The Gun Counter

...that a criminal mastermind or the hero in a movie can get wire transfers instantaneously but you can't get a wire transfer from your stock account/annuity in less than 5 to 10 days?

? Er, because you're using a really bad bank???

Aglifter wrote:? Er, because you're using a really bad bank???

Actually, it's pretty much any financial institution, they always say 3 to 5 days on checks AND hold certain checks for up to 10 days even though business is done electronically AND the check is from a nationally known corporation. This WAS tongue in cheek by the way.

Rod, it's a plot device used in fiction.

And yes, I feel your pain.

Rod wrote:

Aglifter wrote:? Er, because you're using a really bad bank???

Actually, it's pretty much any financial institution, they always say 3 to 5 days on checks AND hold certain checks for up to 10 days even though business is done electronically AND the check is from a nationally known corporation.

Obvious: To make money off your money for a longer period of time.

308Mike wrote:

Rod wrote:

Aglifter wrote:? Er, because you're using a really bad bank???

Actually, it's pretty much any financial institution, they always say 3 to 5 days on checks AND hold certain checks for up to 10 days even though business is done electronically AND the check is from a nationally known corporation.

Obvious: To make money off your money for a longer period of time.

Ding, ding, ding, ding...

actually

wire transfers of cash take about 15 minutes (if both ends are paying attention).

When you are wiring out from an annuity or another type of investment device the problem is multi-fold:
federal regulation of getting 400 signatures and double checks AKA CYA
federal regulation allows 3-5 business days for conversion to cash AKA know as cool down
investment institution demanding hard copy signature of authority SEE CYA
general incompetence and slack attitude of the sending institution
Delay is good. more money earned, doesn't show as soon on the books many managers get paid on total assets

And there is also the fact that you have NO lever on them.

If you have the money coming from an IRA it is 3 weeks minimum and most of that is official .gov red tape.