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Old 11-03-2017, 06:51 PM
 
Location: H-town
73 posts, read 108,338 times
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Not a banking app but something like ingo? PayPal lies and say it takes 30 minutes to transfer to bank but now I have to wait until Monday. What is a reliable app that will allow only minutes to transfer a check?
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Old 11-03-2017, 08:13 PM
 
26,181 posts, read 21,481,737 times
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Zelle can get it done in seconds to minutes if the two banks involved are in network
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Old 11-03-2017, 08:14 PM
 
Location: Florida
6,608 posts, read 7,291,546 times
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You probably have to do a wire transfer and you will have to use a bank to process, not an app.

Once the money gets to your bank they have to update their records. You have to know their processing rules but it may not show up in your account until the following day.
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Old 11-03-2017, 08:29 PM
 
Location: Tricity, PL
61,428 posts, read 86,506,480 times
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I could be wrong, but I don't think there is any app that will let you transfer money on Friday evening, and show on your bank account the same day, right away. The cut-off time for the end of a business day can be no earlier than 2 p.m. at physical branch locations and no earlier than noon at an ATM or elsewhere. For mobile deposits, the cut-off time is often later (e.g., 5 p.m. local time).
If a bank or credit union is open for business on Saturday or Sunday, it is not required to consider those business days for the purpose of funds availability.

https://wallethub.com/edu/available-funds/11314/

Federal regulations dictate how long banks can hold checks before making the funds available. In general, the first $200 of a deposit must be available for cash withdrawal or check writing the next business day. The rest should be available on the second day for check-writing purposes and on the third for cash withdrawal, subject to certain exceptions and other details. Weekends are non-business days, so you might have to wait until Monday anyway...

Quote:
PayPal lies and say it takes 30 minutes to transfer to bank but now I have to wait until Monday.
It's not a lie. While the transfer is fast, the funds will be not available to use till the next business day which is Monday. So, if your bill due date is this Friday (today) and it's 8PM, the bill will be paid first on Monday morning , no matter how fast the money transfer is.

Last edited by elnina; 11-03-2017 at 08:59 PM..
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Old 11-04-2017, 04:01 AM
 
106,238 posts, read 108,237,907 times
Reputation: 79776
Quote:
Originally Posted by 11thzodiac View Post
Not a banking app but something like ingo? PayPal lies and say it takes 30 minutes to transfer to bank but now I have to wait until Monday. What is a reliable app that will allow only minutes to transfer a check?
transferring money is different than having that money available vs having it available for withdrawal . these are 3 different issues with three different time frames involved .

bank wires are instantaneous and the money is available right away and can be withdrawn with no clearing time providing it is during business hours . these are bank to bank transfers through the federal reserve system . fees for this can be quite high , some banks get 30 bucks .

eft's are electronic checks . these go through the automated clearing house , fees are not charged to you. in some cases like with brokerages the money can be invested right away but not withdrawn until the clearing time policy is met .

usually electronic fund transfers are subject to clearing time like a check would be for money that can be removed, typically 1 to 3 days .

Last edited by mathjak107; 11-04-2017 at 04:21 AM..
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Old 11-04-2017, 06:18 AM
 
26,181 posts, read 21,481,737 times
Reputation: 22766
Quote:
Originally Posted by elnina View Post
I could be wrong, but I don't think there is any app that will let you transfer money on Friday evening, and show on your bank account the same day, right away. The cut-off time for the end of a business day can be no earlier than 2 p.m. at physical branch locations and no earlier than noon at an ATM or elsewhere. For mobile deposits, the cut-off time is often later (e.g., 5 p.m. local time).
If a bank or credit union is open for business on Saturday or Sunday, it is not required to consider those business days for the purpose of funds availability.

https://wallethub.com/edu/available-funds/11314/

Federal regulations dictate how long banks can hold checks before making the funds available. In general, the first $200 of a deposit must be available for cash withdrawal or check writing the next business day. The rest should be available on the second day for check-writing purposes and on the third for cash withdrawal, subject to certain exceptions and other details. Weekends are non-business days, so you might have to wait until Monday anyway...


It's not a lie. While the transfer is fast, the funds will be not available to use till the next business day which is Monday. So, if your bill due date is this Friday (today) and it's 8PM, the bill will be paid first on Monday morning , no matter how fast the money transfer is.

If your banks participate in the Zelle network it works no matter what day it is and no matter what time you put the transfer in.
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