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Old 11-23-2019, 02:09 PM   #41
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I didn't want to start a new thread about this, so I've resurrected this one.

I need to move ~$100K from PenFed to my personal checking account, and since I'm a cheapskate and there's not a pressing time limitation I decided to do the $5K/day ACH over the next month. So I did a couple, then tried to do one today (Sat.). I went through the process, hit submit, and PenFed dropped me back to my main accounts screen. I assumed the transfer went through, but when I checked the Pending Transfers tab it wasn't there. Long story short, I called to check on it and was told about various limitations shown earlier in this thread. When I questioned the lack of a failure message, the rep said "I'll mention it to the IT dept". But she couldn't tell me where I could read up on the limitations of the ACH.

I've never asked much of PenFed, but this was annoying as hell. Obviously I can do a Wire Transfer and pay the relatively minor costs, but I don't see why I have to pay them (and my bank) just to access my money quickly and easily. So I got on here and did a search and found loads more information than is easily available at PenFed. I'm in the process of setting up the ability to pull from my Vanguard account, which I can then push to my personal bank account. Soooo much easier than dealing with PenFed.

So I just wanted to say thanks. It's a rare situation when I can't find good information on this site.
Just be careful you are not doing more than 6 withdrawals from a savings account. I did an Ally ACH transfer initiated from the outside to push and pull funds from PenFed.
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Old 11-23-2019, 02:14 PM   #42
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For those of you with 100K plus in CDs what denominations to do put your CDs in? I have at least that amount in a MM account and am wondering what CD amounts to put them in. I will not need the money for several years, but don't want to tie it up in just one CD.
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Old 11-23-2019, 04:32 PM   #43
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For those of you with 100K plus in CDs what denominations to do put your CDs in? I have at least that amount in a MM account and am wondering what CD amounts to put them in. I will not need the money for several years, but don't want to tie it up in just one CD.

Not sure what you have in mind here. I have split up CDs into chunks to reduce early withdrawal penalties if I decide I want to break the CD. First I assess the early withdrawal penalty and if they permit partial withdrawals. If they do, there is no point to splitting up the CD. If they donít permit partial withdrawals I split it up into 4-5 chunks. I try to have each chuck approximate a year of expenses so that also facilitates CD laddering.
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Old 11-23-2019, 05:53 PM   #44
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I did a deposit of $60K with phone earlier this year to fidelity. I was surprised that I didnít hit a limit.
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Old 11-23-2019, 07:36 PM   #45
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I did a deposit of $60K with phone earlier this year to fidelity. I was surprised that I didnít hit a limit.
Me too, but I guess the brokerage houses are used to working with larger dollar amounts.

Mobil deposits to my bank (Synovus) have some fairly low limits. I think the best I could do would be $15K, which wouldn't be enough for what I'm trying to do. I think the pull from PenFed by VG will work best.
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Old 11-23-2019, 08:48 PM   #46
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Agree with Harley, I have Fidelity setup to push to or pull from credit union and bank. Takes 2 or 3 days each way but works for me.
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Old 11-23-2019, 09:46 PM   #47
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Quote:
Originally Posted by harley View Post
I didn't want to start a new thread about this, so I've resurrected this one.

I need to move ~$100K from PenFed to my personal checking account, and since I'm a cheapskate and there's not a pressing time limitation I decided to do the $5K/day ACH over the next month. So I did a couple, then tried to do one today (Sat.). I went through the process, hit submit, and PenFed dropped me back to my main accounts screen. I assumed the transfer went through, but when I checked the Pending Transfers tab it wasn't there. Long story short, I called to check on it and was told about various limitations shown earlier in this thread. When I questioned the lack of a failure message, the rep said "I'll mention it to the IT dept". But she couldn't tell me where I could read up on the limitations of the ACH.

I've never asked much of PenFed, but this was annoying as hell. Obviously I can do a Wire Transfer and pay the relatively minor costs, but I don't see why I have to pay them (and my bank) just to access my money quickly and easily. So I got on here and did a search and found loads more information than is easily available at PenFed. I'm in the process of setting up the ability to pull from my Vanguard account, which I can then push to my personal bank account. Soooo much easier than dealing with PenFed.

So I just wanted to say thanks. It's a rare situation when I can't find good information on this site.
If you have a link to the institution you are trying to ACH transfer to, you can initiate the transfer from that institution. That bypasses all the silly PenFed limitations.

Now it the receiving institution also has silly limits, you are out of luck unless you use an intermediary with high limits such as a brokerage.
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Old 11-23-2019, 09:47 PM   #48
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Learn to do mobile deposit. That's what those of us without local banks do.
Many mobile deposits have limits on check $ amount that can be deposited. I think $100K is unlikely to be accepted.
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Old 11-23-2019, 09:48 PM   #49
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I did a deposit of $60K with phone earlier this year to fidelity. I was surprised that I didnít hit a limit.
That is surprising!
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Old 11-23-2019, 09:49 PM   #50
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Agree with Harley, I have Fidelity setup to push to or pull from credit union and bank. Takes 2 or 3 days each way but works for me.
That's exactly what I do. $100K transfers - no sweat! From a brokerage can be really fast - like next day if I initiate during market hours.
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Old 12-02-2019, 08:18 PM   #51
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So I set it up and pulled $100K from PenFed to VG. Now the funds are showing as "Available to Trade", but not yet "Available to Withdraw". The infobubble says "Money recently added to your account by check or electronic bank transfer may not be available to withdraw from the account." Anyone know how long I'll have to wait before I can push it back out to a different account?
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Old 12-02-2019, 09:32 PM   #52
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In Similar situation. Having a problem, setting up ACH transfer from Penfed to Vanguard.
What is weird, I can set up ACH from other banks/credit unions to Vanguard. No problem.
But whenever, I try Penfed to Vanguard, it is rejected.
Anyone else have this problem? Just curious.
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Old 12-03-2019, 01:32 PM   #53
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Well, to answer my own question, I called VG today. It seems that when you transfer money in to them, either push or pull, the funds are immediately available for trading. However, there's a 10-ish day wait for being able to transfer the funds back out again. I never did find that documented anywhere, but they assure me it's in the fine print somewhere.

So I was hosed, as I need that money for settlement on a new house purchase. It would become available the same day as settlement, but that is too close for comfort for me. My solution, which they verified as being legit, was to withdraw $100K from my tIRA and transfer it to my bank. Then, when the original funds become available I can move them back into the tIRA. As long as it's done within 60 days of the withdrawal I won't incur any taxes.

I could have avoided all this by just paying for a wire transfer from PenFed to my bank, but then I'd have to turn in my cheap SOB card. Not going to happen.
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