lost interest on ACH transfers

[goodtosave]

My pet peeve with online banking is the days of lost interest when transferring money in and out of the online accounts. HSBC Direct has superior rates but you lose 3 business days of interest for every transfer. You lose 1 business day of interest with ING Direct for every transfer. And I think you lose one day of interest with ED when you transfer funds out but not when you deposit into the account.

You can even lost more days of interest if you don't schedule it properly and the transfer time falls on the weekends(another 2 days).

I found something from ETrade that claims they will actually credit your account the same day if you initiate the transfer before 4PM EST.

https://us.etrade.com/e/t/bank/bestoftheweb
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When customers transfer funds to E*TRADE FINANCIAL1 via ACH electronic transfer prior to 4 PM eastern time, the company gives them same-day provisional credit. After 4 PM, the deposit is credited the next day. Transfers flow through the U.S. ACH system, so funds are usually available to the bank within 48 hours. In essence the bank is making a two-day negative interest loan to the customer. However, there is little risk because the funds are held for three days, enough time to reverse any NSF transfer requests.
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I actually pursued this issue with ING Direct and OTS(Office of Thrift Supervision) about 2 years ago but I didn't have the time to go through all the banking regulations. Usually, banks are required to accrue interest the same day they receive provisional credit for the funds. However, because ING Direct is a savings account and not a transactional account, they did not have to abide by the same day interest rule. The savings and transactional definitions are FDIC technical terms for types of accounts.

I am wondering if anyone here with FDIC banking regulations knowledge can shed further insight and feedback into this issue.

[Ima saver]

I have no knowledge but that does not seem fair!!

[wyett3]

Originally Posted by goodtosave

I found something from ETrade that claims they will actually credit your account the same day if you initiate the transfer before 4PM EST.

I've found ETrade Quick Transfers to do just that. I set up HSBC as an external account and pulled from them on Friday (3/23) and the money showed in my ETrade account on Saturday (3/24) . Even the withdrawal I did earlier to my checking account was as fast. I'll see if I can get the money back to HSBC just as fast too!