I found the following on HSBC site while i was trying to transfer $ out of ED.
The transfer date for Standard and next Day external transfers must be set to the current date.
Standard Delivery (3 Business Days)*
Requested by 8:00 p.m. Eastern Time on: Source Account Debited before Start-of-Business on: Destination account credited before Start-of-Business on:
Monday Tuesday Thursday
Tuesday Wednesday Friday
Wednesday Thursday Monday
Thursday Friday Tuesday
Friday Monday Wednesday
Saturday Monday Wednesday
Sunday Monday Wednesday --------------------------- So Wednesday and Thursday are the WORST days to make the transfers.. since you lose 1 or 2 days EXTRA on top of their normal 2 days...
(this is probably in some thread somewhere, but just in case it isn't)
I just scheduled a transfer today into HSBC from ED for Friday, that would debit on Monday and Credit on Wednesday. Saved couple of days of interest loss by being a little diligent.
xvmehta said:I just scheduled a transfer today into HSBC from ED for Friday, that would debit on Monday and Credit on Tuesday. Saved couple of days of interest loss by being a little deligent.
no, you would get credited on Wednesday.. look at the list..
xvmehta said:I just scheduled a transfer today into HSBC from ED for Friday, that would debit on Monday and Credit on Tuesday. Saved couple of days of interest loss by being a little deligent.
where do u see credit on tuesday ? Its credit on wed if you xfer on fri.
xvmehta said:I just scheduled a transfer today into HSBC from ED for Friday, that would debit on Monday and Credit on Tuesday. Saved couple of days of interest loss by being a little deligent.
i guess by being a little deligent you lost two more days
nope he didn't lose any "extra" days, transfer will occur on Friday but his account won't be debted until next Monday and his (another) account won't be credit until Wed in a word, in the HSBC system (same with CITIBANK), losing 2 days interest is the BEST scenario, the WORST is losing 4 days (2 extra day for the weekend) well, let's be "a little diligent": how much is the "interest" anyway? for $1000, 4% APR, interest per day is 10 cents, so it's not a big deal UNLESS you are tring to "save" more by transfer from a 4% APR account (like ED) to a 4.25% APR account (like HSBC), you will be surprised you end up losing much more ( only gain .25% more for a day but lose two days of 4% already, that's 4*2/0.25=32 days!)
btw, Etrade system is much better, you can get fund credited right away (the same business day) and the other account won't be debted until the next business day, so you may "earn" interest by doing transfer, however, Etrade account itself only provides a mearly .30% APR <$5000 or 2.6% APR <$50000, may not worth it at all.
sbhsr said:xvmehta said:I just scheduled a transfer today into HSBC from ED for Friday, that would debit on Monday and Credit on Tuesday. Saved couple of days of interest loss by being a little deligent.
i guess by being a little deligent you lost two more days
particular said:nope he didn't lose any "extra" days, transfer will occur on Friday but his account won't be debted until next Monday and his (another) account won't be credit until Wed in a word, in the HSBC system (same with CITIBANK), losing 2 days interest is the BEST scenario, the WORST is losing 4 days (2 extra day for the weekend) well, let's be "a little diligent": how much is the "interest" anyway? for $1000, 4% APR, interest per day is 10 cents, so it's not a big deal UNLESS you are tring to "save" more by transfer from a 4% APR account (like ED) to a 4.25% APR account (like HSBC), you will be surprised you end up losing much more ( only gain .25% more for a day but lose two days of 4% already, that's 4*2/0.25=32 days!)
btw, Etrade system is much better, you can get fund credited right away (the same business day) and the other account won't be debted until the next business day, so you may "earn" interest by doing transfer, however, Etrade account itself only provides a mearly .30% APR <$5000 or 2.6% APR <$50000, may not worth it at all.
sbhsr said:xvmehta said:I just scheduled a transfer today into HSBC from ED for Friday, that would debit on Monday and Credit on Tuesday. Saved couple of days of interest loss by being a little deligent.
i guess by being a little deligent you lost two more days
there's plenty of us with over $50k in accounts, so even 1 day of lost interest is "notable"
Personally, I won't put over $20K in an account with <4.5%APR nowdays why not put some money into CD/Bonds or even do some investment? I guess everyone has one's own strategy, if you want to be on the safe side, banking is still (and always) the best choice.
It was a typo. You are right, my account will be credited on Wednesday.
------------------------------- xvmehta said:
-------------------------------------------------------------------------------- I just scheduled a transfer today into HSBC from ED for Friday, that would debit on Monday and Credit on Tuesday. Saved couple of days of interest loss by being a little deligent.
I will loose interest for only 2 days. As pointed out by particular 0.25% more with HSBC should let me breakeven for switch in 32 days. I think it is feasible to switch especially with higher deposit. With $80,000 deposit you can have $200 a year more in your wallet.
Besides liquidity with ATM and Bill Pay facilities (on top of higher interest rate) far outweighs loss of couple of days of interest due to switch.
--------------------------------------------------------------------------------------------- i guess by being a little deligent you lost two more days ----------------------------------------------------------------------------------------------
particular said:btw, Etrade system is much better, you can get fund credited right away (the same business day)
AFAIK Etrade would not allow AcH to an account other than from which is came in the first place. IOW they don't allow to transfer funds from one bank to other using Etade as bridge.
Huh? which etrade account are you talking about? I signed up an Etrade MM account for the 3 month promo. Besides earning the moderate 3.75% APR, I was doing ACH transfers from/to various bank accounts all the time, no problem at all. Should this promo continue, I'd have decided to keep the account, their so-called "quick transfer" is really convenient and with the advantage of earning extra interests as I pointed out above.
adityanm said:particular said:btw, Etrade system is much better, you can get fund credited right away (the same business day)
AFAIK Etrade would not allow AcH to an account other than from which is came in the first place. IOW they don't allow to transfer funds from one bank to other using Etade as bridge.
You mail the check and you have to put the money in non- or low-interest checking account. So I think losing the 2 days ($18) seems to be the cheapest way. If not, it is still the most convenient one.
ramganesh said:I was planning to move 80K...from Emmigrant, but losing 2 days of 4% interest comes to $18... is there a cheaper way?
ramganesh said:I was planning to move 80K...from Emmigrant, but losing 2 days of 4% interest comes to $18... is there a cheaper way?
How long is the hold if I mail them a check? Have you considered a GMAC account 4.30% and faster(I believe) transfers I am not sure if you will lose the 2 days interest with gmac
GeorgeCostanza said:Better yet - transfer $$ to ING Direct NOW - and get 4.75%...
True, but to take advantange of that, HSBC customers will have to transfer out of HSBC... & the promotional rate is only good until April 15th. After that everyone will probably want to transfer their money back to HSBC, so lets try to keep this on topic.
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