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The 4 hour wire transfer that took 11 business days
I sent $3,200 to my landlord through my bank's online portal last month. Their system said it would arrive in 4 hours to a local credit union. It took 11 business days and I got hit with a late fee anyway. Nobody could tell me why it got stuck, just kept getting transferred between departments. Ended up having to file a CFPB complaint to get them to actually look at it. Has anyone else had domestic transfers take way longer than advertised for no clear reason?
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simon3781d ago
...and then when I called, they said "it's processing" like that explained anything. I had a similar thing happen with a check deposit once, took three weeks to clear because someone typed the account number wrong and nobody caught it until I called the third time. Makes you wonder how much of that "instant" banking stuff is just smoke and mirrors.
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miab161d ago
Read an article recently that said a lot of banks are still using old mainframe systems from the 1970s for wire transfers. Makes sense why something that claims to take 4 hours actually takes a week and a half. Apparently the modern front end you fill stuff out on doesn't talk to the back end very well
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