how to transfer money

[PatrickA5]

Ally limited my transfer to $150K when I was moving money from Ally to Vanguard. Took 3 days.

When I move small amounts from VG checking to my B&M bank (using ACH) it usually takes 3 days. But last time, I just wrote myself a VG check and did a mobile deposit into my bank and it was accepted and available the same day. Of course, this is dependent on the receiving bank as to how fast they make mobile deposits available. I won't be doing anymore ACH's for my normal monthly transfers.

 

[frank]

You might want to call your local credit union to check. I’m a member of two credit unions in two states and, while I can do ATM withdrawals without fee in my current state (funds coming from the other CU), I can’t deposit paper checks at the local CU and have the deposit recorded at the other.

I learned this after receiving an insurance reimbursement. Smart phone deposit was rejected due to limits ($1500 per check, 5 checks max per day) and a “manual” attempt at the local CU wasn’t accepted. I ended up mailing the check to the remote CU.

I didn’t look into depositing locally and doing an ACH transfer between the two because I don’t expect the need to arise often.

you were right about this. I talked to both credit unions yesterday and they said it was for the purpose off depositing money to accounts and withdrawals when you were on vacation or traveling. they had a 2k dollar a day limit.

 

[Closet_Gamer]

I've done checks, wire transfers, and ACH.

ACH is the way to go unless you've got a serious time constraint or need to move a boatload of money in one tranche. I believe there is a $100k per transaction cap on ACH.

I've actually been horrified at how easy it is to send a fax to initiate a wire transfer and how easy it would be to screw it up. To move money to Schwab, you actually send the money to another bank (Chase?) and then in the letter and some notes field on the transfer put in the Schwab account where its supposed to go. Horrible.

 

[scrabbler1]

Looks like the limits for ACH can vary among banks and other financial institutions. I didn't see anyone else mention a Medallion Signature like what I needed for an ACH transfer greater than $100k back in 2008.

 

[ocean view]

I believe the ACH limit is $99,999,999.99 due to a 10 character field size limitation. If lower $ limit is imposed it is due to the financial institution’s rule not the ACH.

In my work life we always used ACH to make payments up to this limit and wire when the payment was $100M+. By the way, EFTPS is just an ACH transfer with additional taxpayer info attached to the record. Their limit is also $99,999,999.99.

 

[JustCurious]

I am finding conflicting information about the current ACH limit in 2018. I found guidance published in January 2016 by NACHA that says there is a $25,000 per transaction limit.

https://web.nacha.org/resource/same-day-ach/guidance-25000-transaction-limit

Does that guidance only apply to same day ACH transactions? Can someone enlighten me as to the current limit and provide a source? I understand that banks and credit unions can place their own limits, but I am curious to know what is the limit of the ACH system. Thanks.

 

[jazz4cash]

I am finding conflicting information about the current ACH limit in 2018. I found guidance published in January 2016 by NACHA that says there is a $25,000 per transaction limit.

https://web.nacha.org/resource/same-day-ach/guidance-25000-transaction-limit

Does that guidance only apply to same day ACH transactions? Can someone enlighten me as to the current limit and provide a source? I understand that banks and credit unions can place their own limits, but I am curious to know what is the limit of the ACH system. Thanks.

The one you linked is from 2016. Here is an update (100k/day):
https://web.nacha.org/resource/faster-payments-same-day-ach/new-rules-expanding-same-day-ach

 

[calmloki]

The one you linked is from 2016. Here is an update (100k/day):
https://web.nacha.org/resource/faster-payments-same-day-ach/new-rules-expanding-same-day-ach

$100k/day transfer limit? I just had $116k land in Ally bank from my matured Penfed CD. Started the transfer last Wednesday with Ally pulling but screwed up and got into the $5 that needed to stay in the Penfed share account, which put a stop on the pull. Then had to restart the pull.

 

[frank]

when you initiate a wire at one bank do you also have to initiate an incoming wire at the other bank? I decided to go with the wire because of the time limitations. there are fees, but the ach limit on the bank I am sending the funds to is 25k per day.

 

[pb4uski]

when you initiate a wire at one bank do you also have to initiate an incoming wire at the other bank?...

No.

 

[sengsational]

Listening to an old Clark Howard podcast today I learned a "trick" for depositing cash currency to an online bank account. I'm not sure what the maximum is for those phone apps where you take a picture of your check, but the caller said he goes to the post office, or somewhere that you can buy a money-order for $1. Has the check made out to himself, then takes a picture of it. Voilà!!

 

[kaneohe]

any one heard of, or use shared branches at credit unions? I was checking in to this whole transfer via ach thing and found out that the credit union I want to send the money to is a shared branch with my local credit union. from what I read online you can do withdrawals, and deposits from the local credit union to a credit union in Dallas.

Can't remember all the details for sure but I once did this to deposit a check in Andrews FCU. Went to a local credit union (wasn't even my CU) and deposited it there and it ended up at Andrews.

 

[Kwirk]

If you were going to transfer money from one bank to another, what is your preferred and safest method? Is ach transfer safe or is wire transfer more secure? how long does it take to do an ach and how long to do a wire?

I'm kinda lazy so I would probably just use Vanguard as a middle man. Pull the money to Vanguard and push the money to the second bank (after testing with a small transaction). It may take a few days but that would be no big deal.

 

[Bruno]

Often I just write a check.

My bank told me they don't do ACH unless its a regular thing. Vanguard takes and sends money to my account. Not sure why the bank wont set it up unless they want to make MONEY from it being wired.

 

[frank]

I did the wire transfer for 250k and it was quick. initiated in the morning and by four oclock it was in the other bank. it cost 15. going out and 3 dollars coming into the new account, but to me the money was well spent as I had a time crunch. the credit union I was sending it to also had a 25k daily ach limit so that was not an option. thanks for all the info.

frank

 

[Alan]

I received this notification from my US bank about the new Real Time Payments system. Has anyone heard of the rollout of this?

In a separate notification they informed me that I now get a number of free wire transfers every year. This is useful in that when I transfer money from my US account to my UK account using TransferWise it is completed the same day AND saves me a few $’s as TW charges less for an incoming wire to them than an ACH which they have to initiate.

Dear Alan,

We're writing to let you know that we will soon be connecting to the Real-Time Payments (RTP®) System, which will allow you to receive real-time payments into your HSBC Bank USA, N.A. checking and/or savings accounts 24 hours a day, 7 days a week, and 365 days a year.

What is the change?
HSBC will now accept payments initiated from another bank through the RTP system. The RTP system is a system that moves funds denominated in USD, from one account to another account in real-time. Both sending and receiving accounts must be located within the United States.
The RTP payments will be credited within seconds, and these transactions will be reflected on your statement.
HSBC does not offer the capability to send an RTP payment at this time.
If a payment is initiated from another bank through the RTP system, you will now receive that payment in your checking and/or savings account immediately.

What is an RTP payment?
It is a payment sent through the RTP system that provides real-time funds availability to the recipient.

Who can send an RTP Payment?
The sender who originates the payment must have an account with a financial institution that offers the capability to send payments through the RTP system.
The RTP System may be used between a Sender and Receiver whose accounts are located in the United States.

 

[pb4uski]

Never heard of RTP but it makes sense in this day and age.

I wonder when t+2 settlement will become COB or real-time.

 

[Alan]

Never heard of RTP but it makes sense in this day and age.

It certainly does. Bank to transfers in the UK happen for free in real time, so it would be nice if the US gets to a similar system.