I tried several times to just post a reply, but it kept getting truncated. If some one know why (what am I doing wrong) ..... please let me know.
“TIME IS MONEY – Follow up
When trying to figure out where I can deposit a large check, and quickly start earning a decent interest rate before looking for a great rate somewhere else, I have read the comments (thank you) and I have looked into:
- Broker Mutual Funds still have 2-4 days dead money (going in and going out)
- Credit Unions – local and via shared branch ….. not too many that currently have both good rates and cost effective ways to get the cash back out (cost of wires)
- Local brick and mortor – including CHASE – easy in … but pay almost nothing while holding
- mobile banking – daily limits
- Financial Firms including:
Discover
Barkley
CIT
Marcus
American Express
Ally Bank ( ACH and even same day WiRE is becoming a problem)
All have good points, and some draw backs. BEST deposits are WIRE (receipt gets you a deposit rate almost same day), then there is the question of how soon you can get money drawing interest when depositing a check or even via ACH.
My first choice is now CIT. Zero cost to receive a wire, and $10 for outgoing (zero if account is >$25K). ACH appears to be good here ( I will have to test it….. most of my ACH lately at ALLY is 2+ days). AND, while waiting for funds to clear, CIT has 4.35% at the current time( funds >5K).
So trying to balance time to deposit, costs to wire, time to cure, and current rates – CIT appears to be better than my other choices.
I am leavings feedback for others, and I welcome information on another FIRM I may have missed.”