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Beware Virtual Bank's Failure To Pay Interest From Day Of ACH Deposit

QED
QED   |     |   58 posts since 2013

Heads up regarding Virtual Bank's e-Money Market accounts. You could understand, maybe, if this applied to paper checks. But Virtual Bank will not pay you interest on funds they receive via ACH on the day those funds are received. Instead, they do not commence payment of interest until the next business day!!

This is a great deal for Virtual Bank. This is not a great deal for Virtual Bank customers!!  This took me completely by surprise.  I need to find a new bank PRONTO!!




Daniel2000
Daniel2000   |     |   7 posts since 2018
Really? How much money did you lose in interest in one business day?
HighYield
HighYield   |     |   100 posts since 2018
LOL Daniel!

I also wonder why people complain when there's a 5-day hold on deposited or transferred funds. That's just standard proceedure. No worries, mate!
QED
QED   |     |   58 posts since 2013
Hi Cherry2000 . . er . . I mean Daniel2000.  Sorry.  Your reply sounded a bit robotic and it threw me off.  Anyway, to answer your question:

One business day can translate into as many as four days of lost interest, in event of a Friday deposit and a Monday holiday. Even without a holiday, a Friday ACH funds arrival at Virtual Bank guarantees three days of lost interest. When one is moving large sums of money, such a business practice as this is most unwelcome. It is also not up to industry standard . . . so the practice is unanticipated as well . . . which is why I posted a warning for others.  Somehow I have the suspicion that, for you personally, my warning is unnecessary.  


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