My online bank accnt doesn’t show wire deposit, but person sending shows as withdrawn from accnt. Where is it?
I am awaiting deposit from a wire transfer. Party sending has shown withdrawal for the amount in account, but didn’t get confirmation fax that was expected. When will I get my funds? How long can I expect this transaction to complete?
Its a domestic transfer from B of A to my credit union.
Tagged with: confirmation fax
Filed under: internet faxing
First, it is most likely not a wire transfer but an electronic transfer. Wire transfers are usually instantaneous, but they usually charge you upwards of $10-$40.
Electronic transfer go through the same process as direct deposit. It takes two business days because the sending bank has to send it to a central clearinghouse first that will then send it to its destination.
Bank of America’s website says when doing a transfer domestically, it will take three business days. They took the money from his account and have sent it to the clearing house. You will get it when your credit union gets it from the clearing house.
~~It can take several days for a wire transfer to be credited.~~
You should ask your Credit Union. The CU might be using a correspondent bank or they might take 3 business days to post or …