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Is it the standard 6 days waiting period on bonuses?

lysis10
Community Guru
Jennifer M Member Since: May 17, 2015
1 of 15

I ask because on my transaction sheet, a bonus says "Pending" where it usually shows the date the money will be available.

ahujahitesh
Active Member
Hitesh A Member Since: May 8, 2015
2 of 15

Hi Jennifer

 

It takes about 24 hours to verify the payment,then it shows the date .So i think its one  extra day waiting period for bonuses.

 

Hitesh

lysis10
Community Guru
Jennifer M Member Since: May 17, 2015
3 of 15

Good to know! Thanks!

howdymedia
Ace Contributor
Steve B Member Since: Dec 4, 2015
4 of 15

I've been tracking every transaction from the date the client pays me (what I write in my sales records), the date I am able to withdraw it (7pm EST is 12am GMT for me, so I make withdrawls every day at 7pm on the dot!), and the actual time it took for the ACH transfer.

 

I noticed as well that *bonuses*, those extra payments that client give you as a tip for a good job or a bit of extra work, are cleared a day later.

 

I can only imagine the excuse explanation is they have to process the payment, then transfer it to their own EEC escrow company, so they need to add a day. This is silly since the client willingly gave a bonus (in most cases) and more than likely isn't going to try and get that back, and the imposed and unwarranted holding of funds is completely UpWork, so they really do not need to hold it an extra day - but they do anyway.

 

Sigh.

yitwail
Community Guru
John K Member Since: Feb 17, 2015
5 of 15

This is a bit off topic, but speaking of delays, why do non-banking days, like Sunday, increase the delay? It's not as though computers are shutdown on Sundays & holidays; if they were, then ATMs wouldn't work, you couldn't check balances online, etc. Or is there an Upwork employee manually transferring money from escrow to the freelancer?

__________________________________________________
"No good deed goes unpunished." -- Clare Boothe Luce
howdymedia
Ace Contributor
Steve B Member Since: Dec 4, 2015
6 of 15

YES YES YES!

 

Add to your questions, if banks don't process transactions on Saturday and Sunday, then how are we able to make any purchases? I was once told that years ago that the bank isn't actually able to know for some reason, meaning if you really wanted to on Sunday go to every ATM and withdrawl as much as possible. I did do this once when I was in a pinch for an instant loan (but only from one machine). The ATM had no idea how much I actually had.

 

Sorry, I really feel strongly about all of this, especially when I'm planning on funds coming in and expecting the 2-day delay only to check my account on Monday and no change because of those horrid Monday bank holidays.

 

I believe banks can not be closed for more than 3 days, but I think 2 should be the rule, and further, we are in a digital age. The claim that they need to review all transactions manually is BS. I've had a representative at the bank tell me that once, that on my business account that they manually review transactions and might approve something if they want to.

 

Banks need to catch up.

 

I love my merchant account, though, AMEX moved to 24 hours for funding, and so did Visa and Mastercard did as well. My clients that pay by card make my day.

 

It's going to happen, some day banks with catch up with the rest of the world and process on weekends.

tlsanders
Community Guru
Tiffany S Member Since: Jan 15, 2016
7 of 15

@Steve B wrote:

 

 

Add to your questions, if banks don't process transactions on Saturday and Sunday, then how are we able to make any purchases? I was once told that years ago that the bank isn't actually able to know for some reason, meaning if you really wanted to on Sunday go to every ATM and withdrawl as much as possible. I did do this once when I was in a pinch for an instant loan (but only from one machine). The ATM had no idea how much I actually had.

 


 It sounds like you may need to do some research and find another bank. Though transactions are only posted Monday through Friday, my bank (and most I have done business with) immediately show electronic transfers (in and out of the account) as pending transactions and adjust the funds available accordingly.

petra_r
Community Guru
Petra R Member Since: Aug 3, 2011
8 of 15

Upwork charge clients' payment methods once a day, and the security hold starts when the client has been successfully charged.

 

When funds in Escrow are released the security hold starts immediately because the payment has already been charged when Escrow was funded. With bonuses or expense payments it can (at worst)  be 23 hours 59 minutes before the next round of charging happens, which is why those can take a day longer.

bruno-king
Active Member
Bruno H K Member Since: Aug 19, 2015
9 of 15
I feel the same way. My client is paying me a bonus every month for the last 5 years for a job well done. Never fails and I can't see why there is a 6 day waiting period. Once the payment has been verified it should be available for withdrawal. My sought ist hat Upwork invests this money on the short term money market and makes even more profit for them self.
bruno-king
Active Member
Bruno H K Member Since: Aug 19, 2015
10 of 15

I actually have been an active member since 

Active

Since Dec 26, 2013 - Contract ID 13680321 and this is my first post. Upwork can't even get this right
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