Wednesday, June 5, 2013

Money Transfers: Paypal vs Bank of America. BOA is a Loser!

On May 31, I went online and moved money out of Paypal and BankAmerica accounts. They both talk about it taking a few business days.  May 31 was the Friday of Memorial Day weekend. I did the transfers after 5pm EST but I think, around 7pm.

On the morning of May 3rd, the Monday, the cash from PayPal had arrived in my account (it's a Fidelity account). I think it had a hold on it for the day but I'm not entirely sure.

This is now the morning of Wednesday, May 5th, and the Bank America transfer has still not shown up in my Fidelity account.  Very annoying.

The amounts involved are in the tens of thousands of dollars.  I'm very aware of the timing since I'm getting ready to make some big payments and I don't want to send those checks until the cash has arrived. I had always assume that bank wires or transfers were pretty much standard and instantaneous but now I see that they aren't. At least, they're not from Bank of America.

Bank America Choices on Transferring Money 
Outside of the Bank
Notice that for an extra $7, we can accelerate our transfer by two days.  I suspect that the reality is that if you pick the first one, they build a two day delay into the transfer process so that they can force people to pay for them to remove the two day for $7. This is what we all hate Bank of America.

Here are the ways to use the money in your PayPal account;
(Only one copied over!)

 Processing                                                                    Time                          Cost
 Transfer money to your bank account                3-4 business days        Free!