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Lending Club Discussion => General Lending Club Discussion => Topic started by: rawraw on August 09, 2016, 11:00:00 PM

Title: LendingClub Withdraws
Post by: rawraw on August 09, 2016, 11:00:00 PM
I don't withdraw from LC often, but recently I've noticed it's recognized a day later with my bank. Has this always been the case? If so why do deposits take so much longer lol

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Title: LendingClub Withdraws
Post by: anabio on August 09, 2016, 11:00:00 PM
from: rawraw on August 10, 2016, 11:12:03 AM
Title: LendingClub Withdraws
Post by: TravelingPennies on August 09, 2016, 11:00:00 PM
I wonder if it's clearxchange. I think where LC keeps my money and my bank are both on the network

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Title: LendingClub Withdraws
Post by: Fred93 on August 09, 2016, 11:00:00 PM
from: rawraw on August 10, 2016, 11:12:03 AM
Title: LendingClub Withdraws
Post by: TravelingPennies on August 09, 2016, 11:00:00 PM
Quote"> from: Fred93 on August 10, 2016, 02:11:22 PM
Title: LendingClub Withdraws
Post by: AnilG on August 09, 2016, 11:00:00 PM
Fred is right. What you are seeing is the artifact of ACH system that allows reversing the transaction within certain number of days.

A common scam to take advantage of this artifact is scammer deposits someone's account some money using direct transfer/check. Then scammer asks the account holder to return money claiming incorrectly entered account number during transaction and requests funds be returned using gift card/prepaid card/money order/bitcoin/western union. Once scammers gets the money in untraceable irreversible transaction from account holder, initiates the reverse of direct transfer transaction through the bank within allowable number of days.

To prevent such scams or accidental erroneous transfers that might be reversed, the receiving bank will put on hold the fund received and/or the receiving organization will not recognize the transferred funds until the allowable transaction reversal days has passed.

This is the reason most probably Lending Club takes longer to recognize incoming fund transfers and makes available funds in your account. There are lot of subtleties in the process but this is the high level gist.
Title: LendingClub Withdraws
Post by: Fred on August 09, 2016, 11:00:00 PM
from: rawraw on August 10, 2016, 11:12:03 AM
Title: LendingClub Withdraws
Post by: BruiserB on August 10, 2016, 11:00:00 PM
If I enter a withdrawal early morning, it will be in my bank account next day. I'm not sure where the cutoff time is, but if I make the withdrawal later in the day, it will take an extra day. It always shows up in my bank account the next business day after getting the withdrawal confirmation email from LC.


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Title: LendingClub Withdraws
Post by: TravelingPennies on August 10, 2016, 11:00:00 PM
Quote"> from: BruiserB on August 11, 2016, 07:46:40 AM
Title: LendingClub Withdraws
Post by: Half Right on August 10, 2016, 11:00:00 PM
always next day.
Peerstreet now credits my account immediately for purposes of investing. Havent tried to withdraw an immediate deposit though :o
Title: LendingClub Withdraws
Post by: TravelingPennies on August 12, 2016, 11:00:00 PM
Quote"> from: rawraw on August 11, 2016, 02:22:58 PM
Title: LendingClub Withdraws
Post by: TravelingPennies on August 12, 2016, 11:00:00 PM
Quote"> from: BruiserB on August 13, 2016, 03:10:34 PM
Title: LendingClub Withdraws
Post by: TravelingPennies on August 12, 2016, 11:00:00 PM
from: BruiserB on August 13, 2016, 03:10:34 PM
Title: LendingClub Withdraws
Post by: TravelingPennies on August 12, 2016, 11:00:00 PM
Quote"> from: Fred93 on August 13, 2016, 03:46:52 PM