Again...no, it is not. You are confusing different things here. Even if they just learned about it the night before, your bank cannot withhold your direct deposit without breaking the law. Unless there is some special situation like a new account or they suspect fraud.
> Again...no, it is not. You are confusing different things here.
Not to get in a pissing match, but you are the one confusing unrelated things. There’s a reason I’m getting upvoted and you are being downvoted.
1) for credits, the RDFI doesn’t place holds on the funds (except in very unusual circumstances). So your apology here is flawed.
2) read the link provided by @ad_hominem, it very clearly and eloquently explains the time lines involved, by a company doing payroll. Better yet, read the whole series of posts they wrote. (Part 1/2 are linked at the top of the article).
In general, try to understand that your personal experiences might not reflect the “way things work”. There are folks on HN who have generally “been there, done that, have battle scars to prove it” (like me in this specific case) for many topics and you’d be wise to keep an open mind rather than keep fighting against them when they are trying to help you understand.
No...the claim that ACH takes "3-5 business days", "several days", or whatever, is just flat out wrong. I can do ACH (not wire transfer, not "credit") between my totally unrelated bank accounts--whether those be at big banks or tiny little credit unions--with a total delay to myself, the end user, of about 14 hours and change. And that isn't new, it has been the case for well over a decade.
And using ACH delays as an excuse for why people can't get money out of Bitcoin quickly-- the original context of this thread-- is completely disingenuous.
Your personal experience doesn’t mean it’s a fact. As I’ve stated multiple times and you keep ignoring, ideal case, it can take under 12hrs (almost all of my ACH transactions are that window too). That does not mean there aren’t significant amount of exceptions!
>As I’ve stated multiple times and you keep ignoring, ideal case, it can take under 12hrs
I must have missed where you said that. You said I was likely mistaking ACH for wire transfer because mine were happening that fast.
The point stands that "inherent delays" in the ACH system are negligible, on the order of hours.
I reacted strongly to the person claiming otherwise because it was presented as an excuse for people not having access to their money quickly. If people are being told they can't get their money because of "ACH delays", "check is in the mail", "clogged tubes", or whatever, they should not be afraid to call BS!
