Here is my transfer details and the way I understand the system.
Nov 27, 2007 - Debit from ING
Nov 28, 2007 - Credit to PCF
If you set a future-dated transfer for tomorrow, it should arrive by Tuesday. If you transfer it tomorrow, it might be removed from your account right away and arrive by Wednesday.
If you set a future-dated transfer falling on a bank holiday (or weekend), the transfer will occur on the next business day and the funds arriving the day after that. The funds will be removed on the date you specified unless the system doesn't allow you to specify a non-business day.
If the transfer occured the day before the weekend or holiday, the receiving bank will post the transaction date as the next business day. You might not receive interest on your funds during the weekend/holiday.
Make sure you you set the transfer date in advance. There is a cut-off time when the data is entered into the Automated Clearing Settlement System.
ACSS clearing and settlement cycle
Direct credit transfers, such as direct payroll deposit, are entered into the system on magnetic tape by the payor's institution (or direct clearer) also on the morning that the transaction is to take place.
Since I don't know the actual time the data is transferred onto the magnetic tape, I only make future-dated transfers only.
I've moved money between ING and RBC and between ING and TD Canada Trust for more than 4 years now. I have never had a transfer take more than one business day - and that is with getting the transfer request to ING as late as midnight Eastern time.
RBC usually has the money show up in my account between 2 and 4 pm. TD Canada Trust usually is later, often between 4 and 6 pm.
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