Question about wire transfer delays after switching banks in Chicago

I moved my business account to a smaller credit union in Chicago last month and now domestic wire transfers take 2 days instead of same day. The old big bank always processed them by 2 PM but this place says they batch them overnight. Has anyone else dealt with this kind of slowdown after switching from a major bank?

2 comments

2 Comments

burns.ruby17d ago

Smaller banks always do this. It's like they're stuck in some old way of doing things. Same pattern with everything these days - doctors making you wait weeks, grocery stores cutting staff. Everyone's cutting corners and calling it "streamlined." That credit union probably saves a few bucks batching wires overnight. Big banks have the infrastructure to process in real time cause they deal with volume.

jenny58017d ago

Totally feel you on this... I made a similar switch last year and it drove me crazy for the first few weeks. The credit union told me their cutoff is 3 PM but then wires still take a full extra day to land, feels like they're just sitting on them. It's frustrating when you're used to the big bank's speed and suddenly everything slows down for no clear reason.