I must admit, after opening up my HSBC Direct account I went ahead and linked all of my numerous other bank accounts (except ING). Other than racking up over $6 in trial deposits, I envisioned having HSBC be my hub for all my interbank transfers. But then I heard some rumblings about how HSBC Direct is really slow with their online bank-to-bank transfers. During the last week, I’ve been shooting various amounts of money around my different accounts, and they have all been following the schedule that HSBC openly discloses. I couldn’t get a link to it as it only works when I sign in, but here is a screenshot of it (click to enlarge):
It’s true, it can take a while if you miss their 8pm Eastern deadline. For example, if you did it on late Wednesday night, it would count as a Thursday submission, and the money would be taken out of the initial account on Friday and wouldn’t be put in the receiving account until Tuesday. That’s almost a week, sort of, and you’d lose 4 days of interest.
But overall, it takes 2-3 business days, which I thought was about industry standard. Sunday through Tuesday are the best days to initiate transfers in order to minimize transfer time and lost interest. Next week I’ll try the other online banks and see how they compare.
By Jonathan Ping | Banking | 1/12/06, 11:57pm