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This will be the first time I am transferring money from my ING account to my linked checking account. I will need the money on the 4th of August for dental work my dog has to have done. How much time should I allow for the transfer? If I do it on the 2nd of August, will that be enough time?
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If I do it on the 2nd of August, will that be enough time?

Probably but why cut it so close? I'd do it Wed or Thu this week.

My 2 cents worth! :)

Rob
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My experience with transfers out of ING is that when you make the request, it will be scheduled to happen the next business day and it may then take another day for it to actually show up in your checking account's register.

So, doing the transfer on 8/2 for an anticipated need on 8/4 sounds like you're cutting it a little close. I would at lease move it back a day to 8/1. Personally, I'd do it on 7/29, just to be safe, but that's just me.

Mark
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OK, I probably should do it sooner. I was just trying to get as much interest as I could.
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OK, I probably should do it sooner. I was just trying to get as much interest as I could.

I have no idea how much dental work costs for a Dog, but assuming it's $1000, you make $.087 per day in interest. So if you happen to squeeze and extra 2 days, you'll make $0.17 in interest. That's nice, yes, but if you happen to miss the date and have to pay an overdraft bank fee of $20 or $30, trying to make an extra $0.17 seems silly! Of coruse, if it's less than $1000, then you make even less interest...
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I was just trying to get as much interest as I could.

Ever hear the expression "penny wise and pound foolish"?

You'll earn, what, 75c of interest by keeping the money in there another day, but you risk a $35 bounced check charge (plus whatever the dentist charges)?

Doesn't sound wise to me.

My philosophy is, move the money as soon as you know that a charge is coming up.
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jrr7, we think alike!
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at the exact same time too, although your math was correct and mine was wrong.
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You'll earn, what, 75c of interest by keeping the money in there another day, but you risk a $35 bounced check charge (plus whatever the dentist charges)?

Makes a lot of sense. I'll transfer the money on Friday. I don't have overdraft protection on that account so I sure won't save anything if I bounce the check.

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I'll transfer the money on Friday.

I'd do it for Thursday, 7/28. It probably won't take until the Friday and then the money will be in your checking account on Monday or Tuesday probably. Of course, your bank (checking account) could put a hold on the money and that would really throw things for a loop. They could hold the amount over $100 up to one week (5 business days). Washington Mutual doens't put a hold on my deposits, but that doesn't mean your bank won't.

Maybe you should just pay with a credit card and then pay that off with cash asap.

billyturtle
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Agreed on both counts. You should really do the first transfer as early as possible to get a feel for how long the process takes and what holds, if any, your bank places on the monies. My bank (Citizens) doesn't seem to place any sort of hold on the money, but it does seem to take an extra day for the money to show up once ING reports it as gone.

Mark
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Of course, your bank (checking account) could put a hold on the money and that would really throw things for a loop. They could hold the amount over $100 up to one week (5 business days).

I never thought about my bank holding the money at this end.
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I never thought about my bank holding the money at this end.

According to the FDIC

b) Electronic payments--
(1) In general. A bank shall make funds received for deposit in an account by an electronic payment available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment.
(2) When an electronic payment is received. An electronic payment is received when the bank receiving the payment has received both--
(i) Payment in actually and finally collected funds; and
(ii) Information on the account and amount to be credited.
A bank receives an electronic payment only to the extent that the bank has received payment in actually and finally collected funds.

I'm sorry for giving you some misinformation earlier. Your local bank should not put any holds on an electronic transfer. ING gets to put one on your electronic transfers to ING because that is a savings account not a Demand Deposit Account (DDA). Different set of laws.

billyturtle
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