The Fed is not up at midnight!!
Aug. 28th, 2009 10:17 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
susandennisYou know how on TV and in the movies, the bad guy tortures the victim to get his bank account number and then steps over to the laptop and the funds are instantly sucked into his account?
It sooooooo does not happen that way!
I'd never wired money before yesterday and it's a trip, lemme tell you. I've set up interbank transfers before and that's no small melon - it takes from about 3 to 10 business days depending on how sharp your bank is. And, since you are dealing with two different banks, the odds of both being sharp mean it's generally 10 days. I don't have checks or debit cards for most of my accounts so fast money means wire.
Per their instructions, I filled out the form and faxed it to them before 5 yesterday. The CapitalOne guy said that would give me the funds today.
I woke up this morning and they were still all in the CapitalOne account so I called. I told the lady that I had expected the transfer to take place at midnight. (That's the time they add interest and do other stuff.) And she said...
"Oh no! It has to go through the Federal Reserve and the Fed is not up at midnight!"
That totally cracked me up. On TV, I don't see the bad guys checking the clock to see if the Fed is up or not....
She did check to see that it was in process and said the money would be in the new account by close of business. Then about 3 hours later I got a call from another CapitalOne lady just verifying that I actually did want to send the money...
Of course if you only have an hour or two to tell the story, I guess you can take liberties but if you really want to move money - which, seriously, takes, what 5 mins max if all the servers are slow - plan ahead!
On my list of things to do today is to create payees for the bill paying system at the new bank and then go to all the auto payment thingies I have and tell them to get the bucks from the new place and then go to the brokerage places and hook them up to the new bank. This is a lotta work! Happily, I have a very slow work day to do it in.
I have to go back to the bank this aft and sign stuff. And I still have the grocery and the library. Travis and Betty do not know it but the only dry cat food in the house is what is in their bowl right now. Do not tell them, plz. I don't want them calling PETA again!
It sooooooo does not happen that way!
I'd never wired money before yesterday and it's a trip, lemme tell you. I've set up interbank transfers before and that's no small melon - it takes from about 3 to 10 business days depending on how sharp your bank is. And, since you are dealing with two different banks, the odds of both being sharp mean it's generally 10 days. I don't have checks or debit cards for most of my accounts so fast money means wire.
Per their instructions, I filled out the form and faxed it to them before 5 yesterday. The CapitalOne guy said that would give me the funds today.
I woke up this morning and they were still all in the CapitalOne account so I called. I told the lady that I had expected the transfer to take place at midnight. (That's the time they add interest and do other stuff.) And she said...
"Oh no! It has to go through the Federal Reserve and the Fed is not up at midnight!"
That totally cracked me up. On TV, I don't see the bad guys checking the clock to see if the Fed is up or not....
She did check to see that it was in process and said the money would be in the new account by close of business. Then about 3 hours later I got a call from another CapitalOne lady just verifying that I actually did want to send the money...
Of course if you only have an hour or two to tell the story, I guess you can take liberties but if you really want to move money - which, seriously, takes, what 5 mins max if all the servers are slow - plan ahead!
On my list of things to do today is to create payees for the bill paying system at the new bank and then go to all the auto payment thingies I have and tell them to get the bucks from the new place and then go to the brokerage places and hook them up to the new bank. This is a lotta work! Happily, I have a very slow work day to do it in.
I have to go back to the bank this aft and sign stuff. And I still have the grocery and the library. Travis and Betty do not know it but the only dry cat food in the house is what is in their bowl right now. Do not tell them, plz. I don't want them calling PETA again!
(no subject)
Date: 2009-08-28 07:33 pm (UTC)International transfers used to be really fast. My brother sold my car and then sent the money, the hard part was getting the international routing codes from the bank, first person said there was no such thing, third person said "the number is nnnnnnnn". After that I emailed my brother and he called after he had been on to the bank. When I checked half an hour later the money was already in the account. Perhaps it's because he used the way companies transfer money? At the time he was working for Grove which is a US crane company. When my friends wanted to send money to their kid at Edinburgh Universit in 2005 they had to jump through hoops, all because of terrorist funding issues.
(no subject)
Date: 2009-08-28 10:52 pm (UTC)(no subject)
Date: 2009-08-28 10:49 pm (UTC)They are being punks.