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Prestigious Contributor
January 7th my wife started a transfer from USAA to Pentagon Federal. Today is Jan. 24th. The funds are still not transferred. With all the complaints regarding holds on funds I have to wonder why in an age of instant communication it takes a financial institution so long to transfer money. Transfers were faster than this back in the days of only snail mail.

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I am in the process of consolidating several accounts. All the of banks and investment companies tell me it can take 4 to 6 weeks for the transfer to take place. It is not just a USAA issue. It is nobody wants to lose fee income to another institution. They must sell and close all types of investments to cash and transfer cash. Some companies only do it on a end of month basis.