Transferring Funds between banks.

So I need to transfer a large sum of money between my bank and a credit union and I need it to be same day. What's the best way of doing this?

I've been reading that Cashiers Checks take several days to clear even though they are supposed to be same as cash. I don't mind paying the fees for a wire transfer, but even though the banks say it can happen same day, I've read online that it can still take 2-3 business days. Is writing a check to cash a possibility? I don't want to carry around all that cash, but I'd be taking it same day to the CU.

I'm at a loss here.

Wire transfer

Bank draft and hand deliver.

"Large sum of money" means different things to different people. If it's over $10k, you don't want to touch cash - that sets off law enforcement (and possibly IRS) red flags.

One way to try is is Money Orders. Those are as good as cash, and clear immediately. Most banks limit money orders to $600, but I once bought a car using 6@$600 money orders.

Seriously call the bank they all have different rules. Trust me I have been through this.

In reply to EvanR:

There are now regulations in place to prevent one from buying over a certain dollar amount money orders. Has something to do with preventing money laundering. Wire transfer has worked best for me in the recent past

I tried to transfer money from my new credit union here in Texas to my old bank in TN before my wife moved out here. Couldn't do it. Had to do western union which was a huge hassle.

In reply to EvanR:

Well it's under $10k. I've already heard both banks say what they say and they're both pretty insistent that wiring it will get it the same day, but things I've read about Chase (my bank) is that they hold up the transfers.

wearymicrobe wrote: Seriously call the bank they all have different rules. Trust me I have been through this.

Well I've talked to both, but I'm going to confirm this in the morning.

Money orders, cashiers checks or personal checks take a day or more. Funds need to be verified since a good color printer can make a decent fake.

Wire transfers are usually a one day thing but yes they can take more. They have an earlier cut off time than the bank branch closing time, and can be recalled up to a couple days usually.

Sometimes the manager may be willing to call the sender bank and the sender bank confirm that the funds were available but only in rare occasions.

Used to be a banker at chase.

Good luck.

I've never had a wire transfer take more than 2-3 hours to clear, but my credit union rocks.

I sold a house once and took my proceeds check to a branch of the bank that it was drawn on. They absolutely did not want to give me cash, or wire the funds to my bank and kept trying to get me to open an account with them. I pressed the issued and had them give me a very large bag with over 40k in cash. I drove about an hour to my new town and deposited the cash, getting an earful from the manager at my bank about it. Blah, blah, blah. I showed them the paperwork for the sale and gave them my reasons for it. Namely, I didn't want to deposit a check and have them hold onto the funds for a long time until the check "cleared". I needed that money immediately and I wasn't going to let the banks drag things out. This was all well before 9/11 but nobody from law enforcement or the IRS ever contacted me.

I get wire transfers all the time. Some clear my bank in hours, some can take a week or more. Depends on the sending bank. Check with both banks to see what they say about policies. Still the safest method.

I hate wire transfers. 'Same' day is code for 'we will keep and use your money for 3-4 business days, making money with your money and give you no access or recourse'. It's even worse when it's international, that becomes 5-7 days. There is zero reason it should take more than a millisecond today, but we let banks abuse us.

If it were less than $10K and in the same state, I'd withdraw cash from institution A, drive to institution B and deposit it. It's stupid that physically carrying money is faster than electrons these days.

Adrian_Thompson wrote: I hate wire transfers. 'Same' day is code for 'we will keep and use your money for 3-4 business days, making money with your money and give you no access or recourse'. It's even worse when it's international, that becomes 5-7 days. There is zero reason it should take more than a millisecond today, but we let banks follow the regulations and protect themselves from significant fines and penalties from various government entities, reputational damage that could occur, and not to mention the client from fraudulent wires. If it were less than $10K and in the same state, I'd withdraw cash from institution A, drive to institution B and deposit it. It's annoying that physically carrying money is faster than electrons these days.

FTFY.

But yeah, I'd be taking it in cash and physically moving it.

EvanR wrote: "Large sum of money" means different things to different people. If it's over $10k, you don't want to touch cash - that sets off law enforcement (and possibly IRS) red flags.

I don't know how they do it, but rich people transferring large sums to private foreign bank accounts will sometimes hand-deliver it by packing a carry-on bag completely full of cash and flying with it. This was a particularly popular practice for Americans with Swiss bank accounts, at least until recently. So it's possible, somehow.

GameboyRMH wrote:

EvanR wrote: "Large sum of money" means different things to different people. If it's over $10k, you don't want to touch cash - that sets off law enforcement (and possibly IRS) red flags.

I don't know how they do it, but rich people transferring large sums to private foreign bank accounts will sometimes hand-deliver it by packing a carry-on bag completely full of cash and flying with it. This was a particularly popular practice for Americans with Swiss bank accounts, at least until recently. So it's possible, somehow.

The banks are allowed to let you take the money; but they are required to report it in an SAR (Suspicious Activity Report). Part of the Money Laundering Control Act. Or, they'll have accounts at 2 or more different banks, and withdraw the money from the different banks the same day that they leave the country. None of the individual transactions will trigger anything and it will be a while before the different banks all sync up and realize that a withdrawal of over $10k was made on the same day.