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Delay in funds transferring to bank account

Forums: General Discussion
Created on: 09/12/11 07:53 PM Views: 1553 Replies: 7
Monday, September 12, 2011 at 7:53 PM

Can anyone tell me why there is additional 5-6 days to get money transferred into a bank account, AFTER the 5 day hold for credit cards? In essence it's taking almost 2 weeks to get access to the funds and I don't understand why it should take that long. I missing something?Sad

Monday, September 12, 2011 at 8:43 PM - Response #1

Weekends and holidays aren't banking days, no transactions are done.
Credit Cards have a certain waiting period before they release the funds. This is to prevent fraud.
It takes 5-6 days to clear the money from the credit card (the credit card holding period PLUS the time it takes to transfer the money to the ClassCreator holding account).
Normal ACH transactions (Direct Deposit) usually take 3-5 business days.
If the transaction is entered into the system after the cut-off time (probably 2 or 3 pm Eastern Time), the transaction has to be done on the next business day because the bank has already sent off the ACH file off for processing for that day.

If you add in the 5-6 days, weekends, then 3-5 business days, you get about 2 weeks.

ALL of the waiting days are allowed by law and necessary to get your money.

Tuesday, November 1, 2011 at 2:32 AM - Response #2

Bank account transfers are slower, if safer. But I'd suggest that if you will be doing this more frequently, to get a prepaid debit card instead. My visa debit card lets me money transfer to Philippines almost overnight and at a fraction of what I used to pay at the bank.

Edited 11/01/11 2:32 AM
Tuesday, November 1, 2011 at 8:16 AM - Response #3

A pre-paid debit card wouldn't help in this situation. The time it takes to process is moving money from a classmate's credit card to the ClassCreator's holding account, then to the classes bank account.

Maybe if you are an international school, you would then need to transfer the money to your non-USA bank account and then maybe the pre-paid debit card would help, but probably only in the case of the school being an International school.

Wednesday, November 2, 2011 at 12:14 AM - Response #4

Well, there is one that works in 3 banking days, PayPal. If a user is a verified user - meaning they have a linked bank account.

Thursday, June 27, 2013 at 11:45 PM - Response #5

I guess I am a little taken aback by the waiting period for funds to transfer. It is a little Misleading that the site says a certain amount of funds are available to you, when they aren't really available to you until about two weeks after asking for them. We have our event this Saturday. We tried to pull money out today, from our "available funds". It is telling us that we have to wait An extra day because of "the holiday". Today is June 27. The holiday is not until July 4. Today is Thursday, although I understand it is the end of the day. So essentially I am asking for these funds on Friday and will not be able to get them even though tomorrow is not a weekend and the holiday is not for another five days. Now we are going to have to pay for this entire event out of our pocket On Saturday which is totally unexpected. I do not recall this happening five years ago when we were using the site for our 20th. I have to say, that this is very Unexpected to us. I am not sure where we are going to get the money from. None of us have the money to put upfront on Saturday For our event at which we are expecting 75 classmates. These tickets were purchased by classmates weeks to months ago, and the site says that the funds are available to us with the exception of the most recently purchased tickets. But that is not the case. I have some very upset reunion committee members tonight.

Thursday, June 27, 2013 at 11:56 PM - Response #6

In my opinion, since you are allowed two direct deposit transfers per calendar month, you should have been transferring the available money as it came in. If you would have done this, your out of pocket amount wouldn't be so large. Maybe you can "float" the payment for your event on your credit card and then pay it off immediately when you get the direct deposit check.

Friday, June 28, 2013 at 12:04 AM - Response #7

With all due respect, this Information should be a little more foreseeable. Maybe it can be added to the reunion planner page To avoid this happening to anyone else in the future. Where the site says that funds are available in our account, It should say funds are available within two weeks of request. It should state somewhere right on that page that you should be doing direct deposits two times per month as the money comes in. Just a suggestion.

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