Anybody familiar with banks and their internal processes?

[Diggin It]

I've been having trouble with banks and am trying out a few new accounts with small balances as tests. They generally allow you to 'link' accounts from other banks so you can transfer funds between them. With some, that happens the next business day. Initiate the transfer request on Monday, process on Tuesday, completes on Wednesday. But I have one that takes three business days to process. Initiate on Monday, processes Tuesday-Wednesday-Thursday and completes on Friday. Since they use that same ACH system, I'm trying to figure out why the time difference.

One bank doesn't have the option to link external accounts, but honors links initiated from external banks.

Then there are the fees. The faster ones charge no fees inbound or outbound. The slower one charges no fee for inbound, but $3.00 for outbound, with a 'one day' option for $10.00

I'm guessing there is some kind of tier/volume rate structure within ACH?

 

[LittleBill21]

some ach transfers depend on the bank, ally for example has the ability to do 1 day or 3 day transfers, depends how long you have had the account as well, most new accounts are limited on ach transfers, but since you can move the money with the other banks ach, it doesn't really matter.

make sure your not looking at wire transfer, which carries a hefty fee, but is generally 1 buisness day.

don't pich banks with ach transfer fee's i have never paid one in my life.

 

[CADplans]

The banks to all of my ponds have a clay core,, and the top layer is a bentonite soil mix,,,
If I build the bank on Monday, I partially flood by Wednesday, and I am fully deposited by Friday,,,

That is ALL I know about any type of - B A N K !!,,,

 

[fried1765]

The banks to all of my ponds have a clay core,, and the top layer is a bentonite soil mix,,,
If I build the bank on Monday, I partially flood by Wednesday, and I am fully deposited by Friday,,,

That is ALL I know about any type of - B A N K !!,,,

Love the response!

 

[dougtrr2]

I would go into the banks and ask your questions. But talk to the head teller or someone in management that actually knows the policies, rules and regulations. Make sure you make them differentiate between what they "normally" do as opposed to what they have to do or are regulated to do. For example: If you have a passbook savings account you can normally go in anytime and withdraw money, but if you read the fine print you will see that they can require 30 days notice before giving you your money.

Doug in SW IA

 

[East30]

The banks to all of my ponds have a clay core,, and the top layer is a bentonite soil mix,,,
If I build the bank on Monday, I partially flood by Wednesday, and I am fully deposited by Friday,,,

That is ALL I know about any type of - B A N K !!,,,

You sound like someone who frequents the Pond Boss regularly