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What's up?

I just went to Emigrant Direct to schedule an outgoing external transfer. It's past the 5pm ET deadline, so I expected the transfer date to be 8/1/06.

But no. It says that 8/1/06 is an invalid transfer date. It accepts only 8/2/06.

Are all outgoing transfers now delayed one day?

Ken
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Maybe they want the date to be the date it will actually complete? So they do it the evening before the listed date?

No way to know but to try.
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Maybe they want the date to be the date it will actually complete? So they do it the evening before the listed date?

Maybe -- I hope so. I'll post what happens (either way), unless someone else posts a definitive answer first.

Thanks,

Ken
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The transfer scheduled on Monday occurred today. Since it was past the 5pm deadline on Monday, it's the same as if the transfer was scheduled yesterday.

So, it looks like DeltaOne81's idea was correct. The date given is the date the transfer will actually complete, not necessarily the date it will occur on (though they may now be one and the same).

Either way, it took only one day for the transfer to occur. I checked the linked bank account, and it also shows it having already been processed as of this morning.

By the way, I was mixed up. This was a transfer INTO Emigrant, not a transfer out of it.

Ken
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I did a transfer from HSBC to Emigrant, but haven't had as much luck so far (set up my new Emigrant account number).

The verificiation of the account appeared in Emigrant the next morning.

But for the transfer, HSBC debited the funds as of 8/1/06, but Emigrant has not yet acknowledged them in any way. I've already lost one day of interest, best case. I'll be very interested to find out who's fault this is.

I suspect it may be HSBC because their end still says 'pending'. If they debited my account before they actually did the transfer, I'll have a serious consumer complaint.

If Emigrant is just taking their time acknowledging it, then I'm disappointed in them, but its probably within their rights.
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I suspect it may be HSBC because their end still says 'pending'. If they debited my account before they actually did the transfer, I'll have a serious consumer complaint.

If Emigrant is just taking their time acknowledging it, then I'm disappointed in them, but its probably within their rights.


I think banks are allowed take 2-3 business days to transfer money from one account to another using EFT. You do loose a few days of interest. HSBC may simply be waiting for Emigrant to aknowledge receipt, or to make sure it doesn't get bounced back.

Personally, I don't like HSBC. The site is awkward and too busy, and I can't figure out how to transfer money out (with ING/Emigrant I didn't need to set up external transfers, they used my linked checking account from the application, but HSBC won't). I prefer ING and Emigrant, although ING's rates have been lagging. Emigrant's are the highest right now, plus they just revamped their site.

WRJ
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