Best DAY to transfer into HSBC savings acct...

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..

thx

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

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.

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.

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i guess by being a little deligent you lost two more days
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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?

How long is the hold if I mail them a check?

Better yet - transfer $$ to ING Direct NOW - and get 4.75%...

It really depends on how much you're transferring to INGDirect and what is the gain in doing so.

frugalpete said: OP's days seems to refer to the day ACH is requested at HSBC. how about initiating ach transfer from the sending institution? when will funds be credited at HSBC once the sender shows it has been sent?
Funds sent through Fidelity Money Line on any business day before 3:30 PM Eastern Time are credited at HSBC the following business day. Example: Funds sent 01/19 before 3:30 PM Eastern Time from Fidelity were credited 01/20 at HSBC (DEPOSIT FROM FID BKG SVC LLC-MONEYLINE).

fw201 said: Moneyline is fast. But HSBC is slow.

Fidelity gives me immediate availibility when I transfer money in. Problem is, I have mostly been transfering money OUT. Cant find stocks to buy.

Not sure how I am going to best get ny wad out of HSBC when their promo rate runs out.

AugustFour said: frugalpete said: OP's days seems to refer to the day ACH is requested at HSBC. how about initiating ach transfer from the sending institution? when will funds be credited at HSBC once the sender shows it has been sent?
Funds sent through Fidelity Money Line on any business day before 3:30 PM Eastern Time are credited at HSBC the following business day. Example: Funds sent 01/19 before 3:30 PM Eastern Time from Fidelity were credited 01/20 at HSBC (DEPOSIT FROM FID BKG SVC LLC-MONEYLINE).

You request Money Line transfer in from HSBC to Fid on a business day (except Fri.). You then transfer Money Line out from Fid to another bank account of your choice the following business day. This seems to be the fastest to move money out of HSBC to another bank.

That may not work unless one has sufficient excess equity at Fidelity. (I do, just pointing it out, I doubt they would let someone with a $1000 account transfer $50k in and out before they got confirmation it was there)

Even then, do we save any lost days in interest ?

AugustFour said:

You request Money Line transfer in from HSBC to Fid on a business day (except Fri.). You then transfer Money Line out from Fid to another bank account of your choice the following business day. This seems to be the fastest to move money out of HSBC to another bank.

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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.
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How do u transfer fund into HSBC from ED acct., I try to do that but is not working, when i sign up for HSBC acct. they need acct# and routing # and my ED diect account don't have a routhing#. Do u transfter the fund after u sign up for the HSBC acct. or after?


THank You