What is the fastest way to transfer money from one US bank account to another?
I’m kind of puzzled by some of these answers. They don’t seem to be based on any sort of experience. I think much of this depends on your bank’s policies. You’re going to want to call them and ask questions if the timing really is important. One way to make the timing less important is to have your relative give you the money a day or two earlier. Anyhow, I’ve received money in all sorts of different ways this year, and I can tell you that at Wells Fargo, at least, you cannot use a wire transfer the same day. You can use it the next day, but not the same day. Twice this year I’ve tried to pull the money out on the day I received it, and although the bank admitted the money was there, they refused to let me take it until it had actually cleared their system overnight. I wouldn’t be surprised if most banks had a similar system in place, especially for large amounts. Zerokey’s advice to get a check is baffling. My credit union and my banks will hold any largish amount for several days. If
What you really want is a certified check, which is verified by the bank as being “un-bounceable” because once the check is written you can’t use that money in your account. Theoretically you could then bring that to another bank and deposit it immediately, although a bank could still put a hold on it even though they don’t need to depending on their policies. Given that a certified check or a cashier’s check can be forged and not infrequently is these days, it doesn’t sound like the best idea for immediate access. Especially since the bank already told you they wouldn’t give you more than $5,000 immediately.
Wire transfers take 24 hours if the sending and/or receiving bank suck. Hi, I’m de void, and I work in the mortgage warehouse department of a regional bank. We send funds to residential real estate closings daily on behalf of our customers, mortgage bankers. We typically initiate at least 75 wire transfers each and every day, and some days over 200. Wire transfers occur between banks *THAT ARE MEMBERS OF THE FEDERAL RESERVE WIRE SYSTEM* effectively instantaneously, within minutes. It is simply an electronic transmission that decreases the balance at one bank and increases it at another. We have initiated wire transfers for our customers at 2:00 and had confirmation from a closing attorney that they received the funds at 2:05. So where does the 24 hour B.S. come in? Well, if your bank is not a member of the federal reserve wire system, then you get sub par wire service. In this case, you go to your bank to ask for a wire. They verify funds in your account, then transfer the funds to the
