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Transfer Approval
Old 08-22-2019, 07:52 AM   #1
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Transfer Approval

I recently moved sizeable funds trying to take advantage of higher cd rates. I made a wire transfer, specifically asking about the time it would take, etc. My local bank basically "sat" on the wire transfer because, I found out later, they had no one available high enough to approve the transfer of the size of funds. This has happened to us at several other banks also in the past. This time they almost cost us 10k (as I see it anyway). Is this that common? Vanguard even took about three times longer than usual transferring our funds.
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Old 08-22-2019, 08:23 AM   #2
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I've never had that happen. It is unacceptable for any financial institution to sit on transfer.... I used to work in an insurance company and that would never have happened.

I recently had a sizeable transfer from Vanguard to a bank and they seem to have processed it promptly... the bank mailed the transfer request on 8/6 and Vanguard cut the check on 8/12.... that's 6 days and there was a weekend inbetween. Who knows how much was mail time and how much was processing time.
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Old 08-22-2019, 10:18 AM   #3
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Time for a new bank. They are not trying to take care of you. I was in financial services for years and that should never happen.
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Old 08-22-2019, 09:22 PM   #4
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Assuming you are in the USA and given the way wire xfers process, my guess is that the transfer completed within 24 hours. Then, your receiving account delayed making the funds available as a security check.

There is a lucrative fraud market out there, and it can take months (or longer) to recover misdirected funds.
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Old 08-22-2019, 09:33 PM   #5
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Vanguard even took about three times longer than usual transferring our funds.
I started a transfer with VG at the end of July. It is now 8/22/ and they just sent the transfer to Jackson..or at least they said they did. I will call Jackson in the morning to see if they got it yet. Last year i started the end of July and it was complete by Aug. 10. I not sure Vanguard knows what is going on to fix it!!
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Old 08-22-2019, 09:47 PM   #6
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I will never invest with Vanguard.
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