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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.
How dare you post something like that don’t you read what everybody’s posting it’s instant LOL I’m just being sarcastic
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.
Originally Posted by 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.
Lol.... so which is it?
1. It's instant and sent direclty to Ciocca's account
2. It's sent to M&T and then there could be a lag in actually getting to Ciocca
Assuming that is the case there will be many disappointed people thinking their wires went in and now they are number 1200 or whatever high number they are. That also means that if one was at the back of the pack they may get a 2028 or 2029 Z06 and this is just from the first day of deposits. WOW!
Great for Ciocca. About $3,600,000 of money raised in a day. Mr. Ciocca must be thinking "glad I bought the dealership".
Originally Posted by Z0Sick6
Word on the street is they received about 1800 deposits all together
Last edited by Mark2021C8; 11-04-2021 at 10:19 AM.
Assuming that is the case there will be many disappointed people thinking their wires went in and now they are number 1200 or whatever high number they are. That also means that if one was at the back of the pack they may get a 2028 or 2029 Z06 and this is just from the first day of deposits. WOW!
Great for Ciocca. About $3,600,000 of money raised in a day. Mr. Ciocca must be thinking "glad I bought the dealership".
once people realize they are 800+ on the list, they will ask for their deposit back
1. It's instant and sent direclty to Ciocca's account
2. It's sent to M&T and then there could be a lag in actually getting to Ciocca
Guess we find out Monday.
Having sent and received numerous Bank Wires. Its has been always instant. Usually it an automated routing internally in the Bank to the specific designated account once it hits the Bank. The Wire usually shows Pending Deposit until the acocunt is settled at midnight though. So Ciocca can see the money there and when it landed, but may not be able to uise it or withdraw it until the next day. Hope that helps.
What happens with M&T bank processes all the wires at the same time every hour or at the end of the day? We get 500 tie for #1 and 500 people tie for #2? I wonder if they were planning to use your email sent as tie breaker?
Word on the street is they received about 1800 deposits all together
That's crazy! Kerbeck was selling about 1400 Vettes/year. That was their estimated 2020 C8 allocation before GM cut it in ~half for all dealers! Would assume 1400 total C8s would be the most they would get for all C8s in 2023! AND no way GM is going to be able to make the 30,000 Vettes in 2023 that would equate to the 1400 or 1500 allocation!
GM no doubt has a max number of Z06's they plan or can make due to vendor orders etc. Understand some folks only wanted a Z06 and this looks like a good car BUT also sounds like many folks are trying to capitalize and buy the car for resale! Hope dealers/GM will only accept cars IF the sales tax is paid as the Museum was doing. It's a help BUT in SC our max sales tax for vehicle is $500! I recall some states it's zero. Now we have to pay a high Peroneal Property tax IF we get a license plate for the car!
I am 300 on MM List and have no intention of sticking around should I get a higher number with Ciocca
My wire went out at 12:00. My conformation came back while I was filling out the registration at 12.01 am and I am still nervous. I am wondering of how many people actually sent the wire before 12:00 getting a head start? Don't think there is any way that the dealership will know that.
1. It's instant and sent direclty to Ciocca's account
2. It's sent to M&T and then there could be a lag in actually getting to Ciocca
Guess we find out Monday.
My wire was sent from my bank at 12:03. It was done in person and had to be approved by a separate banker in the branch. The second approval was done in less than 30 seconds from the initial sending of the wire.
It was received and confirmed by the receiving bank at 12:05.
I am an employee of the bank that sent my wire and had them pull up the log of events on the wire.
Just thought I would share for those questioning how the wire process works and whether or not they will be broken down to milliseconds. As you can see, mine was confirmed at 12:05:58 so there should be no issues for Ciocca to sort based on time stamps for a large number of wires coming in at the same time.
My wire went out at 12:00. My conformation came back while I was filling out the registration at 12.01 am and I am still nervous. I am wondering of how many people actually sent the wire before 12:00 getting a head start? Don't think there is any way that the dealership will know that.
Wire info wasn’t available until 12:00 sharp. Some folks may have gambled and used the original Stingray wire they had.
I would assume that any wire that came in before noon would be DQ'ed as the reservations opened at noon with the details.
Yes, some may be disqualified, but there are probably many that came in between 12:00 and 12:01 that were sent using that trick, and so won't be disqualified. I'm really surprised they didn't use a different account for this.
My wire was sent from my bank at 12:03. It was done in person and had to be approved by a separate banker in the branch. The second approval was done in less than 30 seconds from the initial sending of the wire.
It was received and confirmed by the receiving bank at 12:05.
I am an employee of the bank that sent my wire and had them pull up the log of events on the wire.
Just thought I would share for those questioning how the wire process works and whether or not they will be broken down to milliseconds. As you can see, mine was confirmed at 12:05:58 so there should be no issues for Ciocca to sort based on time stamps for a large number of wires coming in at the same time.
Based on what I see here, I think they will go by the bank receipt time as they did for checks. correct?
Yes, some may be disqualified, but there are probably many that came in between 12:00 and 12:01 that were sent using that trick, and so won't be disqualified. I'm really surprised they didn't use a different account for this.
11-04-2021, 10:01 AM
