Great news! SmartyPig ACH transfer times reduced!

ACH transfer times have been a hot topic both on this blog and on Get Satisfaction. When customers transfer money from their existing checking or savings account to SmartyPig, they want that money to clear into their SmartyPig account and begin earning interest as quickly as possible. We get it.

Our existing three day ACH transfer time is well within the industry standard of two to four days. In fact, according to the Wall Street Journal, "Bank of America Corp. says such transfers typically take two to three days. EmigrantDirect says on its Web site that transfers take two to four days, while HSBC Direct says customers should expect transfers to take up to three days." But being in the middle of the pack didn't sit right with us. We knew that driving that transfer time down was important for our customers. And, we've said all along that this would be something that SmartyPig would look to improve upon as the company grew.

Now, I'm happy to tell you all that our ACH transfer times have been reduced from three business days to two business days, putting us on par with the likes of ING Direct.

How did we do it?
We spent the last three months building our own proprietary transaction engine. We took out the middleman and saved you a day in the process. We said we would do it, and we did.

Why did we do it?
Because we knew it was important.

So, cheers everyone! Here's to getting that extra day back! (Don't you wish we could do the same for DMV and doctor's office visits?!)

Mike Ferrari, co-founder
@mferrari
@smartypig