$150 Added to Prosper and Another Listing Cancelled — Why does it take 4 Days to Transfer Money into Prosper? | P2P Lending, Peer to Peer Lending, People to People Lending

I now have 2 AA @15% waiting on verification; $50 ready for bidding; and $150 on the way.

The $150 will take 4 business days to get to Prosper. Why so long? Here is what Prosper says:

How long will it take to transfer funds to Prosper?

It should take four business days to complete a funds transfer from your bank account to Prosper. If you have a delay or problem, please contact customer support.

The transfer processing calendar is based on banking business days. Weekends and bank holidays do not count as business days. With regard to holidays, if the holiday falls on Saturday, it is not observed, and if the holiday falls on Sunday, it is observed on the following Monday. Holidays include: New Year’s Day, Martin Luther King Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans’ Day, Thanksgiving, and Christmas.

Transfers are only processed on business days as defined above. A transfer is processed on the same day if the request is received before 3:00 PM Pacific time; otherwise it is processed on the following business day. Use the table below to estimate the transfer completion date and time.

Estimated transfer completion day and time(all times Pacific)Start dayStart timeEnd day & timeMondayBefore 3:00 PMThursday, 2:30 PMAfter 3:00 PMFriday, 2:30 PMTuesdayBefore 3:00 PMFriday, 2:30 PMAfter 3:00 PMMonday, 2:30 PMWednesdayBefore 3:00 PMMonday, 2:30 PMAfter 3:00 PMTuesday, 2:30 PMThursdayBefore 3:00 PMTuesday, 2:30 PMAfter 3:00 PMWednesday, 2:30 PMFridayBefore 3:00 PMWednesday, 2:30 PMAfter 3:00 PMThursday, 2:30 PMSaturday and SundayAny timeThursday, 2:30 PM

Why does it take so long to transfer funds to Prosper?

Because transfers only occur on business days, and Prosper only initiates transfers once a day at 3:00 PM Pacific Time, your transfer may take longer than you expect based on when it starts and how many weekends and holidays are coming up.

Here’s what happens behind the scenes when you transfer funds from your bank account to Prosper:

  • Day 0: You initiate a transfer of fundsIf Day 0 is a Friday after 3:00 PM, then Day 0 is actually the following Monday. If Monday is a bank holiday, then Day 0 is actually Tuesday.
  • Day 1: Funds are withdrawn from your bank account
  • Day 2-3: Funds are received by Prosper and Prosper waits for the 3-day ACH return window to close before making funds available in your account. Because this transfer can be cancelled or marked failed within 3 business days by your bank, Prosper does not give you access to these funds until the transfer cannot be cancelled. This added wait is standard practice for electronic funds transfers and provides an added level of security for funds in your external bank account.
  • Day 4: Funds will be available in your cash balance for bidding after 2:30 PM on this day.

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