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Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 8:51 am
by Bwlonge
I set up 3 transfers from one bank account to an account I have at another bank. The first one I set up to run on the same day, the other two were scheduled on subsequent days. The first one went through fine. For the other two, the sending bank sees them as sent. The receiving bank hasn't received any information. The money shows it is out of my account, but there is no sign of where the money is.

Has this happened to anyone? What is going on? I called both banks, no one can tell me anything.

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 8:57 am
by chevca
Maybe some sort of safety feature if multiple transfers are set in a short time? Money goes in limbo for a day or two to give the account owner a chance to stop it. I don't know though.

What days are we talking and how long have you been waiting? Maybe the money shows up tomorrow.

I'd bet it all works out fine in the end.

Why not just do one transfer instead of three in a few days?

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 8:59 am
by typical.investor
Bwlonge wrote:
Mon Jun 10, 2019 8:51 am
I set up 3 transfers from one bank account to an account I have at another bank. The first one I set up to run on the same day, the other two were scheduled on subsequent days. The first one went through fine. For the other two, the sending bank sees them as sent. The receiving bank hasn't received any information. The money shows it is out of my account, but there is no sign of where the money is.

Has this happened to anyone? What is going on? I called both banks, no one can tell me anything.
Check this out:
https://www.federalreserve.gov/faqs/credit_12666.htm

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 9:01 am
by dm200
Bwlonge wrote:
Mon Jun 10, 2019 8:51 am
I set up 3 transfers from one bank account to an account I have at another bank. The first one I set up to run on the same day, the other two were scheduled on subsequent days. The first one went through fine. For the other two, the sending bank sees them as sent. The receiving bank hasn't received any information. The money shows it is out of my account, but there is no sign of where the money is.

Has this happened to anyone? What is going on? I called both banks, no one can tell me anything.
Never happened to me.

I am in this business - and I know there are ways of tracking electronic transfers - so press the sending bank for all the details. Look for any differences in the sending information between the successful and unsuccessful transfers. Get someone from the sending bank together with someone from the receiving bank to track down the money. Make sure to document all contacts you have with both banks and other institutions. Is it possible that this method of transfer involved a delay of a day or so? Sometimes, for ACH transfers, receiving banks and credit unions post the funds earlier than the "effective date" - so maybe that happened with the first one - but did not do it for the other two. What dates show up for the funds being sent?

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 1:11 pm
by crre
Bwlonge wrote:
Mon Jun 10, 2019 8:51 am
Has this happened to anyone? What is going on? I called both banks, no one can tell me anything.
happens to me all the time, but only for a business day or two. how long has it been?

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 1:17 pm
by IowaFarmWife
This happened to me once this year, and after speaking with management at both the receiving and sending bank, it was determined that it was the sending bank's problem. Apparently, several of their outbound transfers were not sent due to some technical difficulties, and it took them a few days to figure out what happened and then how to fix it. I did end up getting all of my money in the end, but it was a mild hassle to call both banks and figure out what happened.

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 1:34 pm
by delamer
I learned not to do transfers over weekends or holidays because while the funds leave Bank One immediately, they can get delayed a couple days before arriving at Bank Two.

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 2:37 pm
by UpperNwGuy
I’ve learned not to do multiple transfers at the same time. I now wait until the first one settles at both banks. Then I initiate the second transfer.

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 2:58 pm
by ohai
Whenever I do an electronic transfer, the money appears to disappear during the settlement period. If you're really concerned though, call the receiving bank and ask it they have your money incoming. Officially, they don't have the money until usually 2 days after the transfer is initiated. However, they will see an incoming amount in DTC or whatever system they're using.

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 3:41 pm
by dm200
Also, be aware that things "happen" only on business days.

Re: Transferred money from one bank to another, but neither bank has the money

Posted: Mon Jun 10, 2019 6:40 pm
by Stinky
Bwlonge wrote:
Mon Jun 10, 2019 8:51 am
I set up 3 transfers from one bank account to an account I have at another bank. The first one I set up to run on the same day, the other two were scheduled on subsequent days. The first one went through fine. For the other two, the sending bank sees them as sent. The receiving bank hasn't received any information. The money shows it is out of my account, but there is no sign of where the money is.

Has this happened to anyone? What is going on? I called both banks, no one can tell me anything.
OP, when did you initiate these transfers that have not been received?

As shown in replies above, you'll want to take different action if they were initiated within the last 24 hours (wait for a little to let them clear) than if they were initiated a week ago (take action now!).