No impact on me. I long ago decided I would only "push" funds. That way no fin inst has to deal with the uncertainty of when to credit funds in transit (meaning "I" don't have to deal with that uncertainty). Funds are credited immediately upon receipt.
What I find interesting about this whole thing is DCU is part of the fednow system so transfers from most major and a lot of small institutions can be cleared instantly.
Either way this policy thankfully doesn't impact me, I never pull money in through them. Overall I like them because of their friendly policies around things like ATM fee reimbursements, free checks etc. but their online banking platform is not great so I do as little directly through them as possible. Hopefully they don't go the way of Penfed and keep going downhill, I all but stopped using them at this point because of their policy changes over the last couple of years like when they thought it was a good policy to put holds on funds even when transferring between two of your own Penfed accounts.
@pizzadude wrote:Wow, we've now reverted to the point where an ACH might takes longer to clear than a physical check. May be time to dust off the checkbook again....
Real nice pizzadude! A throw back to the paper checks, stamps and envelopes? Surely do wonder.
Yes, I have found tranfering money at Fidelity Investments always seems to trigger holds of 7 to 14 days (rationale processing between partners). Funny thing, I find the money left my bank the same day and actually showed at Fidelity Investments the next day. Interesting and, you are free to invest the entire transfer amount immediately? Partners my ___!
Chiming in to say this did not affect me this month, apparently because I push my monthly deposit to DCU from another financial institution. I presume it's only when you "pull" funds into DCU (i.e. initiate the deposit transfer of funds held elsewhere at the DCU website) that is now subject to a delay because they don't have immediate confirmation funds are available.
My transfer, scheduled from the funds source for the 1st of the month, occurred on Sep 3 (Sun /holiday delay), with next day credit. My DCU mortgage payment was debited on the 5th, drawing a portion of these funds.