WIth BoA it all washes out in the correct order once the pending credits and debits resolve.
@AzCreditGuy wrote:I am currently with 3 banks B of A, US bank and Wells. I have had direct depoist into all 3 banks at one point and I have noticed that B of A lags the most of them all. Wells seems to have be 2 days early and US bank can be 1 to 2 days early, while B of A is directly on what the direct deposit date the credit is made. With Credit Card payments, Us bank and Wells done with transfers, the CC is updated at the moment. With B of A, there is a lag of 2 to 3 days, even when the cash is transfered from the checking account?
I am wondering if B of A policy is to screw customers that are living paycheck to paycheck and get fees or am I over thinking? I am good and never get fee's but it doesnt make how B of A is?
While I can't speak to these particular banks, I can say that there are many different policies among financial institutions as to the speed with which direct deposits, ACH transfers, and credit card payments are processed. So I just try to use institutions which do things quickly. In my experience, the best institutions for speed are credit unions. Not all, mind you, but many.
I pretty much run all of my actual banking through my CMA Edge account on the Merril side of BoA these days.
One thing I noticed since I switched over is that Merril credits payroll direct deposits on Thursday night vs Friday morning for the BoA side of it.
Not as quick as the Thursday morning my credit union was doing, but I'll take it.
It has been a minute since I had to worry about the timing of things paycheck to paycheck, but I was there for a long time before, the struggle is real.
@markbeiser thanks for sharing this. I've been thinking of moving all my main banking to my Edge CMA as well. Do you use the debit/ATM card at all? I know the charges are deferred until end of the month, but do debit/ATM/ACH transactions at least show in activity right away? Also, is there a way to lock the debit card when not in use? I do like how it offers fraud protection, rate for a debit card.
@Wu-Credit wrote:@markbeiser thanks for sharing this. I've been thinking of moving all my main banking to my Edge CMA as well. Do you use the debit/ATM card at all? I know the charges are deferred until end of the month, but do debit/ATM/ACH transactions at least show in activity right away? Also, is there a way to lock the debit card when not in use? I do like how it offers fraud protection, rate for a debit card.
It shows up in the activity and "balances" as a deferred debit.
I've only used the card a couple of times, and I didn't see an obvious way to lock it.
@markbeiser wrote:
@Wu-Credit wrote:@markbeiser thanks for sharing this. I've been thinking of moving all my main banking to my Edge CMA as well. Do you use the debit/ATM card at all? I know the charges are deferred until end of the month, but do debit/ATM/ACH transactions at least show in activity right away? Also, is there a way to lock the debit card when not in use? I do like how it offers fraud protection, rate for a debit card.
It shows up in the activity and "balances" as a deferred debit.
I've only used the card a couple of times, and I didn't see an obvious way to lock it.
@markbeiser Thanks! I rarely use it as well but still was curious how the debit transactions post.
I'm assuming any ACH payment withdrawals like bills come out of cash right? Does it need to be settled liquid cash or can it be in cash management funds like tttxx and be auto withdrawn from there?