<p>My student needed to pay a college-connected bill today and I transferred a chunk of money into the connected account last night (Saturday). Online says that the available balance includes what I have transferred, but the other side says the amount in the account is the former small amount. Both accounts say that this transfer is a “pending transaction”. </p>
<p>When will it clear? A friend can transfer money to her kid and that kid has it available immediately. I transferred Saturday evening, and can’t tell when it will be available - does she really have to wait until Monday to pay this bill? And when Monday? I can’t find anything on the bank site that answers this specific question. Help!</p>
<p>We have a connected account for D though Wells Fargo - funds are available same day if not immediately. Would have it no other way after that stupid AMEX PASS card that we had for her which held funds for 6 days. Absolutely useless in an emergency.</p>
<p>Are you transferring to a different bank/credit union? If so, it may not be effective until the next business day. It looks like you will have to wait and call the bank(s) on Monday.</p>
<p>My name is also on Happykid’s account at our credit union. When I transfer money from my account there to her account there, the transfer is instantaneous.</p>
<p>No, we have a parent-connected bank account at the SAME bank. I can see our account and her account. She can only see her account. I can transfer money in, but she cannot transfer any money from my account to hers. Typical Bank parent-college student account. Why isn’t it clearer when the funds are available? I would have used another bank if I thought there was a hold! My best friend said her transfers were immediate through another bank. </p>
<p>I bank at Chase, and the way our kids’ accounts are attached to mine, the transfers are immediate. My DH’s BofA account can take a day to transfer to Chase unless he pays a wire transfer fee. My MIL’s OOS account takes time for any transfers, three business days, sometimes four. So it can depend.</p>
<p>We use Wells Fargo and weekend deposits are posted on Monday. We pretty much hate Wells Fargo but it’s close to us and we opened it years ago when it was Wachovia. I do like the ease of doing mobile deposits. </p>
<p>I bank at Citibank. One kid also banks at Citibank, the other at BofA (just based upon what was most convenient for their college). The linked Citibank goes over immediately; the other appears to take a business day. </p>
<p>We pretty much hate BofA - it seems the waiting line is often long there. But it is the bank that is the most convenient one for DS so his checking account is with them. But his credit card is with Chase. (BofA did not want to give him credit card in his freshman year, but Chase gave him.)</p>
<p>For some reason, DS preferred to use his BofA debit card instead of his Chase credit card. So we often need to make a deposit to his BofA checking account.</p>
<p>In our neighborhood, these two banks are next to each other. We could literally withdraw the cash from Chase and walk next door to deposit the cash to BofA if needed. But we have never had a need to do it because we monitor the balance of the accounts closely. I think it takes a couple of days before the money is available if we deposit a check from one bank to another.</p>
<p>My kid’s account is joint with me at Wells. I can transfer from a different account into our joint one, and it is instantaneous (no waiting at all). Maybe former Wachovia accounts are still not merged into the main Wells system, so there is a wait still for some customers…</p>
<p>TranquilMind, ask your student to make you an authorized payer on his college account. You could be liable for gift tax if you are giving the money to your kid vs paying to school directly.</p>
<p>We use Chase.The accounts are linked. I can transfer back and forth to his student account but he doesn’t have access to mine… Its available right away when I transfer. However like BB suggested I am also an authorized payer on DS’s college account. I can’t do anything except pay the bills… However it does make it easier than transferring the funds to him and him paying the bills. </p>
<p>OP, banker here - if the system is showing that the money is in the available balance, it will be there. </p>
<p>I bank (but do not work) at BofA, and as others have noted, the transfers are instantly available. However, if you sign in on-line, the account summary will show the current balance (before the transfer) and the available balance (including the transfer) with the transaction showing as “in process”. With the BofA system, even if you go to teller with a deposit, if you sign on later in the day, the transaction will show up as “in process”.</p>
<p>While electronic banking and ATMs have revolutionized banking, banks still operate on the concept of a “banking day” - Monday through Friday, excluding federal holidays, with given cut off times. All posting is done as of the close of the business day. </p>