Long Time To Transfer Money

[djtdjt]

Withdrawing some money from Prudential account, been told money will be with me within 10 to 15 days, why does it take so long? Normal bank accounts (personal) you can transfer funds in a couple of minutes between accounts. TIA

[fiction-factory]

What type of account is it? For Prudential I'd have thought it was an investment account (shares) rather than a cash savings account

[djtdjt]

Hi Fiction-Factory, it's a retirement fund account.

[fiction-factory]

Well if shares are involved there is a delay of 2 days for settlement, for starters. The account Ts and Cs would have stated the typical time for withdrawals

[THECORBYLOON]

It might take minutes to move money from your own bank accounts or to an account previously used but there will be authorisation and security procedures to go through in your example.

When I cashed in a bond with the Co-Op, they had to get the paperwork from remote storage so that added about a week to the normal time.

No doubt the ten to fifteen days' period in your case is their being on the safe side and the payment will go through sooner than that.

[fiction-factory]

Yes, if there is an existing linked account it'll probably take no more than 10 days in practice.