Banking Question - Online Funds Transfer

[Tuco]

I've been with my current bank since before Al Gore invented the internet. 
GHBank was a local bank, the board members were neighbors, I could see the building from my front porch.

I switched because my Credit Union was slow to get an ATM in the mid-90's.

I got an ATM card, enrolled in online banking and everything was grand.  Set up a separate "Online" account in the same bank, in which was kept with a minimal balance and transfers were made to cover transactions.  This was to insulate my primary deposit/checking account from piracy.

In 2002 or so, I began making online purchases.  I'd fill up my online cart, calculate shipping, get a total. 
Open another browser, log on to my bank website, transfer the total amount to "Online". 
Go back to shopping cart, send order, receive loot.

In the last few of years, the bank was sold to a regional bank and again sold to another small regional bank. 
I've got enough deposited to forgo any account charges or other horseshit Most of the original staff is still in the office, but it's changed. 
I can still cash checks without ID, they give me Susan B Anthony coins and Two-Dollar bills when I ask.
I'm a loyal sort, so I rode it out. 

Until this fall. 

My transfers between accounts in the same institution were being delayed. 
An online transfer after 5pm would not credit the "Online" account until the next business day.

When I brought this to the attention to the floor manager, she acted like I was crazy. 

"You can't get a transfer done immediately.  Our system requires it to occur during business hours."
"I've been doing it for 10 years"
"You must be mistaken"
"Well understand this:  This is very important to me. If it cannot be continued, I'll be closing all my accounts."
"I'll see what I can do"

I went to the Credit Union to make sure I wasn't asking for something outrageous.
The teller at the CU insisted my needs would be met by their system.

Within a week, my bank account was back in business. 
After-hours and weekend transfers occurred immediately again, and did through last weekend

Tonight, New Year's Eve, I'm loading up my Amazon cart with miscellany. 
I need a pair of shoes from Zappos.  Ballistic Products has parts for the shotshell reloader. 
A collar and dummies from Gun Dog Supply.  A couple books from Abe's.

Go to online banking, transfer between accounts
"Transfer scheduled for January 2, 2015"   

I have Friday off.  I'll be closing all of the accounts. 
It's gonna take a case of mason jars this time.

So riddle me this, APS:

Should I expect instant transfers between accounts in the same name at the same institution?
Does it happen at your bank, thrift, cu or savings and loan?
Is the floor manager feeding me a line of bull?
Is the Credit Union being truthful?  Can THEY do it?

[dogmush]

Moving between my accounts at my credit union sure is instantaneous. I move money around all the time.

That said, for online shopping safety a credit card is awful handy. Mine have whole departments whose only job is to catch fraud. They catch bad charges long before I would,  with no overdrawn bank account.

[lupinus]

Moving money between your accounts at the same institution should take about as long as it takes the page to load. If it's stuck in limbo, it gives them a few more days for their use.

Tell them to fluff off.

[MechAg94]

My credit union does transfers immediately.  Stuff to the outside such as Bill pay or credit card payments can have a delay. 

I stopped using a check card.  I use a credit card and just try to pay it off.  I find I like the extra insulation. 

[Scout26]

<-------USAA.  Transfers happen immediately, if not sooner.  I can even do it from my smart phone. 

I have one account tied to a debit card and use it as you do but for gas, groceries, and purchases made in person.   For on-line shopping, I use a regular CC, that way if bad things happen, I'm protected.

[RocketMan]

Our credit unions have always done instant transfers.  And they have provided the same level of fraud protection with their debit cards as with their credit cards.

[AmbulanceDriver]

Chase delays transfers between accounts within their system until "during business hours"

[RocketMan]

Chase delays transfers between accounts within their system until "during business hours"

When the remains of Willamette Mutual were picked up by Chase, we stayed with them for awhile.  WM had been a pretty decent bank, and we were assured by the Chase folks that things wouldn't change, that we would continue to receive the same level of service, etc.  A year or so later that all changed and we dumped Chase.

[Hawkmoon]

I bank at a small, regional bank. I have a couple of accounts and I'm listed on my daughter's account. I can move money between/among all the accounts instantly.

Your bank may or may not be able to do it. There's no legal reason why it can't be done -- that's supposed to be one of the benefits of on-line banking -- but whoever wrote your bank's program may not have incorporated that feature.

