Bank transfers take too long!!

[Anonymous]

I have Ally and Schwab accounts. I have a debit card attached to my Schwab account. Whenever I want to transfer money, it takes at least 4 days it seems, and sometimes I end up overdrafting one account or the other because of how long it takes. It’s not 1990 wtf!

[Anonymous]

That sounds like a problem with your bank. My bank transfers are immediate and if I were to overdraw an account so long as I have money in another account it doesn’t matter.

[Anonymous]

That's a big benefit of digital assets.

[Anonymous]

SoFi ACH transfers are fast same-day. Submit transfer at 9am and in an external bank at 1pm. Marcus is fast too - same day.

Ally and Schwab take a day. Unacceptable.

[Anonymous]

Ally takes a day for me, that seems reasonable--I don't need it faster. Bank of America is REALLY slow as is capital one--and for a variety of reasons I have an account with both. A transfer between them can take 4-5 days all said and done, though usually I can use the funds in 3. I think they are pushing zelle--which is immediate.

[Anonymous]

Sounds like someone trying to start a bank run on Ally and Schwab.

[Anonymous]

Anonymous wrote:SoFi ACH transfers are fast same-day. Submit transfer at 9am and in an external bank at 1pm. Marcus is fast too - same day.

Ally and Schwab take a day. Unacceptable.

Those same day transfers are likely just credits to your account provided by the financial institution. It’s likely just a pending transfer that is not yet fully settled. They may even let you play with the pending funds inside their ecosystem (eg use their brokerage to purchase stock) but wouldn’t let you move those funds outside their system.

Most ACH payments take T+1 to settle and some take up to 3 days.

[Anonymous]

Some banks are terrible with transfers, OP. We changed banks, it was so frustrating.

[Anonymous]

Anonymous wrote:That's a big benefit of digital assets.

Yes, and being able to actually purchase things is a big benefit of fiat currency.

[Anonymous]

Sounds like you need to manage your money better.

[Anonymous]

Anonymous wrote:

Those same day transfers are likely just credits to your account provided by the financial institution. It’s likely just a pending transfer that is not yet fully settled. They may even let you play with the pending funds inside their ecosystem (eg use their brokerage to purchase stock) but wouldn’t let you move those funds outside their system.

Most ACH payments take T+1 to settle and some take up to 3 days.

Same Day ACH is settled twice within the day, I think 1pm and at close of business. It costs more so fewer banks (originators or push) use it.

[Anonymous]

i recently transferred money from Bank of America to Capital One and it took 6 days.

[Anonymous]

Anonymous wrote:SoFi ACH transfers are fast same-day. Submit transfer at 9am and in an external bank at 1pm. Marcus is fast too - same day.

Ally and Schwab take a day. Unacceptable.

Isn’t Ally a foreign bank? Like Hong Kong based? Could be a time zone/international regulatory thing

[Anonymous]

Anonymous wrote:

Anonymous wrote:SoFi ACH transfers are fast same-day. Submit transfer at 9am and in an external bank at 1pm. Marcus is fast too - same day.

Ally and Schwab take a day. Unacceptable.

Isn’t Ally a foreign bank? Like Hong Kong based? Could be a time zone/international regulatory thing

No Ally is based in Detroit— it started as the financing arm of General Motors

[Anonymous]

In every civilized country bank transfers are instantaneous.