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
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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.

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

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"

It was a typo. You are right, my account will be credited on Wednesday.

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xvmehta said:

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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.

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no, you would get credited on Wednesday.. look at the list..

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.

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?

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.