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

[luvmyfam444]

Our bank would be immediate - they have no cutoff times either...

 

[CarolG]

I also use Bank of America, and online transfers between checking and savings are instantaneous. If I make a teller deposit (checks and/or cash) or withdrawal before 2:00 pm, it also shows up right away.

 

[ChristmasElf]

Washington Mutual. Make a deposit at 2:00, money available at 2:00:10 .

I also use USAA and they are even better.

 

[tkd lisa]

My old credit union was instantaneous. For checks or transfers.

My new credit union (Moved out of state) has a two week policy on any type of check for the first 6 months of my account. After 6 months, they have a one week policy.

I argued pretty hard about my bank check that I started my account with (put all the money from my old account into one bank check and tried to start the new account). Their explanation was that even though the money was there when the check was written, if a transaction came to the old bank, they'd have first claim to that money. I finally got them to release it by calling the old bank and verifying that there were no open claims on that account, but it still took a couple of days.

 

[cinmell]

I love my CU. Transfers from accounts w/my CU are instant as well as debits and ATM withdrawals. Any deposits I make are available instantly and my direct deposit for some reason is always available a day or two prior to the actual date on the check.

 

[RUDisney]

The real difference between a bank and a cu is that the cu isn't regulated anywhere near as heavily as a bank. They also pay little to no taxes at a cu, so they can discount their services. I don't know, off hand, if funds are insured at cu's either.

CUs currently want to be able to expand their product lines to better compete with banks, primarily by expanding into commercial lending. Ah, but they want to continue to not be regulated and not pay taxes. I've got no problem with a cu competing with a bank, as long as the playing field is the same. Imagine if all things were equal between your next door neighbor and you, only you pay taxes and they don't, and HOA rules only applied to you. Imagine how much more they can have than you because they'd have more disposable income and fewer rules to follow. How would that be fair?

Anyway, I did some checking on Reg CC because I was thinking last night about this thread. Here's what the Federal Reserve's website says about the availability of funds: I made some sections bold for emphasis.

The following types of deposits must be made available on the first business day following the banking day of deposit (“next-day availability”):

1. Cash deposited in person to one of your employees.

2. Electronic payments received by your institution for deposit in an account — An electronic payment is considered received (deposited) when your institution has received both payment in collected funds and information on the account and the amount to be credited. (Under other rules, funds for most electronic deposits are made available on the day of deposit.)

3. U.S. Treasury checks deposited in an account held by a payee of the check — Unlike deposit types listed in 4 through 8 below, which pertain to deposits made in person, Treasury checks deposited at an ATM owned by your institution (a “proprietary” ATM) must be accorded next-day availability.

4. U.S. Postal Service money orders deposited in person to one of your employees and into an account held by a payee of the check.

5. Federal Reserve Bank and Federal Home Loan Bank checks deposited in person to one of your employees and into an account held by a payee of the check.

6. State or local government checks deposited in person to one of your employees and into an account held by a payee of the check, if your institution is in the same state as the payor of the check. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.)

7. Cashier’s, certified, or teller’s checks deposited in person to one of your employees and into an account held by a payee of the check. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.)

8. Checks drawn on an account held by your institution (“on-us checks”) deposited in person to one of your employees or at on-premises ATMs or night depositories, if the branch or branches involved are in the same state or check-processing region.

9. Deposits that include some checks of types not listed above — The first $100 (or the total amount of the deposit if it is less than $100) of non-“next-day” checks must be made available the next day.

Exceptions: When deposits of types 1, 4, 5, 6, and 7 are not made in person (for example, when they are made at one of your ATMs), the funds must be made available by the second business day. Deposits, cash or check, made at an ATM that you do not own (a “nonproprietary” ATM) must be made available by the fifth business day.

For checks of types not discussed above, funds generally must be made available in accordance with a schedule specified in Regulation CC. That schedule varies depending on whether the check is considered “local” or “nonlocal.”

* A check is considered “local” if your institution is located in the same check-processing region as the paying institution. Funds from local checks must be made available by the second business day following the day of deposit.

* A check is considered “nonlocal” if your institution is not located in the same check-processing region as the paying institution. Funds from nonlocal checks must be made available by the fifth business day following the day of deposit.

There are several minor exceptions to the two- and five-day availability rules. They involve, for example, certain checks deposited outside the continental United States and cash withdrawals from certain checks. A detailed explanation can be found in section 229.12 of Regulation CC.

But remember—no matter whether the check is local or nonlocal, the first $100 of a deposit that is not already subject to next-day availability must be made available by the first business day following the day of deposit. This does not apply to deposits at nonproprietary ATMs and to deposits subject to certain exception holds. Further explanation can be found in section 229.13 of Regulation CC.

 

[Lisa loves Pooh]

We bank by mail with USAA.

Upon receipt we are credited for any and all deposits (IF a deposit doesn't clear then we are later debited).

Internet transfers--I don't remember how long that takes...I think they can be immediate or maybe they take a day. I don't remember.

 

[Disney Doll]

Usually immediate if I am transferring money from one account to the other within the institution.

if it is an outside check, they say it can take up to 3 days.

 

[ericamanda01]

WOW! I have never heard of a transfer taking 24 hours. Thats outragous! At both my banks, weather it's online or in the branch, a transfer between my accounts is instant.

 

[Kitty 34]

WOW! I have never heard of a transfer taking 24 hours. Thats outragous! At both my banks, weather it's online or in the branch, a transfer between my accounts is instant.

See, that's how I feel about it, especially when it was a transfer from his one account to the other within the bank!

Disney doll....your bank sounds like my oldest son's. Instant transactions unless it's an outside check. That I can understand. They're probably making sure the check will clear.

 

[LadyyRedd]

Our bank would be immediate - they have no cutoff times either...

Same here. anything done before closing is considered the same business day.

Kimya

 

[va32h]

I have two bank accounts:

Wells Fargo - deposits made before 4pm are credited that day; listed as pending, but depending on the type of deposit can be avilable immediately; transfers between accounts made before 4pm credited immediately.

Compass Bank - deposits made before 4pm are credited at midnight that night. Transfers are immediate.