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Bank float time - frustration
Old 07-20-2016, 03:58 PM   #1
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Bank float time - frustration

I needed to send money asap from my acct to a friend in need (out of state). I recently opened an Ally account, and went thru the process on line via the "pop money" feature. Well they will withdraw the money today but it will not be received by friend until Monday! 3 business days. I have the account # & routing # for my friend. In the old paper money days I understand the need for the money to clear - but this does not make sense to me.

So I went to my credit union and was able to send $100 only for next day, and then the 3 business day kicks in for any amount after that.

So now I will have to get cash from my local CU and go to a local Bank of America to deposit funds. It just seems like in the day and age, this would not be necessary. Am I missing something?

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Old 07-20-2016, 04:15 PM   #2
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You could use a wire transfer instead of ACH. Wire transfers should be available instantly but cost $$$ to send.

I think paypal is also immediate if you have the funds in your paypal account (instead of in an attached bank).
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Old 07-20-2016, 04:23 PM   #3
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Believe it or not, Walmart customer service centers will let you send up to $2000 to another person per trnsaction and it only takes a few minutes to initiate. We did that on a car purchase a few moths ago. We transferred $1250 to the recipient in another city in a matter of minutes and he got cash on his end.
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Old 07-20-2016, 04:27 PM   #4
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I think I could do this via PayPal or BofA. I think recipient needs PayPal account (easy) and you just need their email. BofA can send money via acct numbers or just a cell phone number. Not sure what dollar limitations each has.


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Old 07-20-2016, 04:55 PM   #5
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Please let me know how you get $$ from BofA quickly.

To withdraw from my ML 401k, I must wait for the "3 business days to settle", which I will say I understand, then wait for sometimes days to get deposited to a BofA checking account. I had to open the account so that it wouldn't take up to 7 days to get sent by snail mail to my home or local bank. BofA does not have a brick and mortar branch anywhere in my area, but an ATM 30 minutes in the next state over. I can access my funds electronically if I transfer to my local bank but its another day.

I ended up opening a ML Edge account, where my funds are received after the third business day, then transferred on the fifth.
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Old 07-20-2016, 05:10 PM   #6
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The banks are reverse kitting with our money.
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Old 07-20-2016, 05:14 PM   #7
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Pretty sure BofA has limits on transfers too, if you are looking at them you should check it out before going too far down that line. But maybe it was another bank I was thinking of.
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Old 07-20-2016, 05:21 PM   #8
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Overnight express a cashier's check? That said, it would be truly sad if that was the best/fastest way to transfer money in 2016.....
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Old 07-20-2016, 05:22 PM   #9
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Ally charges $20 to wire money, as does USAA.


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Old 07-20-2016, 08:37 PM   #10
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Even worse when we sold our house and received a check for the sizable equity from the closing attorney we had to wait over 10 days for the check to clear into our account. This was an attorney recommended by the bank. Don't they trust him to have the funds in his escrow account?
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Old 07-20-2016, 08:40 PM   #11
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Quote:
Originally Posted by aja8888 View Post
Believe it or not, Walmart customer service centers will let you send up to $2000 to another person per trnsaction and it only takes a few minutes to initiate. We did that on a car purchase a few moths ago. We transferred $1250 to the recipient in another city in a matter of minutes and he got cash on his end.

We did that a number of years ago and, while it was fast and hiccup-free, I believe there was a fee on the order of $20 or so.

Another angle through Walmart is using a Bluebird card. I believe the recipient also has to have a bluebird card but I understand it's supposed to be drop-dead simple otherwise. We carry Bluebird but haven't utilized that feature. A big downside could be the recipient deciding to start using the "request money from someone" feature.
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Old 07-21-2016, 12:42 AM   #12
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Quote:
Originally Posted by folivier View Post
Even worse when we sold our house and received a check for the sizable equity from the closing attorney we had to wait over 10 days for the check to clear into our account. This was an attorney recommended by the bank. Don't they trust him to have the funds in his escrow account?
It doesn't seem to matter who it is who writes the check. I had a $15,000 check from Vanguard deposited into my checking account, and Wells Fargo required me to wait 5 business days before I could withdraw the funds.
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Old 07-21-2016, 06:08 AM   #13
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In this day and age. I recall helping to develop code to ensure a Megacorp held on to the float as long as possible.
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Old 07-21-2016, 09:56 AM   #14
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I have not had a "meaningful" deposit in awhile, but in the past I found it helpful to make a strong but polite request with my receiving bank to make funds available immediately, especially when there were known players like a Vanguard or any major corp. In a few cases, I had to have a "chat" with the branch mgr but usually got what I needed. We did have a relationship with the bank so were known parties.
Lots of new regs and banks aren't making the bucks off of us like they are use to so maybe this is one place they can squeeze us now.
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Old 07-21-2016, 10:00 AM   #15
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I bank with USAA and they always make funds available immediately for us. We do however have a long history with them and substantial funds, which probably make a difference.


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Old 07-21-2016, 10:15 AM   #16
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Some years ago the UK regulations were changed requiring fund transfers between banks to be executed within 24 hours. Whether it is a bill I am paying or money I'm sending to a friend or relative the funds are in their bank account within an hour or 2 of me clicking "submit".

I have done quite a few fund transfers recently from my US bank to my UK bank, and using TransferWise I have found that if the transfer is $2,000 or less then the funds are withdrawn via ACH same day or next as I book the trade, and appear in my UK bank account next business day. This is much faster than when I or my daughter use Chase Quick Pay to send each other money.
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Old 07-21-2016, 10:30 AM   #17
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Paypal is the way to go.
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Old 07-21-2016, 10:36 AM   #18
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I use a credit union for majority of financial transactions, when I have a large check to deposit they usually release right away. They do ask, "Were you expecting this check?" I guess to make sure we hadn't fallen for the Nigerian Prince scam.....
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Old 07-21-2016, 11:31 AM   #19
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Thanks for the replies. Ended up going to my bank and withdrew $500, went to BoA. They asked for my Id, and I asked why - her reply was to prevent money laundering! Really , $500 ? Seems so silly


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Old 07-21-2016, 11:32 AM   #20
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Went to BoA to make deposit in friends acct. (to clarify prior post)


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