The specific circumstance was that I initiated an external ACH transfer from a Schwab Bank Checking account, which pulled funds from a remote bank, there was a default 4 day hold.
I don't keep alot of money in the bank accounts, but have a non-trivial relationship on the brokerage side.
Other banks (Credit Union, Capital One) typically clear these in 24-48 hours. It's not a "deal breaker" for me, and Schwab is an awesome bank, it's just a gotcha that can be problematic in some circumstances. If you have a business and pull money from one account to another, etc your process needs to keep it in mind!
The specific circumstance was that I initiated an external ACH transfer from a Schwab Bank Checking account, which pulled funds from a remote bank, there was a default 4 day hold.
See: https://client.schwab.com/secure/file/P-7111230/Deposit_hold...
I don't keep alot of money in the bank accounts, but have a non-trivial relationship on the brokerage side.
Other banks (Credit Union, Capital One) typically clear these in 24-48 hours. It's not a "deal breaker" for me, and Schwab is an awesome bank, it's just a gotcha that can be problematic in some circumstances. If you have a business and pull money from one account to another, etc your process needs to keep it in mind!