Let me get this straight: it’s 2005, we have ecommerce, we can file income taxes online, we can buy virtually anything online – even cars, but an ACH bank to bank transfer requires a three day hold on newly deposited funds? I completely understand the holding period for deposits as it pertains to paper checks and deposits, which for obvious reasons are eminently prone to fraud and other criminal mischief, but a bank to bank transfer? Seriously? The money’s gone from one account and shows in the other, but I can’t actually touch it for three goddamn days? So the miracle of online banking, guaranteed messaging and ACH transfers has shaved a mere 2 days off the previous 5 day hold for checks? Maybe it’s just me, but that seems absolutely ridiculous.
Fortunately I’m just a few hundred short (omitting the several grand that’s “on hold”, of course), so I can make up the difference from an alternative source, but this seems like a total scam to me. Or am I missing something here?
