Number of days for checking/savings funds transfer?

[simpsongal]

Maybe this is normal, I should ask my friend in banking, but the transfer from DH's checking to our savings seems really slow. 

DH and I have separate accounts, except for a shared savings account.  We tend to transfer funds to one another through that savings account.  It takes 5+ days for funds to clear, which seems crazy long.  It'll quickly update the "current balance" but the "available balance" takes forever to update. We use amex savings.  It's not like we're cashing checks, this is money in our checking accounts for immediate transfer. WTH?

I swear this is slower than it used to be - curious if others have noticed/experience this?  

[laterz]

Does your bank have zelle? That should be almost immediate.

[simpsongal]

Jun 21, 2024 10:28:17 GMT -5 laterz said:

Does your bank have zelle? That should be almost immediate.

Hmm.... mine does, not sure about DH.  And I have paypal too....that would probably work faster/better.  We had considered just writing each other checks, I hate the waiting.

[sadlebred]

4-5 days is standard in the US between banks. The rest of the world is immediate. There is some effort in the US to make it quicker, but the big bad actors are not making it easy for the federal government.

Zelle is a nightmare. ONLY use it to purchase or send money to KNOWN resources. Once the money is gone; it's gone. You won't see it again. I'd go with Paypal.

[Susie]

I have savings accounts at FNBO Direct, Capital One 360, and Lending Club, with varying amounts (mostly for the purpose of interest rate chasing with the biggest corpus), in addition to my local credit union accounts.  Lending Club takes longer to clear funds than Capital One, which is the fastest.  I can't remember where FNBO Direct falls.

I agree it's super annoying to see it reflected in the current balance but not available.  With LC it sits like that for dayssssss.

[gt7301b]

2-3 days

[mlkgls]

I have checking and/or savings accounts at several of the larger US banks and the transfer is nearly real time now between most of them. The bank I keep the majority of my E-fund takes a little longer, but never more than three days. Five days would be irritating, to me. 

[mlkgls]

Jun 21, 2024 11:55:23 GMT -5 sadlebred said:

Zelle is a nightmare. ONLY use it to purchase or send money to KNOWN resources. Once the money is gone; it's gone. You won't see it again. I'd go with Paypal.

I used to use Zelle between friends, but I removed it from my main bank account after hearing Clark Howard rail about it on his podcasts. 🤣

[simpsongal]

I did ask my friend in banking. He thought 5 sounded long but also said fraud is crazy rampant right now so banks are being extra cautious. I guess it would be faster if it were same institution.

I might explore other avenues, yeah the week plus wait is stupid.

[gretchenindisguise]

I have found that writing checks and then mobile depositing them where I want them to be has actually been the fastest, least hassle free way to pay myself from my business account to personal account. It's annoying becauce checks, but it works and is fairly quick.

[sadlebred]

Jun 22, 2024 9:36:24 GMT -5 mlkgls said:

Jun 21, 2024 11:55:23 GMT -5 sadlebred said:

Zelle is a nightmare. ONLY use it to purchase or send money to KNOWN resources. Once the money is gone; it's gone. You won't see it again. I'd go with Paypal.

I used to use Zelle between friends, but I removed it from my main bank account after hearing about Clark Howard rail about it on his podcasts. 🤣

Yep! Unfortunately one person I have to pay monthly only uses Zelle. I remove it in between. I love Clark!