Well, after signing up on Friday February 15th, I received both the deposit and withdrawal to confirm my back account today (the 20th). As I've said before, they always make a deposit first, and then a withdrawal, and the withdrawal is always smaller, so you don't end up in an overdraft/NSF situation.

(The rest of this article was lost in a little server accident, trust me, we actually do keep pretty good backups, but we were inadvertantly operating this site on our OLD server, and then when we went to cancel it...)

Here's what the site deposit screen looks like on IOU Central:

Depositing and Withdrawing Funds Between Banks and IOUCentral

They state that the process to withdraw funds from your bank account and deposit them into IOU Central takes about 3 or 4 business days. Remember that you need to actually have the funds in your IOU Central account in order to bid! If you have $150 in your IOU Central account, you can only bid on $150 worth of loans. You cannot bid on two loans of $100, even if they finish days apart and you would have enough time to cover the difference.

Withdrawing funds from IOU Central into your bank account should take only 1 to 2 days. This is especially good since a borrower first gets their funds into their IOU Central account, then it is up to them to transfer it to their bank account. I'm guessing once you complete a listing and successfully get funded, the money gets transferred into your IOU Central account immediately.

Mailing Address PIN Number Verification

You CANNOT bid on loans and do a listing without first entering your PIN number received by snail mail. You also CANNOT withdraw funds until this occurs. You CAN however list a loan before entering in your PIN Number. Since a loan listing lasts for 14 days, one should get their PIN number before the listing ends, and therefore be able to withdraw their funds upon completion of the loan. So, once your bank account is confirmed, you have many days before you'll actually need to do anything that requires you to enter in your PIN number (if you're borrowing).

IOU Central Credit Score Check

As soon as your bank account is confirmed, you can start the listing process (without completing it), and instantly get your credit score at no charge.

Soooo... anyone remember what else I wrote about IOU Central here? Ha...