Why does it take so long for Scottrade to transfer money from my checking accoung to my Scottrade account?

Question

It's telling me I'm going to have to wait three days for the funds to show up in my Scottrade account despite the fact that it was deducted from my checking account yesterday. Does anyone know why it takes 3 days! I am almost thinking about finding another company.

Answer 1

What you're describing is called an ACH transfer, which takes a few days by its nature. If you want it faster, do a wire transfer (which costs money) or just drop by a check to your broker and the money will be available for trading the next day.

Answer 2

It has nothing to do with any of what you guys are talking about. It's because they are trying to delay a bank run as much as possible. And banks have no money in reserve IMO. And the longer the delays get to transfer money, they closer to a massive bank run we are. Think about it, how long does it take for a gas station debit to show up in your bank account? About 3, or possibly even 5 minutes? Lol, but they are trying to convince me that it takes 3 days to verify the money is there??? How dumb do they think the people are? It takes 24 hours for a check to travel the length of the country and be cleared!!!! But 3 days for my electronic data to be verified.

Answer 3

Unfortunately I think most brokers do this. (Etrade is about the same, I opened an account with tradeking which was five days). I can give you various theories as to why they do this (I suspect they may want to deter money laundering, or they can charge people a fee to get their money faster) but I don't know for sure.

It's a minor annoyance of being an investor.

Answer 4

That's because the internet tubes are clogged and causing the data to run slow.

Answer 5

I want to ask the same question as the person above.

Answer 6

Great question