November 26, 2008
Ok, let me explain firt the way I do my tranfer from my main bank account at Desjardins and ICICI, ING and HSBC bank accounts.
Let's say I want to tranfer 5000$ from ICICI to HSBC. What I usually do is at around 10:00 PM when I get back home I do initiate a tranfer from ICICI to my main bank account (desjardins). The tranfer is done the day after. So what I do, I go on HSBC and ask them to tranfer money from my main bank account (Desjardins) and move it to my HSBC savings account but I set it as a future transfer dated for the next day.
But, I've been wondering for a while.... What if ICICI is depositing the money after HSBC request the payment from my financial institution? The money won't be available in my Desjardins account and the transfer can't be authorized, can it be?
Today I've tranfered the last amount I had in my ICICI account and ICICI immediatly debited the money from my HiSave account and I'm recicent to ask HSBC to tranfer the 3000$ immediately of set the tranfer as a future date for tomorrow... What happens if you ask to transfer an amount that is not in your account, you get any fees charged by any banks? How does it work? Anyone got a hint on this?
The day you become free is the day you work for fun.
December 12, 2008
I'm not sure about every bank out there. But an example with HSBC.
on the 1st of the month I have it automatically set to transfer $415 from HSBC to PCF. One Month, I was getting a payroll deposited right on the 1st (before the payroll deposit, I had less than $415 in the HSBC account). The payroll deposit came later during the day. HSBC tried to transfer the funds to PCF. HSBC didn't charge me anything, and sent me a note to my online account messages saying that the transfer could not take place due to insufficient funds in the account.
In the end, I dont think banks will charge a fee if you are initiating the transfer to another account. But if say you told an external account say ICICI to grab funds from HSBC and you didn't have the funds at the time of transfer in HSBC, then you would most likely be charged an NSF fee by HSBC.
"hope that makes sense"