Wondering what practical experience this group has with moving money via Schwab money-link (ACH).
1) If I bring in a personal check to a branch, the receipt says available same day. If I call the toll free number , they say 5 day hold or ask for early release (which I have never done) I suppose reality may depend on the size of the check but curious what others have experienced.
2) What about an ACH transactions. If I place moneylink order to pull funds in on day 1, the funds are there on day 2 as margin credit, and then on day 3 as cash. If on day 2 when the funds arrive, I place an order to push funds out, they will appear as margin debit on day 2 (making margin balance 0) , and then pushed out on day 3 (the same day the pulled funds appear as cash.
With normal amounts, I have not had any margin charges but am not sure what happens for larger amounts.
If you call the toll free line, they will tell you that ACH amounts are (or may be?) subject to a 3 day hold so I am having trouble reconciling the rules w/ reality. Aren't ACH funds real and available immediately to the recipient (Schwab)?
1) If I bring in a personal check to a branch, the receipt says available same day. If I call the toll free number , they say 5 day hold or ask for early release (which I have never done) I suppose reality may depend on the size of the check but curious what others have experienced.
2) What about an ACH transactions. If I place moneylink order to pull funds in on day 1, the funds are there on day 2 as margin credit, and then on day 3 as cash. If on day 2 when the funds arrive, I place an order to push funds out, they will appear as margin debit on day 2 (making margin balance 0) , and then pushed out on day 3 (the same day the pulled funds appear as cash.
With normal amounts, I have not had any margin charges but am not sure what happens for larger amounts.
If you call the toll free line, they will tell you that ACH amounts are (or may be?) subject to a 3 day hold so I am having trouble reconciling the rules w/ reality. Aren't ACH funds real and available immediately to the recipient (Schwab)?
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