ACH Transfer Times (Bank to Bank Transfer)

Bank to bank electronic transfers (aka ACH transfers) are used by many to shift money from a low interest yielding account into a higher interest yielding account.
One important feature of such electronic transfer is the time it takes for the money to arrive at the destination.
You would not want your money losing interest while its transferring to another bank account.

Below is a list of bank that have 1-2 days transfer time. There are other banks I'm sure but this is what a list of banks I have experience with. Post comments to let me know other banks with fast transfer times.

• ING Direct
• EmigrantDirect
• E*TRADE
• E-LOAN

Other banks such as HSBC Direct and Capital One are SLOW! When I tried it a few years ago, it took about 4 days. (Transfer Monday, reached my account on Friday)

Now let's look at an example to see how long it took for ING to transfer to BoA.

• Push from ING to BoA on Monday (meaning I logged into ING and initiated a transfer to my BoA)
• Money arrived to BoA on Wednesday. BoA website shows the money as "pending"
• Do not let the "pending" sign confuse you. The money has already arrived to your BoA account and it is "available". This is BoA's policy with electronic transfer. It states that for electronic transfers, funds are made available the day funds are received, which in this case is Wednesday.
  

So from ING to BoA, it took 2 days and money was available on Wednesday.

Of course if BoA offered to pay competitive interest rates, we wouldn't have to shift money around...


-도시