Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Transfer Approval
Old 08-22-2019, 07:52 AM   #1
Recycles dryer sheets
Join Date: Nov 2014
Posts: 209
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.

Hyper is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-22-2019, 08:23 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 25,791
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.

If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 65/35/0 AA TBD
pb4uski is offline   Reply With Quote
Old 08-22-2019, 10:18 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
Join Date: Apr 2013
Posts: 8,944
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.
MRG is offline   Reply With Quote
Old 08-22-2019, 09:22 PM   #4
Dryer sheet wannabe
AmigaDude's Avatar
Join Date: May 2019
Posts: 10
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.
AmigaDude is offline   Reply With Quote
Old 08-22-2019, 09:33 PM   #5
Recycles dryer sheets
Join Date: Jul 2018
Posts: 99
Originally Posted by Hyper View Post
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!!
Bruno is offline   Reply With Quote
Old 08-22-2019, 09:47 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RobbieB's Avatar
Join Date: Mar 2016
Location: Central CA
Posts: 5,224
I will never invest with Vanguard.

Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is online now   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Seeking approval from others Evergreen Life after FIRE 51 02-28-2015 01:16 PM
Social Security Approval eriter Life after FIRE 19 07-06-2006 09:28 PM

» Quick Links

All times are GMT -6. The time now is 10:55 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.