How long does it take your bank or CU to process a transaction?

[Kitty 34]

DH and I have separate checking/savings accounts (that's not the problem ). His is at a local bank in our town, mine is at a credit union through my work.

DH went to his bank yesterday (about 1:00) to bump some money from his savings to checking to cover a couple of checks coming in. Today when he went down to his bank on another matter, he is told a check bounced and was charged X amount of money.

When he gets home, I question him about it.....how could this check bounce when he transfered (almost 3 times the amount) from his savings yesterday. He simply tells me because it takes 24 hours for the bank to process this money exchange from his savings to his checking!!!

Are you kidding?? My CU does most transactions like that almost instantaneously. He said that's because it's a crediut union NOT a bank?

Is that true?? (I think it's because his bank is w-a-y behind the times!)

 

[barkley]

both the banks and credit unions we have accounts with all have the same policy-the monies transferred or deposited are not tech. in the account until the next day of bsns (and with some if you deposit after 3 p.m. it will be the following day). they may do the process of posting the account but the actual "dump" of funds does'nt occur until that night-and if the funds come from a check there can be a longer hold period on it. as far as checks you've written on the account-the bank works under the assumption that a check is not be written unless there are pre-existing funds, cleared to cover it. that's why some banks offer overdraft protection from a linked savings account-they will pull from it to prevent a bounced check.

 

[CheshireVal]

I use Wachovia, and they're really slow. If you deposit money after 2pm, it won't show up in your account until midnight the NEXT business day. Which means... that if I deposit something Friday afternoon (or Saturday morning), it won't actually be in my account until Tuesday.

However, when I transfer money from savings to checking with my online banking, it's instantaneous.

 

[Nancy]

My bank doesn't make it available for a cash withdrawel for 24 hours, but if a check came through they would clear the check because technically the money is there. (especially if it's going from the savings to checking from the same back and I do the on-line transfer.

 

[Adventurejimbob]

I hate Wachovia. I deposited a bank check for my mom, from one bank to Wachovia and since it was large, they held it for 2 weeks. I had to call corporate and scream to get it released.

My bank, Commerce, clears checks in pretty much 24 hours. They give almost instant access to $ 500 of each check, and then quickly clears the rest. I do online banking with Commerce, and transfer funds from account to account, and it show up immediately as cleared funds.

 

[miss missy]

I love my CU'S! I have 3 of them. All online transfers are available right then. Even phone ones too. I have no problems with my CU's!

 

[Kitty 34]

My bank doesn't make it available for a cash withdrawel for 24 hours, but if a check came through they would clear the check because technically the money is there. (especially if it's going from the savings to checking from the same back and I do the on-line transfer.

My Dh's bank covered the check with a fee of $28!! I just figured his transferring the $$ from savings to checking would be right away and would have taken care of the check.

 

[Planogirl]

It'll easily take my DH's bank two or three days at times and that is why I opened an account at another bank. However the new bank still takes a day.

 

[DVC-Don]

Our CU takes 2 days. They always have us initial the deposit receipt next to where it notes the 2 day clearance.

 

[RUDisney]

Gee, anyone who wants to signup at my bank is welcome to let me know.

I've been working at my current bank for over 18 years and transfers have always been immediate.

To the OP: if your DH transferred the money through an online banking method would it still have taken a day to clear.

These banks of which you are speaking sound antiquated. Heck, by the end of this summer, we'll be same day until 5:00 with no carryover except after 5:00 on Fridays and on Saturday mornings.

 

[chager]

I work at a CU and it is immediate for a transfer and most deposits. I would go in and question why it was so long to post. I would also take a receipt to show what time it was processed. There is no reason a transfer should take that long. What if you had withdrawn the funds and redeposited the cash. Cash has immediate availability most places. (Unless they have cut off times) At least that is how it was when I last worked at a bank.

 

[rparmfamily]

I bank w/two CU's and online tranfers are immediate, a deposit by check into the atm takes 2 business days at one (NFCU) and is immediate at another. I can take out cash from that deposit immediately though.

I will NEVER use a bank again, only CU's!!

 

[Kitty 34]

I bank w/two CU's and online tranfers are immediate, a deposit by check into the atm takes 2 business days at one (NFCU) and is immediate at another. I can take out cash from that deposit immediately though.

I will NEVER use a bank again, only CU's!!

I never really knew what the big difference was between a bank and a CU but maybe the immediate transfers is a big part of the difference!

 

[Serena]

I think with most banks it depends on who benefits from it. My personal opinion of course.

 

[poohandwendy]

One way you *may* be able to avoid this in the future is to withdraw the money from the one account and make a cash depsit into the other account. That is, if you bank is like mine and all cash deposits are immediate.

 

[Kitty 34]

One way you *may* be able to avoid this in the future is to withdraw the money from the one account and make a cash depsit into the other account. That is, if you bank is like mine and all cash deposits are immediate.

Hmmm, good plan. I'll suggest that to DH.

 

[Kimmie5870]

I use Wachovia, and they're really slow. If you deposit money after 2pm, it won't show up in your account until midnight the NEXT business day. Which means... that if I deposit something Friday afternoon (or Saturday morning), it won't actually be in my account until Tuesday.

However, when I transfer money from savings to checking with my online banking, it's instantaneous.

1ST source is the same way.That's why we switched to the CU,now all transactions are almost immediately shown in our acc.

 

[Spoodleink]

I never really knew what the big difference was between a bank and a CU but maybe the immediate transfers is a big part of the difference!

I think the difference is that for banks the shareholders "own" the bank and they receive the profits for credit unions only the customers can be shareholders and profits are given to them as interest. At out CU our Savings account is called a share account. Our current CU always has great interest rates on our savings and CD's as well as Loans. To me a least the dif seems to be that banks are just out to make $$$ where the CU are performing a service to a specific group ( for ours it is teachers & their families) and only need to break even.

 

[hlbtimes2]

I bank at bank of america. I can transfer money online. It is done right then. Our bank at work is a local WA bank. We can transfer online with them as well. The transfer takes seconds to process.

 

[Banzai]

I use PNC and when I take money from Savings to Checking its instant, but I use an ATM do do that, so perhaps thats why?