EFT Delay Time (In/Out) | Saven Financial | Discussion forum

Nehpets said

This is reminiscent of Meridian and even their online division Motus.

Stephen  

HeHe, Meridian and Motus has no idea that some people actually need their paychecks.

Seriously I don't care because I always have a high account balance but if I needed my paycheck there is no way in the world I could bank with them given the long hold periods.

Yup Saven is the same way, only put the money there you don't need to touch right away.

Yes, the real issue with Meridian and motus at least is not simply the hold times, but the transfer times. For several days, your money doesn't go anywhere and it's as if you'd done nothing.

I worked it out once that the process time from request to clearing the hold on receipt is actually about the same at Mer and motus as elsewhere, but the annoyance is that your money isn't moving and you are not getting the new rate, which is exceedingly frustrating. It makes it harder to keep track because it looks as if you didn't make the request, and then you start asking yourself if you really did.

Too bad Saven seems to be on the same system.

RobCleveland said
I recently opened an account with Saven.
…there is indeed a 5 day period where the funds have left my brick and mortar account and are in limbo before being deposited in the Saven account. The same is true when I move funds from Saven back to the bank. This is unacceptable. …

I had thought that it took five days for someone at Saven to get around to clicking Approved on the queue up transfer request.

Instead, it looks like the transfer request is processed promptly, but Saven keeps the transferred funds in its own account for five days before crediting the funds to the client's account. That effectively takes five days of interest on the funds from the client.