The holidays of 2011 had been an exhilarating experience for me. My room mate who had the room lease to whom we normally transfer the funds has a US Bank account. A few of us had Bank of America and Chase accounts. Bank of America has interesting options to transfer funds.
- Use as a bill pay. The amount is sent as a check to the other person by standard mail (1 Week Turn Around Time)
- Normal ACH. 3 to 4 business days.
- Two days ACH. Premium Fee
- One day ACH. Double Premium Fee.
Since in my case I could use only two days ACH but more than a week the amount was not getting transferred. After periodic polling it turned out to be a goof up by Bank of America (or US Bank) because both of them continue to shift blames on each other. Here is the summary report by both banks along with a mail from consortium of banks based in Houston, Tx.
Names and contact information have been blurred for privacy and security reasons.