Tips for Transferring Money Online Faster
If you're new here, you may want to subscribe to my RSS feed. Want more frequent updates follow me on Twitter. Thanks for visiting!
It’s really ironic that a purely online account takes a lot longer to transfer money in and out of than an account based at a physical bank. Most of it has to do with security, and checking that the money really exists before it gets withdrawn or deposited anywhere. Fraud is not a large problem for online banks but they say that’s because they’re so careful and because they take longer to move money around.
If you are needing your money from an online bank in a hurry, here are a few tips that might help speed up your transactions:
- Plan ahead with your transactions as far as possible; or when you realize you need to make a transfer then do it online as early in the working day as possible and it will be more likely that your transaction happens a little faster.
- It might be possible to open a (small) checking account at the physical bank connected to your online bank. If you transfer money within the same bank (from your online account to a physical checking account) it will usually be available the same day.
- Complain to your bank if transactions are particularly slow, because there are rules about how quickly funds should be credited.
Apparently the European system already works a lot faster than that in the United States, so online bank customers can hope that things will improve in the next few years.
This entry was posted on Friday, November 7th, 2008 at 6:25 am and is filed under Banks and Banking. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
