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Credit Card BT: are they using ACH or wire transfer?


RocketGoBoom
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The last post in this topic was posted 2339 days ago. 

 

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Technical question. If you are requesting a balance transfer between your two credit cards, are they using the ACH system or are they doing a wire transfer?

 

If the money gets there within a day or two, they must be doing one of those systems. I assume if it takes a 7-10 days then a physical checks was sent. Anyone know for sure?

 

https://wiretransfer.io/wire-transfer-vs-ach-key-differences/

 

I am assuming it is by wire transfer. Not ACH. Can anyone confirm?

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9 hours ago, RocketGoBoom said:

Technical question. If you are requesting a balance transfer between your two credit cards, are they using the ACH system or are they doing a wire transfer?

 

If the money gets there within a day or two, they must be doing one of those systems. I assume if it takes a 7-10 days then a physical checks was sent. Anyone know for sure?

 

https://wiretransfer.io/wire-transfer-vs-ach-key-differences/

 

I am assuming it is by wire transfer. Not ACH. Can anyone confirm?

 

If your bank isn't sending a physical check, odds are it's ACH.  It would be rare if it were a wire.  Think about it ... why would your bank spend $15 or so just so you can get the money a day or even just a few hours faster?  Do you really think they believe you worth it??

 

One way to tell is by how long it takes for the item to hit your target bank once shared to your account.  Usually it takes a day or two, that's ACH.  

 

I've done quite a few BTs to USAA and absolutely none were wire transfers.  USAA codes all money received via wire as "Wire - In". None have been coded that way.  Also, USAA receives wires in realtime, but must manually post the money to the corresponding account.  They do this on working days only and at about 7:00 am.  All my credits have posted after the midnight update and that signifies ACH.  

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As was previously mentioned, balance transfers between the big bank card issuers are generally processed by Fiserv, using their CheckFree bill payment system. Whether it's a check they mail or an electronic payment, it's probably being sent by CheckFree.

 

I used to work for CheckFree, when it was its own company, back in the mid-1990s. Back then we had arrangements to send electronic payments by ACH, RPS, and through the MasterCard interchange system. Nothing was done by wire transfer.

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