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Why Do Transfers Take So Long? - Live Like a Mensch
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Live Like a Mensch

Why Do Transfers Take So Long?

J and I have separate checking accounts, but we both bank with the same institution, Huntington Bank. For the most part, I have been very happy with Huntington over the years. But I do have a beef with how they handle transfers between J's and my account.

You see, J gets paid once a month, on the last day of the month. Generally, on the 1st of the month, I do all of my monthly money chores: I update J's checkbook in order to reflect the deposit and all of our payments/transfers to mortgage, ING savings accounts, LO's 529 plan, etc; I transfer money from J's account to my account so that I can pay bills and take out cash for the month; and I pay our bills for the month.

That means I was happily engaged in all of this money work on Saturday afternoon. (Really, I get flush with pleasure at the prospect of doing this work. I know. I'm weird.)

This morning, I checked my account, and saw that the transfer from J's account had not yet arrived.

On the one hand, that seems somewhat reasonable. I did, after all, initiate that transfer to my account on Saturday afternoon, which is after banker's hours no matter how you slice it.

The problem stems from the fact that the money had, in fact, disappeared from J's account as of this morning.

So the money is neither in his account nor mine.

Apparently, this money is off in some ethereal wonderland while we wait for the transfer to clear. From one account to another within the same bank, mind you.

A friend had a suggestion about where the money is:

Yes, they have a medieval money changer taking the cash out of J's account in coins, counting it, and then gently placing it in my account, assured that the financial transfer was taken care of with absolute accuracy. That would explain the time gap, at least.

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