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Transferring money between bank accounts still take up to 3 days, sometimes longer. It has been that way for a long time. I would think that now days, when everything is computerized, it should all be an instant transaction. Especially between US bank accounts.
My parents transferred some money from their bank account in Sweden to my bank account here in the US. That transaction normally take 1 to 3 days as well. However, that is from a bank in Sweden. Why does it take so long between let say BoA and US ban
Depends on the bank. I use a smaller bank that is more oriented towards high touch as opposed to high volume, so they don't play games with peoples' money. However, I can see why there would be a 2-3 day float on funds coming from another country.
I have an account with USAA and BoA. Transferring anything to and from USAA, from their web site, takes a few seconds. But transferring through the BoA site takes at least 24 hours.
I do the transfers online.
Because banks don't operate on "real time". They do settlements at night. So -- at 9AM you transfer 5000.00 from your B of A account to your USAA account. To you it looks done. And if you went into the bank it would look done to them. It's not.
That night, B of A really takes the money out of your account, and "sends" it. My memory is foggy -- but there's a centralized clearing house for all banks. The money is transacted to go to USAA that nights settlement. On day three, USAA gets it via EFT.... but even there, it's not really available until THEY settle that night.
Because banks don't operate on "real time". They do settlements at night. So -- at 9AM you transfer 5000.00 from your B of A account to your USAA account. To you it looks done. And if you went into the bank it would look done to them. It's not.
That night, B of A really takes the money out of your account, and "sends" it. My memory is foggy -- but there's a centralized clearing house for all banks. The money is transacted to go to USAA that nights settlement. On day three, USAA gets it via EFT.... but even there, it's not really available until THEY settle that night.
If I transfer money out of Fidelity by 4PM to any of my other bank accounts, it is available for withdrawal the next morning. However, if I transfer money between my other bank accounts, and/or into Fidelity, it takes 3 days. I never understood how fidelity was able to push money to other banks so quickly while the other banks cannot.
BoA is super slow. I have accounts at different banks. Only the transactions with BoA take forever.
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