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Wire can easily get held up for unknown amounts of time with no recourse. A brokerage attached to a real bank is the only liquid solution for large amounts. Eve
by pishpash 2y ago
Wire can easily get held up for unknown amounts of time with no recourse. A brokerage attached to a real bank is the only liquid solution for large amounts. Everything else is on an ACH timeframe, which is usually next day with push, but that's often not good enough when you actually need large amounts of money.
- toomuchtodo 2y agoA “real” bank is not necessary. The bank charter is for their benefit, not yours, and a brokerage offers everything one should need to satisfy their financial service needs (assuming no lending products besides margin).
- pishpash 2y agoRead and learn: https://www.reddit.com/r/personalfinance/comments/lhrr49/chase_bank_lost_my_25k_wire_transfer_and_has_not/ https://www.reddit.com/r/personalfinance/comments/lhrr49/cha... https://www.reddit.com/r/fidelityinvestments/comments/1ctpz8l/outgoing_wire_transfer_to_bank_account_from/ https://www.reddit.com/r/fidelityinvestments/comments/1ctpz8...
- deleted 2y ago[deleted]
- lurking_swe 2y agohuh? I successfully sent a $60k same-day wire with Fidelity, for my mortgage downpayment. The escrow company confirmed they got it by end of day. My father in law once purchased a home with “cash” and sent an $800k same-day wire (vanguard or fidelity - i forget). Also went through successfully. First time i’ve heard of this. Can you share more details? Any reading material?
- lmz 2y agoMy guess is any kind of "suspicious" wire can be held for manual review.
- toomuchtodo 2y agoThis is true, but so can any Zelle or other real time payment if flagged by fraud or anti money laundering heuristics.
- pishpash 2y agoLots of reasons, joint accounts, name mismatch, weird names, fat finger by bank employee, missing odd info deemed necessary by the receiving bank, fraud/money laundering holds. One of my very normal wire transfers of not even a huge amount arrived next day for no reason, defeating its purpose, and neither Fidelity nor the receiving bank had any explanation, or really knew anything about it, without a formal trace. Fidelity after all is not a bank. They'd have to check with their own bank.
- greenavocado 2y agoThis doesn't happen
- dghlsakjg 2y agoAny bank can do this. It has to do with KYC, in many cases, and being a brick and mortar bank doesn't help. There are heaps of horror stories involving Chase, WF, BOA, etc freezing money up.