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[ichaelm]

When Provident Bank lowered its savings rate from 3.25% to 2.82% on 2/1, I decided that it was time to move my credit arbitrage money somewhere else. Broadway Federal was (and still is) paying 4.08% on its savings accounts, so despite reports of shoddy customer service at this bank posted on other boards, I decided to open an account. On 2/2, I applied, online, for an account. On 2/6, I received my welcome package in the mail, including a signature card which I had to return along with a copy of my drivers license. Last Wed, 2/11, I logged onto my account at Provident and saw that $130,000 had been debited from my account the previous day. Then I logged onto my Broadway Fed account and almost fell off of my chair when I saw that the $130,000 had been deposited into my account ON THAT SAME DAY! I didn't lose a single day of interest; in fact my funds had already earned $14.25 at Broadway Fed. So I guess the moral of the story is that banks have the capability of making instant pulls, even though in most cases they'll hold onto your funds for a few days before giving them back to you.