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Conference nyoss1::market_investing

Title:Market Investing
Moderator:2155::michaud
Created:Thu Jan 23 1992
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1060
Total number of notes:10477

446.0. "Moving money quickly, wire or otherwise..." by ASD::DIGRAZIA () Fri Apr 09 1993 13:58


	I wanted Fidelity to wire proceeds from a sale to my bank today,
	but "the banks are closed because it's a holiday", to quote the
	FidelityVoice on the phone.

	Turns out today is some kind of private religious holiday, and
	whatever banking system Fidelity uses is closed.

	Does anyone know of a money-moving mechanism that's less sensitive
	to private holidays?  I suppose I could visit Fidelity in person,
	but they're 40 miles away.

	I didn't think to ask them to use Western Union, and wire money to
	me.  (Does Western Union still do that?)  Has anyone ever had a
	broker wire via Western Union?

	Regards, Robert.
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446.1Are you sure Fidelity is doing business todayCADSYS::BOLIO::BENOITFri Apr 09 1993 14:064
All the banks and markets are closed today for Good Friday.  Don't even know
if Fidelity would be open.

michael
446.2Fido open today. FED closed. Guess who makes a profit?VMSDEV::HALLYBFish have no concept of fireFri Apr 09 1993 16:4412
    As far as Fido goes, they use the FED wire transfer system and THAT is
    what is shut down today.  Along with virtually all financial markets.
    You might call it a "private religious holiday" but as far as the U.S.
    financial system is concerned it's a public holiday.  Fortunately we
    don't have very many of those in the U.S.A.  (Besides today, most of
    Europe has Monday off, too.  But not here.)
    
    My wire transfer agreement with Fido is very restricted -- they only
    wire money to my bank account, i.e., only use the FED.  If your
    agreement is like mine, very likely, then you are out of luck.
    
      John
446.3Could be a bonus...NECSC::EINESCSC/MA SNA product supportFri Apr 09 1993 18:355
    Both my brokers are closed too.  I shouldn't complain though, at least
    I'm not losing any money!
    
    
    						Fred
446.4SDSVAX::SWEENEYPatrick Sweeney in New YorkSat Apr 10 1993 21:0325
    The federal goverment declares public legal holdidays for the District
    of Columbia and for federal employees.  Each state government declares
    public legal holidays for its employees and for banks.
    
    Self-regulating organizations like the New York Stock Exchange and the
    National Association of Securities dealers declare their own holidays
    as well.
    
    Good Friday is observed in several states as a public legal holiday. If
    your complaint is over the fact that it is a holiday, then your beef is
    with the legislatures in those states.
    
    Retail banking networks are 24x7x52 because of consumer demand, and
    because they run largely unattended.  If Fidelity can make your cash
    balance available through Cirrus or any other network, there wouldn't
    be a problem.
    
    Brokerage money transfers typically involve a human in the loop to
    verify serveral items on both the sending and destination side of a
    wire transfer, the most important of which is verifying that you have
    sufficient funds.
    
    Western Union and American Express are expensive and inefficient ways
    to send money.  I doubt if any brokerage has a regular agreement with
    them.