4 ms·

What realistic scenario do you envision that you would need / want to move a large amount of money with a 24h notice ? And what would be the reasons why that ca

What realistic scenario do you envision that you would need / want to move a large amount of money with a 24h notice ? And what would be the reasons why that can't wait one more day if the transfer doesn't work out ?

nl 2y ago
Buying or selling a house is one. You want the money transfer to occur at the same time as the title transfer. There's plenty of ways where missing the payment date means you lose your deposit which can be tens of thousands of dollars.
- drivebycomment 2y ago
  Nobody buys a house with a one day notice. You have multiple days and weeks to prepare.
- drivebycomment 2y ago
  > There's plenty of ways where missing the payment date means you lose your deposit which can be tens of thousands of dollars. Please elaborate. Which one requires 1-day turn-around ?
- jjav 2y ago
  > Buying or selling a house is one. Who wakes up one day and decides they're buying a house today, without any prior planning?
throwaway22032 2y ago
An investment purchase? To be honest I want as close to instant as possible. If the FTSE100 drops 15% then I want to be there to buy it before it pops up again.
- ac29 2y ago
  Every brokerage account I have lets me trade instantly when transferring funds in even though the actual bank transfer takes a day or two to settle.
  - ashconnor 2y ago
    This is true for Vanguard. The other way takes around a day though.
ashconnor 2y ago
It doesn't happen a lot but it has happened a few times. My house deposit in Toronto. Offer was accepted and we had to get a portion of the deposit ($5k) to the sellers broker within 12 hours. I banked with an online bank at the time Tangerine and we had to drive to their only office off Steeles to get the draft same day. I stopped banking "online only" after this. Elevator deposit when I moved into my apartment. This was their fault because they never told us prior. But there are a multitude of different scenarios. Bail money for example.

nl 2y ago

Buying or selling a house is one. You want the money transfer to occur at the same time as the title transfer. There's plenty of ways where missing the payment date means you lose your deposit which can be tens of thousands of dollars.

drivebycomment 2y ago
Nobody buys a house with a one day notice. You have multiple days and weeks to prepare.
drivebycomment 2y ago
> There's plenty of ways where missing the payment date means you lose your deposit which can be tens of thousands of dollars. Please elaborate. Which one requires 1-day turn-around ?
jjav 2y ago
> Buying or selling a house is one. Who wakes up one day and decides they're buying a house today, without any prior planning?

throwaway22032 2y ago

An investment purchase? To be honest I want as close to instant as possible. If the FTSE100 drops 15% then I want to be there to buy it before it pops up again.

ac29 2y ago
Every brokerage account I have lets me trade instantly when transferring funds in even though the actual bank transfer takes a day or two to settle.
- ashconnor 2y ago
  This is true for Vanguard. The other way takes around a day though.

ashconnor 2y ago

It doesn't happen a lot but it has happened a few times. My house deposit in Toronto. Offer was accepted and we had to get a portion of the deposit ($5k) to the sellers broker within 12 hours. I banked with an online bank at the time Tangerine and we had to drive to their only office off Steeles to get the draft same day. I stopped banking "online only" after this. Elevator deposit when I moved into my apartment. This was their fault because they never told us prior. But there are a multitude of different scenarios. Bail money for example.