Swift Payments
#1
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Joined: Feb 2012
Posts: 30
Swift Payments
Hi, I have sent payments to the US before and normally they get there on the same day. This time I sent it on Thursday and it still has not arrived. Anyone any ideas why this time it still has not got there?
#2
Re: Swift Payments
Today is Independence Day - and therefore a public holiday. No banking will occur.
#3
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Joined: Feb 2012
Posts: 30
Re: Swift Payments
I've been told that all banks are open.
#5
Re: Swift Payments
Whoever told you that lied. ..... They are allowed to lie, Ian-stms assured me that is the case.
The Federal Reserve Bank has ten national holidays, and most banks follow the Fed's lead and close on the same days the Fed Closes, given that the Fed controls the wire system (which is relevant to the OP's question), and much of the check clearing, even if they did open they couldn't provide all services. That said, Wells Fargo opens on Presidents' Day in February and Columbus day in October.
The Federal Reserve Bank has ten national holidays, and most banks follow the Fed's lead and close on the same days the Fed Closes, given that the Fed controls the wire system (which is relevant to the OP's question), and much of the check clearing, even if they did open they couldn't provide all services. That said, Wells Fargo opens on Presidents' Day in February and Columbus day in October.
Last edited by Pulaski; Jul 4th 2014 at 11:11 pm.
#7
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Re: Swift Payments
My son works night shifts in IT for a bank doing overnight processing and he likes Federal holidays because inter-bank transfers are down, meaning an easy night.
#8
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Joined: Feb 2012
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Re: Swift Payments
Ok. Money has not got there today either. Can anyone enlighten me?
#11
Re: Swift Payments
But the Fed doesn't open on 7/4, and doesn't open on Saturdays. It will be 6am on Monday morning before the clearing computers in New York start processing wires again. Inward wires are currently queued up waiting.
#12
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Re: Swift Payments
Maybe I mis-understood my son, translating "his bank won't be processing transfers until Monday", but if OP is really worried he should be calling his bank, otherwise wait until Monday since the chances of a payment submitted on Thursday 3rd July arriving the next Federal business day of Monday 7th July is extremely high, imo.
#13
Re: Swift Payments
Maybe I mis-understood my son, translating "his bank won't be processing transfers until Monday", but if OP is really worried he should be calling his bank, otherwise wait until Monday since the chances of a payment submitted on Thursday 3rd July arriving the next Federal business day of Monday 7th July is extremely high, imo.
#14
Re: Swift Payments
Indeed, the money no doubt arrived at its destination. It will not be posted until business opens on monday.
#15
Re: Swift Payments
The "wire" may indeed have arrived. .... Where the "money" is is a whole other question, and, quite frankly, as much a philosophical question as a practical one.