Do all banks have ach fees

[badatmath]

I was hit with an ach fee yesterday for the first time I tried "modern" banking to pay by entering checking account.

I had no idea this was a thing because I thought surely I had read here people who aren't taking SS have medicare take the money out of their accounts.

I know I am cheap but $10 seemed a little hefty to use my own money. I don't think bill pay is an option for the soon to be former employer's insurance I need to start paying. I know they don't take credit. Since our HR still refuses to meet with me until I have a PIN I am limited on what I can ask for besides a 2nd PIN to be sent.

 

[The Cosmic Avenger]

The Bill Pay I've used at two different banks will mail checks to places that aren't in their system, so it should be an option for your insurance, you'll just have to schedule it for at least a week ahead of time. That's what I do with our LTCI now.

 

[audreyh1]

No, I’ve never been charged an ACH fee for when the insurance company draws money out of my account.

I might get charged a fee if I did a transfer to another bank. So I don’t do that. Bill Pay however is free.

Time for a new bank?

 

[ShokWaveRider]

We have never been charged for ACH transfers. And I have moved some pretty big numbers around from time to time. Mind you a wire transfer is free with our credit union and only $25 at Schwab, not worth worrying about.

 

[braumeister]

As far as I can tell, there is no US bank that charges such a high fee for an ACH transfer. They are almost always free, although in some cases they may be a buck or two.

What kind of transfer are you talking about and from which bank?

 

[njhowie]

What bank is this, and what is the name of the checking/savings account or plan they have you on? A list of fees must be disclosed somewhere on their website or given to you upon account opening - it is a Federal requirement.

Also, was it the bank that charged the ACH fee, or the company/entity you were paying that charged the ACH fee? I pay our property taxes through the township website and they charge a "convenience fee" using ACH...which is less than the 3% they charge for using credit card. Similarly, NJ motor vehicle commission allows renewal of license and registration online and they likewise charge a convenience fee for using bank account via ACH. These are not bank ACH fees.

 

[Dash man]

I’ve never been charged an ACH fee by a bank for transfers. I have been charged a small fee of about $1.50-2.50 from government agencies for payments of property taxes.

 

[Mark1]

I use Fido for my checking account and I routinely (multiple times a month) transfer money to/fm my checking account via ACH transfers to Ally, Barclay and Marcus Savings Accounts.

I have never been charged a fee, although, I do believe their is a 6 transfer/month limit for ACH transfers.

 

[badatmath]

Credit union = CEFCU. Transaction $12. ACH $10. I had to pay DMV which had limited payment options.

Bank of America is my primary account where I would pay future insurance bills though but it does appear they have fees as well. BOA is Advantage Plus. IF CEFCU has a name besides checking I do not know it.

 

[njhowie]

Credit union = CEFCU. Transaction $12. ACH $10. I had to pay DMV which had limited payment options.

Yes - credit unions may impose their own set of fees. Don't use your CU account for ACH...consider closing the account and not using them in the future.

BofA Advantage Plus waives monthly maintenance fees if you keep a minimum $1500 balance or have at least one monthly direct deposit of $250 or more. Aside from that, other fees for the account seem reasonable/normal.

 

[badatmath]

But I think I found a $10 ach for BOA too? It was yesterday do not have it right handy.

*I can't find where I thought BoA did charge so maybe I was looking at a different account type.

 

[audreyh1]

CEFCU. Transaction $12. ACH $10. Bank of America is my primary account where I would pay future insurance bills though.

BofA is my main checking and they’ve never charged me for anyone withdrawing funds.

But I think I found a $10 ach for BOA too? It was yesterday do not have it right handy.

I’m pretty sure that’s only if you do a transfer out to an account at another institution. I always have the receiving account initiate the transfer and have never been charged an ACH fee.

 

[njhowie]

But I think I found a $10 ach for BOA too? It was yesterday do not have it right handy.

I don't see it.

