[reaperducer]

You're lucky it went in three hours.

A couple of times I've moved between $17,000 and $40,000, and Chase sits on it for up to TEN DAYS before it will release received the funds.

Chase claims it's a federal regulation, but no one in the branch or on the phone can tell me which one.

[dreamcompiler]

Any transfer of $10k or more (and in many cases less) requires reports by the financial institutions to the IRS and potentially other government agencies. Why that would cause huge delays I don't know. Most likely Chase just wanted to make some money on the float.

[jjeaff]

The Patriot Act kyc reporting requirements would have nothing to do with the delay. The reporting requirement is simply that. It isn't a wait and see to confirm it's ok. You just report the transaction after the fact.

It's all about the float.

The federal deposit rate for banks is 2.35% right now. That's $64 to the bank for every million dollars every day it is deposited at the fed.

Now imagine a large bank like chase is dealing with billions of dollars a day in transfers. Hold it several days when you receive a transfer and hold it several days before sending a transfer and you are making literally millions of dollars every month just for dragging your feet on transfers.