Don’t Make Big Bank Withdrawals on This Day of the Week
Written by
Cindy Lamothe
Edited by
Zuri Anderson
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We all have our routines when it comes to managing money — maybe you like to hit the ATM after work or stop by the bank on your lunch break. But if you’re planning to take out a large amount of cash, timing might matter more than you think.
Surprisingly, there’s one particular day of the week that financial experts say could be the worst for big withdrawals. Whether you’re prepping for a vacation, making a major purchase or just moving funds around, here’s why you might want to think twice before visiting the bank on this specific day.
Steer Clear of Fridays for Withdrawals
“As I analyzed the consumer behavior of spending and banking trends, I came to the conclusion that Friday is the least suitable day to withdraw a large amount of cash from the bank,” said Bhavin Swadas, finance expert and CEO at Squeal My Deal.
And here is the reason he says this a no no. When you draw out a lot of money on a Friday, you are doing this just before the banking system crawls to a stop over the weekend.
“The majority of the banks cannot process internal review, compliance verification and some wire transfers until the following working day,” Swadas added.
In case your transaction is delayed or flagged under any circumstances, then you might not access your money before Monday. That puts an unnecessary financial risk on you, including, in case you have an urgent use of that cash.
Also, Fridays Are Busier In Transactions
Also something to keep in mind: Banks have customers who are normally cashing paychecks, paying bills or taking out money to use over the weekend.
This may result in delays in the branches and ATMs that run out of cash in busy foot traffic.
According to Swadas, wanting to withdraw large amounts of money, more than $5,000 — and in particular $10,000 and above — parts of this transaction could subject you to federal reporting or internal risk procedures.
“On a Friday, it may not even be time to clear the flagged issues before the weekend. Such a delay may affect transactions in the bank book or overdraft services, or even time-sensitive commitments,” Swadas said.
What To Do Instead
Swadas recommended making big withdrawals on Wednesday or other midweek days.
“These are the low-traffic days when the banks are fully funded and more willing to respond to the requests or questions,” he added.
It also provides you with the other business week to straighten out any issues that can arise. And in the case of digital banking customers, this piece of advice becomes all the more crucial.
“Most of the online banks depend on ACH, which should not be done on the weekend,” Swadas noted. “It might not get to your account until next Tuesday, so just in case you are transferring lots of money on a Friday, it might not go through yet. It is a long time to wait when you are relying on such funds.”
One last tip? You should avoid having to plan your finances under stress and attempt to be able to predict exactly what is going to happen regarding large withdrawals.
“Fridays should be avoided, as should Mondays, and wherever possible, mid-week should be reached,” Swadas concluded.
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