MONKEY01

I went to Ciocca today and spoke to one of the salesperson. He stated the reservation list are all based on time stamp rather the deposit was made in person or wire transfer... No advantages either method, only time stamp rules. They will combined all the deposits based on time stamp (cash/check/wire transfer) in order and give out the reservation # next week. For wire transfer, the time stamp is based on "received" time and not when the wire transfer is cleared. This goes for same with in person cash/check (not based on cleared check). He also went on to say their bank do display the actual time when received and cleared... two different time stamps. He emphasized received time stamp for be fair. Let's hope this is the case like he stated. Hope this help. Good luck everyone.
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UnhandledException

I’m sorry but what is ciocca?

BEECHFRONT

Dont really care if you think its true or not just stating what I was told in person.

smithers

They sell hellcats. Its for all the people who were told to buy hellcats instead.

Mark2021C8

Actually the Ciocca employee MAY be correct only because most people are not understanding how wires get credited to Ciocca's bank account. It is likely that by the time M&T's bank wiring department actually credited any of the wires to the Ciocca bank account all the in person people already had been processed. This will work exactly like the Ciocca's instructions stated. That is "your reservation number is based on when we receive your $2000 deposit". I am only speculating of course but I am laughing at all the incorrect information on this thread about wire times.

Oh, by the way, I was one of the wiring people.

Mark2021C8

Correct! This is why some people are going to be surprised. If I were to guess, most in person people are going to be in front of the wired people because the in person people were processed before M&T credited Ciocca's bank account.

UnhandledException

Is this why they are popular in this forum because I heard hellcat sales have spiked post N/A announcement for Z06.

spersky

Information about Wires:
Fedwire – This is the Federal Reserve’s funds transfer system and the one that is most often involved in wire transfers that you will encounter in everyday banking matters. In addition to being used by Federal Reserve member banks and other depository financial institutions for funds transfers from a bank account at one bank account to a bank account at another bank, Fedwire is used for transfers between Federal Reserve banks, for purchases and sales of Fed Funds, transfers between correspondent banks (sometimes on a netting basis), U.S. Treasury Department funds transfers, federal agency funds transfers, and the purchase and sale of U.S Government securities in book-entry form.

Is Fedwire real time?

The Fedwire Funds Service is a real-time, gross settlement system. Each transaction is processed individually and settled upon receipt via a highly secure electronic network.

When you see a completed time. That money is actually received by the Bank. I have wired so much money in the past, and it is always real time.

spersky

This is true and it is received directly into the Bank Account that you have directed. It is Instant once you get a "completed" notification.

Psalmon123

Completed at 12:07. Money in their account.

EasyLivin

I wonder how many emails Ciocca sent out and how many deposits they've taken now...

Mark2021C8

Since we seem to be getting closer to the weeds, I thought I would clarify some below:


Three factors that affect the speed of a wire transfer

1. When you initiate the transfer (time of day matters)

• Federal regulations: The Expedited Funds Availability Act (EFAA) requires U.S. financial institutions to make wire transfers available to recipients within one business day. Banks and credit unions set their own cut-off times for receiving daily wire transfers, which may differ from branch closing times and even cut-off times for deposits.
• Bank cut-off times: Here’s how time of day and bank cut-off times affect the speed of your transfer: If your bank’s final cut-off for wire transfers is 3 p.m. and you initiate a transfer at 3:05 on Wednesday, funds will be recorded as having been received on Thursday, which could delay completion until Friday.
• Weekends and holidays: When estimating how long your wire transfer may take, keep in mind that transfers can’t be completed on weekends or federal bank holidays.

2. Where you’re sending or receiving funds

• Domestic wire transfer: Due to EFAA regulations, most bank-to-bank wire transfers between accounts in the U.S. are completed within 24 hours. Some banks make wired funds available to recipients immediately, especially on transfers between accounts at the same institution.
• International wire transfer: An international wire transfer between a U.S. bank account and an account in another country (also known as a remittance transfer) takes approximately one to five business days depending on differences in time zones, foreign currencies, and banking systems.
• Slow-to-pay countries: Countries with a slow-to-pay designation may delay transfers up to three weeks or result in cancellation. When sending or receiving funds internationally, ask your bank for a current list of slow-to-pay countries so you know what to expect.

3. The method of bank transfer

• FedWire for immediate transfer: For large-value or time-sensitive wire transfers between U.S. institutions, banks use the FedWire system for real-time gross settlement (RTGS), which means the transfer is processed immediately.
• CHIPS for batch transfer: Banks also use the Clearing House Interbank Payments System (CHIPS) for net settlement, which processes multiple transactions as part of a batch process. Some banks have several daily cut-off times for wire transfers and send multiple daily batches.
• SWIFT for international transfer: While CHIPS can be used to process international wires, more than 10,000 banks and other financial services providers also use a secure network managed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). When international transfers can’t be processed directly between two banks, SWIFT makes it possible for money to pass through intermediary or correspondent banks.

