Electronic Funds Transfer (EFT)

[Tones]

What is the time period that you have to wait for for your money after your client makes the transfer?
So far it's been 5 days since my client transfered money but as yet I haven't seen it. You can draw your conclusions as to where it is but all I know the client hasn't got it and nether have I

 

[Junkyard]

Well here in the states it's usually pretty fast. 24 hours during the week, 48 on the long end. Is the money coming from a different country or something like that?

 

[Tones]

No Junkyard, across the same city. Maybe they should use homing pidgens like they used 200 years ago.

 

[Junkyard]

Hell that should be same day, worst case next morning if it went out too late in the day. Something sounds fishy. I wonder if some numbers got mixed up or somehow it was hacked? Idk, wire fraud and the like happen. I hope for your sake there's a happy ending to it all!

 

[lantraxco]

Banks love this stuff.... failure to dot an i or cross a t gives them and excuse to hold the funds for "safekeeping" and without actually notifying either party get to enjoy the use of the funds until somebody catches on.... BTDT.

 

[Junkyard]

A little interest here and a little there adds up!

 

[mowingman]

I do them quite a bit. Never had it take more than 1 day, even from half way across the country. Local transfers usually take 4 hours at the most.
5 days means something has gone haywire. Either it did not get done, or it went to the wrong account somewhere.
You had better check with him and with your bank.

 

[lumberjack]

It depends on how the funds were moved, but if it was with a traditional wire it is same (business day) assuming it was sent before 5pm Eastern and the bank doesn't have any additional restrictions. I received a wire today from a customer in Nebraska who's bank's cut off was 2pm for whatever reason. I sent some of that money back out to a vendor, which was received today.

 

[fast_st]

In the states, if there is a transfer between 'partner' credit unions, the transfer is free and is also instant, same as cash. did a Boston to SAC transfer, zip, done.

 

[John C.]

This has a familiar sound, "checks in the mail". You bank can make a phone call to the sending bank asking if the transfer was actually done.

 

[Ct Farmer]

Called my sister on this as she is in the banking industry and does this sort of thing all day long. Assuming this was an ACH and not a traditional wire of the funds, she tells me that there could be a legal hold of 5 days on the funds by either yours or the clients bank. Most often this is done if the sum is larger than normal for either end or if one party is not well known to their bank. The reason is that the sender legally has 5 days to pull back the funds with no questions so the bank can be on the hook if things go amiss. After 5 days it is much tougher to get the funds back. She told me that often if the funds are held due to a large dollar amount you should, out of courtesy, be given access to some of it, though not always. Also if there is a 3rd party vendor that may slow things a bit. She did say that 5 day hold is rare unless the funds came as part of a large list of transfers from a big firm or gov't agency. Then the bulk alone might cause 5 days.

She suggests pushing your bank on where the funds are.

 

[Scrub Puller]

Yair . . .
Tones. I reckon you need to get right onto that mate . . . and cease and desist work or hold goods until its sorted.

We used to get Telegraphic Transfers (TT's) into our account in two days at most and that was thirty years ago . . . I believe EFT's should be pretty much over night.

All the best with it.

 

[Queenslander]

Tones, You'ld be the same as us, very rarely use a cheque book any more.
Our bank, and I assumed the others were the same, clear eft funds overnight.
Some businesses are happy to accept a remittance advice, but others refuse to play ball until the funds appear in their account.
Around Xmas time, I heard there were changes about to be made to the banking system, here, to enable electronic transfers to take effect instantaneously.... shouldn't be rocket science in this day and age.

 

[Tones]

Update. We finally got our money. The problem was in the banking system, not the client. The barstads love giving you the runaround while they sit on money they haven't earned. Any where else it's called stealing.

 

[Scrub Puller]

Yair . . .

Good one mate, I was wondering how it was all going.

Cheers.