Transferring between Credit Union and BOI

J

jayzuz

Guest
Hi there,

Has anybody had experience of transferring money from a credit union to a bank account? (boi)

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Thanks,
Jay
 
I've often asked my CU to transfer money & as long as they process it before 11.00 am it'll be in my account the next day - no problems at all.
 
I just called them there and asked.
It is possible but they gave me a time frame of 5 days for it to appear in my boi account.

The alternative was to setup an online cU account and process the transactions myself just like a regular 365online account.
It takes about 10 working days for this to be setup.
 
I once had a need to transfer funds from a CU account to a bank account, and it needed to be achieved on the same day. I got a draft from the CU, took it to the bank on which it was drawn, and the teller co-operated with me in a fiction: that I withdrew cash and then made a cash lodgement. That meant that the funds were immediately available.

[It was fictional only in the sense that wads of cash were not passed across the counter to me and immediately passed back.]
 
Credit unions are each independent companies, each with its own rules and procedures. So there is no single answer to the original question asked.

A small number of credit unions have joined the clearing system, which means that they have the capability to clear electronic transactions in the same timeframe as banks. Others rely on ad-hoc procedures of transferring through their account in the local bank.
 
Thanks for the replies.
To make matters more complicated, the source CU is in another county which makes over the counter transactions a little difficult in the future.

I think I'll be transfering my account to my local branch - heres hoping they manage to keep some sort of history!
 
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