Ready Saver Adds 4 More Days to Bank-to-Bank Transfers


A couple of readers have informed me of a disappointing change at Reader Saver, the internet savings account from Southern Community Bank & Trust. They have added a 4-day delay to their ACH bank-to-bank transfers. Here's how one reader described finding out about this change:

Monday this week, I went to schedule a Bank2Bank transfer from my Ready-Saver account. Their system would not accept Monday's date (6/21) as a valid date. Assuming there was something wrong with their site, I called and was informed that "for security reasons" all B2B transfers will now have a 4 day waiting period before the transfer is even scheduled! This is in addition to the normal 3 day period that was previously there.

Ready Saver actually placed an extra 6-day delay on his transfers, but he was able to get this reduced to 4 days after he called.

Using Ready Saver's online chat service, I was also able to confirm this new 4-day transfer delay. I asked if this delay would apply if you initiate transfers from your other bank. According to the CSR, this delay would not apply. So that's one way to get around this very long delay. Also, using another bank's ACH service will allow you to get around Ready Saver's limitation on the dollar amount that can be transfered. According to the CSR, there's a $100,000 daily transfer limit.

It is common for banks to have several restrictions on their own ACH transfer service but be lax on ACH transfers originating from another bank. The reason is the bank that originates the ACH transfer holds the liability. I have more info about this in my post on restrictive ACH policies. For more general info, please refer to our article on How ACH Transfers Work.

The last question I asked the CSR was if she had any idea if the 1.50% APY was going to hold. When I asked about the rate in April, the CSR was able to warn me about a pending rate cut. But this time, the CSR said she wasn't aware of any changes. Hopefully, that means the 1.50% APY will last for a while, but there's no guarantee.

For more info on this Ready Saver account and Southern Community Bank & Trust, please refer to the following posts and resources:

Hat tip to the readers who alerted to this new transfer delay.

Anonymous   |     |   Comment #1
I have a CD that matures on July 1 at USAA. When I called they will do a ACH to another account at another bank or credit union no charge. She did say it could take up to 10 days but probably it would take 3-4 days. Said I would receive interest up to the time it was transferred. Because the first of July falls on the Thursday and the 4th on Sunday I am not sure how long it will take. I like that they offered the information of the maybe delay without me having to ask. She said if it wasn't there right away on the first she did not want me to worry over the holiday weekend. Very thoughtful.
Anonymous   |     |   Comment #2
This is another example of bank being absolutistic when it comes to rules and regulations.
What is the point reading the fine print when the accounts are open, when the banks can change it at will?
The agreed upon rules mean nothing to a bank and the consumer rights are irrelevant.

Anonymous   |     |   Comment #4
where is comment 3
Anonymous   |     |   Comment #5
This website is censoring the posts and is  manipulating the thumbs up or down.
I already stoped posting here.

Anonymous   |     |   Comment #6
What I think is happening is that when a certain number of negative feedback is posted to a comment, it gets wiped out.
Anonymouse (anonymous)   |     |   Comment #7
ty 6 most informative
Anonymous   |     |   Comment #8
to 5 you think  i will stop voting as well
1.80% Money Market Account & 3% 36-Month CD at Southern Community Bank and Trust in NC - Available Nationwide
Southern Community Bank and Trust is offering several good deposit deals. The first is a money market account special with a 1.80% APY guaranteed to 1/31/2010. The rate requires a minimum balance of $25,000, and a $1,000 minimum balance is required to avoid a monthly fee. A checking account is required. This special is listed at the bank's checking page as of 10/29/09.

Another good deal is the CD special which includes a 3.00% APY 3-year CD and a 3.25% APY 5-year CD. Minimum deposit is $500. These rates are listed...

Continue Reading
2.50% 12-Month CD & 2.75% 24-Month CD at GreenBank in TN - Local Only
GreenBank is offering two very competitive CD rates: 2.50% APY for a 1-year term and 2.75% APY for a 2-year term. Minimum deposit is $1,000. These rates don't seem to be listed at the bank's website. A reader emailed me info on these, and I just called today (8/31/09) and confirmed that they're still available. The CSR didn't know how much longer they would last.

Yesterday I posted on the bank's $100 checking account bonus (see post).

I was told that a branch visit is required to open a CD. The bank...

Continue Reading
$100 Checking Account Bonus at GreenBank
GreenBank is offering a $100 Visa Gift card for opening a checking account and having two direct deposits of at least $100 within 60 days of account opening. Refer to the bank's registration page for the full instructions and details. It appears that all of their checking accounts qualify including their free checking account.

According to the instructions, you can apply at one their branches or by using their online application. A reader commented that he was able to apply online even though he lives out-of-state. So it appears to...

Continue Reading