had many take longer than 2 weeks. I've had a bunch that have taken 3 weeks to a month, a few that even went over a month.

Those balance transfers which are paid by ACH are very quick. Many institutions pay them by ACH if they have the ACH information for the receiving bank. Navy, unfortunately, seems to use paper checks + snail mail each and every time. But I do believe it puts the check in the mail faster than most credit unions.

Re: Balance transfer "takes up to two weeks"

SouthJamaica — Fri, 21 Oct 2022 15:46:12 GMT

@Gollum wrote:
Thanks for the replies.

I have a US Bank Personal Line Plus line of credit that I have never used, and when I called to find out the margin for that credit line (apparently the margin is 6% because its current interest rate is was 12.25%), the customer service representative lowered the interest rate to 8.99% for six months. She said it's a courtesy that the bank was able to do.

I might be able to squeak by anyway (paying in full) but 8.99% is "only" 0.75% more than my NFCU Platinum credit card interest rate (8.24%) and I don't have to do anything (because that line of credit is second in line for my checking account overdraft protection).

Another option, which I'm not recommending in this particular case, is to take an online cash advance from your NFCU platinum (just do an online transfer to your NFCU checking account), at an interest rate of 10.24% (cash advance rate always 2 percent higher than the balance transfer rate) and pay from your NFCU checking account.

Re: Balance transfer "takes up to two weeks"

OmarGB9 — Fri, 21 Oct 2022 21:02:09 GMT

@SouthJamaica wrote:
@OmarGB9 wrote:
Yea that's nothing new I'm afraid. BTs at any institution take up to 2 weeks usually. I've done plenty of BTs, and it can and often does take the full 2 weeks.
I have had many take longer than 2 weeks. I've had a bunch that have taken 3 weeks to a month, a few that even went over a month.

Those balance transfers which are paid by ACH are very quick. Many institutions pay them by ACH if they have the ACH information for the receiving bank. Navy, unfortunately, seems to use paper checks + snail mail each and every time. But I do believe it puts the check in the mail faster than most credit unions.

I've never had one take a month or more, but one did take around 3 weeks, and that was only cause the check got lost in transit, but was magically found when I called in.

Re: Balance transfer "takes up to two weeks"

cashorcharge — Fri, 21 Oct 2022 21:24:53 GMT

Despite being quoted the same 2 weeks, my recent USAA Balance Transfer took 4 days...

Re: Balance transfer "takes up to two weeks"

SouthJamaica — Fri, 21 Oct 2022 21:52:08 GMT

@OmarGB9 wrote:
@SouthJamaica wrote:
@OmarGB9 wrote:
Yea that's nothing new I'm afraid. BTs at any institution take up to 2 weeks usually. I've done plenty of BTs, and it can and often does take the full 2 weeks.
I have had many take longer than 2 weeks. I've had a bunch that have taken 3 weeks to a month, a few that even went over a month.

Those balance transfers which are paid by ACH are very quick. Many institutions pay them by ACH if they have the ACH information for the receiving bank. Navy, unfortunately, seems to use paper checks + snail mail each and every time. But I do believe it puts the check in the mail faster than most credit unions.
I've never had one take a month or more, but one did take around 3 weeks, and that was only cause the check got lost in transit, but was magically found when I called in.

I believe my worst experiences with balance transfers were with credit unions which use PSCU to manage their cards.

I had one recently that took 3 1/2 weeks, when PSCU was managing both the sending institution and the receiving institution. Both credit unions had the same payment address, including the same post office box, in Philadelphia.

Re: Balance transfer "takes up to two weeks"

RealEstateGuy89 — Sun, 23 Oct 2022 00:31:49 GMT

I did my first one in a long time a couple weeks ago from GreenState and must have gotten lucky. It took 4 days total.

Re: Balance transfer "takes up to two weeks"

OmarGB9 — Sun, 23 Oct 2022 00:48:23 GMT

@SouthJamaica wrote:
@OmarGB9 wrote:
@SouthJamaica wrote:
@OmarGB9 wrote:
Yea that's nothing new I'm afraid. BTs at any institution take up to 2 weeks usually. I've done plenty of BTs, and it can and often does take the full 2 weeks.
I have had many take longer than 2 weeks. I've had a bunch that have taken 3 weeks to a month, a few that even went over a month.

Those balance transfers which are paid by ACH are very quick. Many institutions pay them by ACH if they have the ACH information for the receiving bank. Navy, unfortunately, seems to use paper checks + snail mail each and every time. But I do believe it puts the check in the mail faster than most credit unions.
I've never had one take a month or more, but one did take around 3 weeks, and that was only cause the check got lost in transit, but was magically found when I called in.
I believe my worst experiences with balance transfers were with credit unions which use PSCU to manage their cards.

I had one recently that took 3 1/2 weeks, when PSCU was managing both the sending institution and the receiving institution. Both credit unions had the same payment address, including the same post office box, in Philadelphia.

Guess that's when you'd have to specify the FI, along with your account number of course.