Having no access to my cash......the pig wont give it up

  • Problem
  • Updated 4 years ago
This service is a great idea.....but just a big game for the big banks to hold MY HARD EARNED MONEY for an extra 3 - 5 days............i want my 500 dollars but have to wait till the 19th just to ask for my money and then it will take additional 3 days for me to get cash......so all the money has cleared my bank and smarty pig is holding it and saying they will not give it to me till the 23rd..........NEVER AGAIN..............
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David Richter

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  • sick and tired of banking games

Posted 4 years ago

  • 4
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John Grask, Employee

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@David Richter,

Thank you for your post and your feedback. Per SmartyPig terms and conditions, goals cannot be closed until 4 business days after the most recent transaction has posted into a users goal. The 4 business day wait from the time this transaction posts to a goal is to make sure we do not receive any reversal requests from the originating funding source, which would generally happen during this time window. If you have any further questions, please do not hesitate to contact our customer support team at support(at)smartypig(dot)com. Thanks, John
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Paul Arterburn

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The idea of a work-around regarding this issue isn't acceptable. Smartypig's target audience wants to use the beautiful user-interface and have it just work. The timing of xfers is going to end up costing SmartyPig a lot of customers, I think. I've been a hardcore user for 2 years now; I don't think I should still have to wait a week for transfers to happen. A 1% APY simply isn't worth the hassle anymore.

Thinking in terms of relative timeframes around the banking industry: I can take a picture of a physical check with my phone and have access to that money within a matter of hours. Smartypig is working with all digital information and it takes 8 business days to go from Savings->Smartypig->Savings.
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WorkingDaddy

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I know I'm just BEGGING to be harangued, but regardless of how other financial sites work who rely on ACH transfers, I would have thought SmartyPig expectations were set in SP's Terms & Conditions.

Separately, as I've aged, I've come to realize that in life, using work-arounds - even if they seem unnecessary or even ridiculous - often just helps to make the world go 'round.

Having said all that, I agree with aplomb:
but what's stopping you from transferring the remainder of the balance ASAP? Doesn't seem like it'd be necessary to lock up the entire available balance while one deposit is processing.

Holding back all $5000 in a goal because $10 hasn't been verified in that goal seems ill-considered.
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Paul Arterburn

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I know what I signed up for, and I'm fully aware of the expectations. As a techy-finance leader among my peers, I'm more so speaking out for all the people who are not signing up because of these limitations so that SmartyPig can build a better product.

I'm a coder, so workarounds are always part of my game; however, it seems like we're in full agreement that this particular workaround isn't justified.
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WorkingDaddy

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With "...isn't acceptable" changed to "...isn't justified", I agree a little more. Room for improvement? Oh, most definitely. Does this turn off prospective customers? I would think so. But my assumption was that aplomb is already a customer and to these customers, I can say from first hand experience that it is indeed possible to "accept" the work-around. :-)
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John Grask, Employee

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This is great feedback - and we are listening. We will continue to work with our banking partner on the concerns being posted here. Thanks, John
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WorkingDaddy

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David Richter

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sorry working daddy....i should have asked you to proof read....truly i wasn't trying to write a grammar perfect letter......just want my money........
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Judie Holtz Welch

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Ive had the same problem. I didn't even know that it was possible once the funds have cleared the "source" bank for a bank to essentially change its mind and take their money back. I am soon to be renting a house. I knew that the money would be taken out of my source bank on the 15th and once deposited into SP, it would complete my goal. But now, not only do I have to wait for the funds to clean, then another four days so that my bank doesn't change their mind, but I have to wait additional time for SP to get around to transferring the funds BACK, AND wait for those funds to clear! It is now 12 days later and my money still isn't accessible. I told my new landlord that I would have the money by the beginning of last week, now it is the beginning of the next week and I still can't get my money out! And I really need to move into this rental house ASAP.
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John Grask, Employee

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@Judie Holtz Welch,

Since this inquiry is account specific, could you please email our support team at support(at)smartypig(dot)com so we can better assist you with this. Thanks, John