Bank transfers

[vanillabean]

As you may know, bank-to-bank transfers are terribly slow. So I figured it was time to conduct a small experiment. Yesterday morning, I transferred an amount from my bank to each of my three credit unions, at the latter side.

This evening, the bank lists the DCU transfer as complete, but the money is nowhere to be found at DCU! Opposite, the bank lists PSECU as pending, but the money is available at PSECU! The third, my local credit union, is pending at the bank and not showing the money!

While the holdup at online banks is significant too, I remember that money requested from my Amex high-yield savings account would be available at my local credit union by the end of the following business day, so by now if initiated yesterday morning.

Of course money might show up as available tomorrow and still have today as the post date...

[barbaralee]

This is the main reason I hate transferring from bank to bank, though they have gotten faster. So how did it go? 

[vanillabean]

The transfers were posted at DCU and my local credit union this morning. All three withdrawals were updated at the bank from pending to completed on Saturday morning.

Here’s the amusing part. PSECU has its post date, Friday, as the same as the bank. DCU has it as today whereas the bank says Thursday! My local credit union is inbetween with Friday and today respectively.

So the money shows up one day earlier at PSECU than at the other two. When you schedule a transfer though, the first available day for PSECU is tomorrow, whereas the other two are okay with today. The reason why the PSECU transfer could be scheduled for Thursday like the other two is that I started it up the night before.

You can also run a test on credit card payments to see how that goes, lol.