ACH withdrawal now taking longer

News

Submitted Wed, Sep 23, 2009 at 10:49pm GMT
anand

69 posts

As a result of new ACH regulations, all ACHs we submit are now subject to more oversight. Although our standard for ACHs has been that the money would be available in 4-5 business days, several providers would receive it in 1-2 business days. As a result of the new regulations it might take 3-4 business days for the money to appear in your bank account.
We are aware that this is an inconvenience, and we are doing our best to improve the situation. At this time, however, it appears that with the new regulations the delays are out of our control.
Regards,
Anand
Product Manager, oDesk.com

Vote Result

Score: 3.3, Votes: 3

Great... Submitted Thu, Sep 24, 2009 at 1:17pm GMT
njankowski 4 posts - United States - Joined Jul 19 2009

I was counting on the money to be here today for my son's birthday party this weekend. Now, at this point, we won't even have money for a cake or anything, and we're having several people come.

I know it's not your fault, but it still makes it an inconvenience for me...

The submission takes longer too Submitted Thu, Sep 24, 2009 at 2:05pm GMT
margaretphillips 221 posts - United States - Joined Feb 18 2007

I just withdrew some funds last night and it took about 4 minutes to return the next page after I hit submit. Am using Firefox and Vista.
Just an FYI.
Thanks for all you do by the way.
mp

Longer Withdrawals................... Submitted Fri, Sep 25, 2009 at 7:26pm GMT
tinajohnson 100 posts - United States - Joined Oct 25 2008

I don't suppose there would be a way to shorten the length of time it takes for the pending transaction? I just thought maybe that could make up for the extra length of time it takes for the withdrawal to clear the bank. Example: When the pay period ends maybe allow us to withdraw funds 1 or 2 days after that then wait another 4 or 5 days before it clears the bank. As it is now we have to wait a week (pend)before we can withdraw and then sometimes another 4 or 5 days before it clears the bank 10 days or more. Did that make sense? Just a thought.

Yes, that's EXACTLY what Submitted Thu, Oct 01, 2009 at 3:52pm GMT
jp66 1 post

Yes, that's EXACTLY what should be done. My bank says ACH should be same day, not 2-3. So no one seems to know about these new regs but O-desk. That said, since the norm seems to be 1 extra day from what I've experienced and read here, please cut the "security period" that you hold funds for down by 1 day. You already hold the money for a week after buyers pay, I understand making sure it cleared and all, but we are in an instant information age. These things don't take a week like they did in, oh say, 1980.

Where are the new ACH requirements coming from Submitted Mon, Sep 28, 2009 at 4:36pm GMT
sdarabos 3 posts - United States - Joined Sep 25 2007

I have to say I am not happy about this situation. For one, why were the providers not notified other than this post? I do not frequent the forum because I am busy WORKING. I have submitted a couple support tickets and still have not received a clear answer other than just wait for my money.

"several providers would receive it in 1-2 business days. As a result of the new regulations it might take 3-4 business days for the money to appear in your bank account."

I am one of those providers who received their money the next day and I could see waiting a couple extra days BUT the 3-4 business days goes into the weekend since the withdraws are done on Wednesdays we actually have to wait 6 DAYS! It is now Monday and I still have not received my pay from last week.

So I will be forced to change to PayPal which is instantaneous BUT costs a $1 to withdraw. I will get my money in 2 days instead of 6 days. Paypal is not having any issues with these new ACH requirements. I withdrew money from my Paypal account on Saturday and boom it was there this morning...overnight. HMMM

I have been a provider on oDesk for a couple years now. I have top feedback and work consistently. I always praised their service but after this I'm not so sure for the simple fact that they have done a terrible job informing us of what is happening. It all seems very vague with the only explanation being stricter requirements. When did oDesk know about these requirements and where are they coming from? My bank stated that they did not know of any stricter requirements for ACH deposits.

So true.......... Submitted Tue, Sep 29, 2009 at 11:44am GMT
tinajohnson 100 posts - United States - Joined Oct 25 2008

Excellent point sdarabos! I got to thinking about this and thought why should a system such as direct deposit have such restraints. Part of the purpose of having direct deposit is the comfort of knowing that your funds will be in your account on time in a timely manner. I have direct deposit on my main job and on jobs in the past. I know that the money will be there in a week at the same time or in 2 weeks CONSISTENTLY.
This is an unfair disadvantage for those using ACH but I have not had to resort to paypal yet. I think it is ridiculous to have to pay to withdraw your money when you have a free checking account--it is as though you are being penalized for having the account. I suppose when someone new presents the question "how long before I get paid" it would be fair to say for all those with ACH accounts it will take 2 weeks. As I stated before, when a job is completed your funds stay in pend status 6 days before you can withdraw then it takes another 6 days after you withdraw before the money clears the bank sheez................

