Highlighted
TxSig
Contributor

We initiated an external bank transfer to our USAA account 2-15-18. Why is it on hold?


Most Helpful

That is correct @TxSig, If you use the external banks transfer systems to send the money to us using your USAA account number and routing number,  we would not have any reason to hold as they are sending the funds directly to us. ~ Suzy 

11 REPLIES

Hello @TxSig, Transfers from external banks are subject to hold as we don't receive the money instantly. In some cases we hold funds to make certain we are collecting upon them prior to making them available for use. Any part of the transfer we make available is done so provisionally but are not considered guaranteed funds until we receive payment from the external bank and in some cases even though it is electronic, USAA may not receive payment for 2-3 days. The debit from the external bank does not represent actual collection of funds. It is an indication that the funds have been released to us and are on their way. The hold is there to allow for the collection to happen. I hope that helps answer your question. ~ Suzy

Why then in so many other post does the USAA rep responding reply with "transfers initiated by externals banks are not subject to a deposit hold"?

It has also been more than three business days.

Great Question! When the transfer is initiated by the external bank, they are sending the money so once received, there is no reason to hold. When your using USAA to transfer, we have to go get the funds from the external bank which is were the hold is placed to insure we collect upon it. If a hold is an issue, you certainly send the funds from your external bank to us. if you do that, we have no reason to hold. Hold on transfers are usually 3-4 business days. It tells you that prior to completing the transfer so you can back out of the transfer and move the money in another fashion such as sending it directly to us from the external bank. Don't forget, weekends and bank holidays like Presidents day do not count. Thank you, ~ Suzy

We initiated the transfer from USAA to iniatially open our checking account.

 

I have an additional $120K to transfer. If I iniate from the external account, there will not be a hold?

That is correct @TxSig, If you use the external banks transfer systems to send the money to us using your USAA account number and routing number,  we would not have any reason to hold as they are sending the funds directly to us. ~ Suzy 

To OP:  do yourself a favor and take your banking and business elsewhere. USAA does not care about its members. 

 

We just had a similar experience we transferred from an external Bank account “on the February 22 & they held a portion of those funds unto 3/01. When we called the rep told us it was system generated nothing they could do. We have had a long relationship with both Insurance  & Banking. Since there it not a local office we deposit by mobile often & transfer from  our local credit union . I don’t recall this happening before unless it was a large check deposited. I read the reply from usaa telling you to initiate transfer from external Bank well that costs $ My husband just ask me why we have our Banking  with USAA?

Things are changing & it is very disappointing.

We just had a similar experience we transferred from an external Bank account “on the February 22 & they held a portion of those funds until 3/01. When we called the rep told us it was system generated nothing they could do. We have had a long relationship with both Insurance  & Banking. Since there it not a local office we deposit by mobile often & transfer from  our local credit union . I don’t recall this happening before unless it was a large check deposited. I read the reply from usaa telling you to initiate transfer from external Bank well that costs $ My husband just ask me why we have our Banking  with USAA?

Things are changing & it is very disappointing.