Tried transferring $10k through my bank's online portal and it took 6 days to clear

I needed to move money from my checking to my brokerage account last Tuesday for a stock I wanted to buy. The bank's website said 1-2 business days for transfers but it ended up taking almost a whole week. By the time the money showed up the stock had already jumped 4%. My broker told me if I had just used their ACH link it would have been there in 2 days. Why do big banks still move money so slow in 2024? Has anyone else had this hold-up cost them a trade?

2 comments

2 Comments

emmap168h ago

ok but honestly i kinda get why banks take their sweet time. theyre dealing with fraud and all that stuff so they gotta be careful. if they moved money instantly every time someone clicked a button thered be way more scams and people losing their life savings. yeah it sucks you missed a trade but honestly maybe you should have planned ahead better if you knew the stock was gonna pop. banks have been slow for decades its not like this is new.

ryan9525h ago

Exactly man, emma's got a point about fraud prevention. My credit union actually froze a $500 transfer once and made me call in to verify, so I can only imagine what a $10k flag looks like on their end. It's annoying but they're probably covering their asses more than they're trying to mess with your trades.