What are the wire transfer cut-off times for popular US banks?

When a wire transfer is made, typically it will be processed and sent only on business days and before the financial institution’s wire transfer cut-off time. Business days are Monday through Friday. Wire transfer cut-off times vary by type of transfer and from institution to institution.

• Bank of America: The wire transfer cut-off for next-business-day and 3-business-day transfers at Bank of America is 8:00 PM ET. For same-business-day domestic outbound transfers and international outbound transfers the wire transfer cut-off is 5:00 PM ET.
• Chase Bank: The wire transfer cut-off for Chase is either 4:00 PM ET for Personal Banking customers or 5:00 PM ET for Business Banking customers on bank business days.
• Citibank: Outgoing transfers from Citibank for same-business-day transfer of funds have a wire transfer cut-off of 5:15 PM ET for international and 6:00 PM ET for domestic transfers.
• Wells Fargo: Both domestic and international wire transfers are sent the same day if made before the wire transfer cut off time of 5:00 PM ET at Wells Fargo.
• Goldman Sachs: The wire transfer cut-off for same-day domestic transfers with Marcus by Goldman Sachs is 4:00 PM ET on business days.

Information required to send a wire transfer

Before you contact your bank to initiate a bank wire transfer, gather the information listed below about your recipient and their bank in order to avoid delays:

• Full name and address
• Bank name, address, and telephone number
• Bank account number and account type (e.g., checking or savings)
• Bank ABA routing number (for domestic transfers)
• Bank IBAN and BIC/SWIFT codes (for international transfers)

Additionally, be prepared with details about the dollar amount to be transferred, the currencies involved (e.g., sending U.S. dollars to be received in Euros), and the reason for your transfer.

An ABA routing number is a nine-digit number established by the American Bankers Association based on the location of a U.S. bank. Some banks have specific routing numbers for wire transfers as well.

An IBAN or international bank account number includes a combination of 34 letters and numbers that help identify countries and branch locations for cross-border transfers.

A BIC/SWIFT code is 8–11 characters used to identify an international transaction at a specific bank.

How to track a wire transfer

Now that you know how long a wire transfer takes, what do you do when a transfer is delayed or lost?

Every wire transfer to or from a U.S. bank account passes through the Federal Reserve Bank where the transaction is assigned a unique IMAD/OMAD ID. IMAD/OMAD stands for input/output message accountability data. The ID includes a combination of the transaction date, an identifier for the source bank (IMAD) or destination bank (OMAD), and a sequence number for the transaction.

If a wire transfer between U.S. bank accounts takes more than 24 hours, or a transfer between a U.S. and international account takes more than five days, ask your bank to trace the wire using the IMAD/OMAD ID assigned when the wire was sent.

The tracer will show how and when the transfer was processed between sending, receiving, and intermediary banks, and, most importantly, where it is now. In the unlikely event your wire goes to the wrong account, this is how you can find it.

How long does an international wire transfer take?

An international wire transfer, on average, can take anywhere between one to five business days for funds to arrive in the recipient’s account. Sometimes international wires do take longer, though. Funds are deducted from the sender’s account once the wire is initiated.

spersky

• FedWire for immediate transfer: For large-value or time-sensitive wire transfers between U.S. institutions, banks use the FedWire system for real-time gross settlement (RTGS), which means the transfer is processed immediately.

This is most important to basically the discussion at hand. It is instant once the wire is complete. Sure sometimes Banks will not send it right away, but once a Fed wire is complete. Its instant. Futhermore, it goes directly into the appropriate Bank account It does not have to be moved manually to Ciocca's account.
This theoretically will significantly beat the timestamp of the people in line all night.

Number 9

Actually when the wire/money arrives at M&T bank
it goes directly into Ciocca’s acct. That’s why you give the routing number and acct number to the sending bank. But as has been stated, we’ll know
for sure in about a week.

JediEddy

Here's my problem. While I was able to get the wire transfer sent within minutes, I'm still having issues sending in my DL. I've tried 5 times now using two different email accounts. I got so frustrated that I used just 1 finger to type the email address to make sure it was correct. I keep getting bounce backs that it's undeliverable! Anyone else having this problem? I've tried one more time, if I get another bounce back, I'm going to call them.

smithers

After the big reveal I figured the whole NA vs TT daily debate would fade away and something new would take over.

I never would have imagined that something new would be “how wire transfers work” lol 😂

Mark2021C8

Deleted my initial post here because I don't want to get into a debate but just provide information. Please read above to find out what type of wire was used.

Cyclon36

I think there is now more technical data on wire transfers than the engine of the car 😂

KCC8

I pushed send at 12:02. Best I could do - let the chips fall where they may!

z28lt1

The wiring clearing house (Fedwire or Chips) does not have access to Ciocca's account. They move the money from your Bank's master account with them to M&T's account with them. It is up to your bank to take the money from you and up to M&T to give it to Ciocca. M&T may do that very quickly and practically immediately, but it is their process that it depends upon and we don't really know what that it is.