I just want to say that Submitted Tue, Sep 29, 2009 at 1:38pm GMT
jpittenger

3730 posts - United States - Joined Jan 07 2008

I just want to say that personally (yes, I'm a provider who gets paid the same way as you), my withdrawals on Wednesday mornings used to be available Fridays. This week it was available Saturday. My bank did not make me wait until Monday. So it's still varying per bank.

One reminder that may help you receive the money faster: It's available to withdraw at 00:00 Wednesday UTC. For users in the US, that's actually Tuesday evening. Making your withdrawal then may prevent the 'weekend wait' for some banks.

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If you are on EST Submitted Tue, Sep 29, 2009 at 2:33pm GMT
margaretphillips 221 posts - United States - Joined Feb 18 2007

You can withdraw your money at 8pm Tuesday night, which is what I have always done.This week I was on vacation so withdrew my money on 9/23 and it hit my bank on 9/25, so I am seeing no delay.
When I worked out in the real world I got paid once a month so getting paid once a week is wonderful to my mind, even if it takes a day longer, which I,personally, am not seeing.

We're working on reducing ACH withdrawal times Submitted Tue, Sep 29, 2009 at 6:02pm GMT
anand

69 posts

All,
I'm sorry for the short notice on this change. We only realized that the regulations would have a significant an affect on time to delivery when we actually went into production. We understand that a key value of oDesk to providers is the guaranteed payment and that quick and reliable payment is part of this. We are working on reducing the delivery times back to what providers were previously used to.
Regards,
Anand
Product Manager, oDesk.com

DOES IT AFFECT PEOPLE WHO GET PAYED THREW ODESK DEBIT CARD Submitted Tue, Sep 29, 2009 at 11:32pm GMT
cpoor 11 posts - United States - Joined Aug 26 2009

I was wondering if it effects people with odesk debit card. you know you have to withdraw threw odesk and they charge a 1.00 to withdraw and then you have to go to www.pinooner and withdraw from there which they charge 2.00 and last week i got my money on tues. night and tonight itis still depending. i hope i made since.

thanks

It's been 2 weeks and I haven't gotten my withdrawal yet Submitted Wed, Sep 30, 2009 at 12:10am GMT
dmathewes 1 post - United States - Joined Oct 14 2008

OK, apparently the issue I've had is not the same as what other people are dealing with. I've always used ACH every week and I could always count on the funds being in my account Saturday morning. Last week, when I signed in to do my usual withdrawal, I found that the funds from the previous week were still there. So I tried to withdraw it all, and I submitted a support request. I also used the 'live chat' support feature, and an oDesk rep told me that there was a known glitch and that they were working on it, and suggested I use another method (like Paypal) instead.

The next day I got a reply from the support ticket I submitted and there was a very different story: the rep said there was no issue, and that the bank had simply rejected the transfer, and furthermore I hadn't been notified of the failure because it wasn't oDesk's fault, it was oDesk's bank's fault.

So now it's been 5 days and there is still no sign of my money from the withdrawal last week. So altogether it's been almost two weeks that I haven't been paid.

I support my wife and 5 kids. I can put up with a 1-2 day increase in wait time, and I can put up with an occasional glitch in the system. But right now I feel like I've been hung out to dry and nobody can tell me where my money is or when I might see it.

dmathewes

Hmmmm Submitted Thu, Oct 01, 2009 at 4:40pm GMT
lisa_h 18 posts - United States - Joined Jul 30 2009

I too contacted my bank and they have not heard of these regulations either. One possible solution is that oDesk should shorten the time that buyers have to review the logs from Thursday to Wednesday at noon. Begin the waiting period at noon on Wednesday of that same week and make the funds available for withdrawal on Monday of the following week. oDesk is my career now and like everyone else here, I am here to make the moolah. There are solutions to this problem and I trust in oDesk to put these solutions to work. They have not let me down yet. I am a big oDesk fan and have seen some wonderful positive changes as of late.