[Doggy Daddy]

I can move from checking to savings and back instantly.  My account has been "hacked" twice.  Each time I had a new card in the time it took to drive the .4 miles to the branch and talk to a CSR. As I recall, the money was replaced almost immediately "pending investigation".  IOW, they put it back on the understanding that their investigation showed that I was not involved.  If I came up naughty, there would have been consequences.

Having gone through that, I do like the extra layer of protection that I get by using something with a Visa or Mastercard logo.

Oh yeah, I can deposit checks by taking a picture of them with my phone from the Credit Union's app.  Each time so far, the money has been available right away.

[Monkeyleg]

The last two banks I've been with have both been instant.

They must be using Radio Shack TRS 80's with floppy disks and dial-up modems.

[MillCreek]

I have been with SeaFirst bank since the late 70's and then SeaFirst was acquired by Bank of America.  My online BOA transfers between checking, savings and mutual fund accounts are instantaneous.  Online bill paying or transfers to outside financial institutions take a couple of days.

[Scout26]

Chase delays transfers between accounts within their system until "during business hours"

Another reason Chase should have been allowed to fail back in 2008/2009/  And they all go die screaming in a fire.

Apparently they don't the concept of "Customer Service", but when you can have your rich uncle prop you up, I guess you don't have to.

[AmbulanceDriver]

I wonder if part of the "transfer delay" is for those that have some money in savings, and realize they are about to overdraft their checking, they can't get the money transferred in time to cover the check....

[vaskidmark]

Both my statewide and local neighborhood CUs, as well as Wells Fargo, transfer funds instantaneously between accounts internal to each institution.

I have been told by WF that even though money transferred in to them from either of the other two institutions does not post to their books until the next business day those funds are "made available" immediately - as opposed to any money I try to deposit via a check which needs to clear back to the originating bank before I can get my hands on it.  WF will use my small overdraft potection savings account to cover any withdrawal made on electronic transfer funds that does not actually clear.  (Never has had it happen, and I'm in a position to put that amount aside as a reserve reserve funds.)  Yes, I know they make more lending it out than I get in interest letting it sit there, but it costs them a fortune (relatively speaking) to send that separate paper statement every month. 

Electronic bill paying posts to the payee the day I select for the transfer to take place - unless they do not accept electronic transfers.  (County water/sewer, landlord are the only 2 I can recall as needing an itty-bitty mini paper check printed and mailed to them.  That takes 2 days from when I authorize the payment.

Strangely, WF cannot run their own itty-bitty paper checks through the automated check machine.  How do I know?  Slipped up and sent 2 monthly payments to the landlord.  They do not want to carry an account credit so returned the second itty-bitty check, which I took back to WF.  Took them all of 35 seconds to process the deposit by typing on the computer keyboard, which compared to the check processing machine seemed like forever.

stay safe.

[Tuco]

Thanks a million!!!
I appreciate you all taking the time to read the post and give some cogent responses. 
It's more than I deserve 

As of 1530 this afternoon, I'm a member of the local CU.
The floor manager knew what I needed and he assured me that their system operated "Live" for transactions within the institution.

And get this: 
They can issue a replacement ATM/Debit card immediately at any of their branches!!! 
No more waiting a week for the card and pin to arrive by mail!!

So I opened the account, made the initial deposit, ordered the checks.
Monday I'll get the tracking and account info to payroll for direct deposit.

All new activity will be from the new CU accounts. 
After a few weeks, as things clear the old accounts, I'll make my final withdrawal.

[Jamisjockey]

I have Chase, one of the biggest of the big.  We have a checking, savings and business savings.  Transfers are immediate.

[Scout26]

I have Chase, one of the biggest of the big.  We have a checking, savings and business savings.  Transfers are immediate.

Your a Vet.  I can't recommend USAA Federal Savings bank enough.

https://www.usaa.com/inet/pages/why_choose_usaa_main?wa_ref=pub_global_usaaandu

Between zero fees on practically everything USAA Bank related, and the SSA ("rebate") on Insurance in December of each year, and the greatest customer service I've ever experienced with any company, there's really no reason not to.   There are other USAA members here who will agree.