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Discussion Starter #1
Why in the **** does it take so friggin' long to transfer money from one account to another?!?!?!


I'm buying (trying to by would more correct) the Sony 50" LCD HDTV, and I transferred money from my bank account to my credit card so I could have all my money in onw place when I go to buy it. I did this on Friday at about 8:00 AM. Tell me why it has still shown up yet, and probably won't show up until at least tomorrow? It seems like, since we live in this technological age that we do, that money transferred should happen in a matter of seconds. But NoooOOOOOoooo! I gotta wait 5 freakin days to see my money.
I hate waiting...especially when I'm waiting to get something I really want and I'm waiting on something I shouldn't have to wait on.
 

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What do you mean you're transferring it to your credit card? Are they linked? Or do you mean you're paying off a balance to have more money?

If the latter is the case, then the three day delay (remember, weekends don't count) is normal because the credit card bank has to contact the other and get the payment cleared and whatnot.

If the two are linked, then there is no reason for it took take so long. My bank will transfer money from my checking to my savings (and vice versa) the instant I click the button to authorize the transfer. So if the former is what applies to you, you may just need a new bank.
 

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Discussion Starter #3
The way I see it, given computers and all, this is how should work. (credit card and bank are disassociated)

-Log on to my bank, navigate to my account, make payment. (1 Min)
-Bank check to make sure funds are available then sends 'virtual money' to credit card company. (3 Mins if you have slow network)
-Credit card company verifies correct account information (20 Secs)
-Credit card company post payment (10 Secs, again, if network is slow)

Total time of transaction 4.5 minutes.

If it's all automated, there's no reason the transaction doesn't post on the weekends too.

I'm a Systems/Network Adminstrator I've similar kinds of transactions. The only difference being that it's not dealing with money. I just don't see a reason for it to take so long when there is no manual paperwork involved.
 

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The credit card I am not too sure of either. But if its just a transfer from one account to another it should be instant at the time of the transaction. I do this all the time from savings to checking and vice versa.
 

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I agree DiRN and Dave! My bank will transfer $ the second I trans it from checking to savings or money market and vice versa. Credit Card companies suck anyways, they just want to steal your money. Probably use that $ over the weekend to collect some kind of interest for their own benefit...Good Luck Ched, and great choice in TV's...hubby would be jealous. Although when we go to buy our plasma TV he has a friend who works for Sony and gets a 40% discount for us if we pay him cash.....
 

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Discussion Starter #6
I think the only reason it takes so long is so that the bank/credit card company purposely puts a sort of hold on it so they can make that little bit more interest on your money as it sits in limbo between accounts.
 

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Discussion Starter #7
right, what jinxxy said.
 

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Originally posted by Lo Fi Ched@Jun 7 2004, 01:07 PM
I think the only reason it takes so long is so that the bank/credit card company purposely puts a sort of hold on it so they can make that little bit more interest on your money as it sits in limbo between accounts.

I could agree with that one
 

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Discussion Starter #9
QUOTE
Credit Card companies suck anyways, they just want to steal your money.
Interest rates are one thing, at least theyre up front about how they are stealing your money, but holding it limbo to make interest is just....cold. Other people's money is nothing to play around with.
 

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They are all theives.....took 4 working business days for a deposit made on an out of state check ($195,000.00) to clear in the business checking account (company I work for). Wonder hm what they were doing holding that $ for 4 days....azzez!

Hubby got a call from the bank the other day. They say to him "we notice that you have a considerable higher balance in your business checking account the past few months. We have some great options for that money". He was like "number one, what business do you have looking at my banking account to make an observation like that, and number two, go stick it where the sun don't shine. What are you going to suggest, put that $ into a money market account where I will make 2% interest, and you guys can make big money on it while I make pennies? No thanks, I will decide what to do with that "extra" money when I see fit"

They are all crooks!!!
 

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Discussion Starter #11
If they're going to make money off of us, then they should be there at our beck and call, expediting any and all processes so that our money is tied up for no longer than what is absolutely necessary.

One more thing...
And what happens as soon as money we owe them goes missing (late payments and the like) for a couple of days?!?!? They get all pissy and charge us a fee. Maybe I should start charging them a fee.
 

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It all comes down to the fact that it's money. Waiting an extra few days for a TV is minimal compared to the **** that has to be dealt with when fraud occurs.
 

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Originally posted by gdojr@Jun 7 2004, 10:48 PM
I just got a Sony 52" HDTV. Be careful, it is addictive....

I know how to help cure you of your addiction. Give the TV to me
 

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You know, if you want to save on shipping, you can always just drop it off the next time you're up this way. Haha
 

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While I sympathize 100% with the frustration you are going through, it's important to remember the SEC regulations and all the other federal regulatory crap that financial institutions go through when dealing with Inter-institutional transfers. While I'm inclined to agree that CC companies are all a bunch of blood-sucking leaches, and banks often aren't much better, they have to deal with a fair amount of their own "imposed delays."

It's frustrating for us IT guys to watch data flying around a network, knowing that's how fast it *could* happen, but doesn't....Look at it this way, all of these restrictions are one of the things that make America's financial system as mature, and "check-and-balanced" as it is.

Sure doesn't get the **** TV any faster though
 

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Discussion Starter #19
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You should'a just paid cash
Next time I'll just take my CC and my bank card and use both at the same time. i just didn't wanna look some dumbass that was scraping every cent he had together to buy something he shouldn't have.

BTW - my money finally showed up today. TV is paid for, will pick it up tonight. YEAYYY!!!
 
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