Go here and you can pull up the fee schedule:
https://www.bankofamerica.com/deposits/account-fees/

 

[badatmath]

Thanks it must be unique to the CU I used but geez $10 is nearly the cost of the product.

 

[djsander]

I’m not awake yet. I was thinking ache fee! As in some fee that’s a real pain. I would say this one qualifies.

 

[Gotadimple]

Some credit unions charge, others don't. My 'bank' is exclusively my credit union that provides the full range of services. No charge for bill pay (which is ACH transfer or paper check, depending). They also respond to ACH transfer requests from outside the 'bank,' like paying an insurance premium.

I did find this comment on their website: "*Fees may apply for Rush Payments. " You have to be careful when using Bill Pay. You will be offered next day transfer or mailing, and the bill pay calendar you use to schedule the payment will have a marker on tomorrow's date.

If you delay your payment to 2 days out there is no fee.

- Rita

 

[RetiredAndLovingIt]

I don't think I've ever been charged an ACH Fee.
When I pay my property taxes or the DMV I just enter my checking account routing and account number on the companies website, they pull the money out from their end and it's totally free. I also have online banking which is free but I rarely use it since most of my monthly bills are on auto pay. The gas and electric company pull from my checking account and Spectrum, Kaiser and my cities water/trash bill all charge credit card which earns me cashback at DiscoverBank.
If I was you I'd call the credit union and let ask them how you can avoid these fees in future. Usually customer service will be happy to help and in some cases might write off the fees if it's the first time.

 

[badatmath]

I’m pretty sure that’s only if you do a transfer out to an account at another institution. I always have the receiving account initiate the transfer and have never been charged an ACH fee.

Thanks I do intend to open a new account and xfer a little money out so I will get it from the receiver.

 

[badatmath]

I don't think I've ever been charged an ACH Fee.
When I pay my property taxes or the DMV I just enter my checking account routing and account number on the companies website, they pull the money out from their end and it's totally free. I also have online banking which is free but I rarely use it since most of my monthly bills are on auto pay. The gas and electric company pull from my checking account and Spectrum, Kaiser and my cities water/trash bill all charge credit card which earns me cashback at DiscoverBank.
If I was you I'd call the credit union and let ask them how you can avoid these fees in future. Usually customer service will be happy to help and in some cases might write off the fees if it's the first time.

I will consider it a lesson learned this time since this account is really for limited purpose and not used.

 

[Sunset]

OP - If you are paying the medicare bill for part B, it can be paid via CC at the medicare website (need to have an account anyhow), for free.

Also, if you are planning to use BOA for ACH payments, be sure to keep a couple of thousand extra in the account (above the minimum) or you will probably pay fees. This is true of most bank accounts.

 

[scrabbler1]

I have been using ACH for more than 30 years and have never had to pay a fee. All my ACH payments are done as "pulls" where I set it up from the vendor. There may be a fee to originate a "push" from my bank (BofA), I am not sure. I do one online bill-pay which involves the bank mailing out a paper check, also no fee.

Some pulls from vendors are charged to my credit card. I do that only if there are no fees involved, which is maybe half the time.

 

[badatmath]

It was pulled by vendor.

Not old enough for Medicare I just thought I remembered you all using ACH in that context so I thought you all would know. 99% sure that the soon to be former employer will only take a paper bill/check or ach so I was like wow does everyone pay this and I just didn't know? I asked my buddies and they were like wth are you talking about . . . but I am used to that.

 

[audreyh1]

Bill pay has always been free at BofA but in that case you enter the recipient as a bill pay entity and then schedule payments to them. BofA handles it electronically or mails them a paper check. As opposed to the entity having your account info and pulling the payment. Either works no charge.

 

[badatmath]

Ironically I was proud of myself for being so modern and messed it up. . . .

 

[Texas Proud]

WOW!!!!


Nope, never have been charged an ACH fee... no major bank (heck, no minor one either) that I know of charges one...


I see it is your CU, so as other have said do not use them... I have not used my CU for anything in 30 to 40 years... I do not know why I keep an account there actually...