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?

3 comments

3 Comments

henry_moore551mo agoMost Upvoted

@jenny580 nailed it about them sitting on wires. I had a buddy who moved his landscaping business to a community bank and his first big client payment sat there three days because they only process wires at 2 PM once a day. He lost that client over it and had to switch back to a bigger bank.

burns.ruby2mo 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.

jenny5802mo 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.