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Started By
Message
When does a wire hit
Posted on 1/14/15 at 3:03 pm
Posted on 1/14/15 at 3:03 pm
If a wire is sent out in the morning, when does it hit the contra account? Thanks.
4
Posted on 1/14/15 at 3:06 pm to Janky
1-3 days.
Posted on 1/14/15 at 3:09 pm to southernelite
Posted on 1/14/15 at 3:12 pm to Janky
It should later that afternoon. In my experience about 5 hours later.
Posted on 1/14/15 at 3:12 pm to Janky
quote:
contra
Up, Up, Down, Down, Left, Right, Left, Right, B, A, Select, Start
Seriously though, is this a bitcoin thread?
Posted on 1/14/15 at 3:15 pm to Janky
This is a pet peeve of mine with banks. When funds become available is at the discretion of the receiving bank. Why do payroll direct deposits become immediately available, but EFT or ACH payments have delays? The answer is that the receiving bank gets use of he funds for whatever holding period they impose. This despite the fact that the payments would not processed by the transmitting institution if the funds were not in the transferor's account at the time of transfer.
Posted on 1/14/15 at 3:19 pm to Poodlebrain
Our Payroll is ACH and takes 3 days.
They messed it up once and had to reset it and it was a disaster.
They messed it up once and had to reset it and it was a disaster.
Posted on 1/14/15 at 4:03 pm to southernelite
Generally the receiving bank should receive the money within an hour. Now that doesn't mean they will credit your actual account that quick.
Posted on 1/14/15 at 8:25 pm to southernelite
quote:
1-3 days.
They must still be using dialup. Or two tin cans on a string.
The real reason, of course, is that for retail accounts hardly any customer has the financial pull to demand better. When banks borrow from each other they do so overnight, after all, but they generally aren't sending just a couple of grand either.
Posted on 1/14/15 at 8:58 pm to Janky
When you set up a wire at the branch, it should take their wire department approximately 1 hour to release to the Federal Reserve. Then it should take another hour for the receiving institution to accept it and memo post the amount to your account. If it takes longer than that, it is because the receiving bank is probably understaffed in their wire department or has inadequate/inefficient wire systems.
As far as payroll, NACHA has specific holding periods for ACHs. If you get your payroll on Fridays, the company paying you probably set it up the Wednesday before.
As far as payroll, NACHA has specific holding periods for ACHs. If you get your payroll on Fridays, the company paying you probably set it up the Wednesday before.
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