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>Seriously, why couldn't your relative send you a check? We wanted it now and I was 1000 miles away. A wire transfer before 2PM local time would have been in t
by readingnews 4y ago
>Seriously, why couldn't your relative send you a check?
We wanted it now and I was 1000 miles away. A wire transfer before 2PM local time would have been in the bank that day. They getting a MO or Certified check and sending it overnight now costs more money and adds a possible 24 hour delay, AND some banks do not cash cashiers checks, but put a hold on them. They CAN (IIRC) hold it for 9 (yes NINE, I have literally had this happen) days before cashing.
- crazygringo 4y agoI mean, yeah, honestly it's not a reasonable expectation with consumer accounts to be able to transfer large amounts of money same-day and then be able to withdraw them immediately. Established businesses can do that because it's routine and not prone to fraud. Consumers can't simply because so many red flags for fraud risk get raised. Yes you can transfer your money to whoever you want, but it's also always going to take up to 24-48 hours to do, and up to 2 weeks to be able to cash out. It's fraud protection, and while it may be annoying, it's also understandable, and just something you need to be able to plan ahead for. Money isn't instantaneous except in small amounts, and this is by design.