BEWARE! ACH Transfer Out Limit Is Now $5000. Wiring Out Funds Has Many Hurdles

On Feb. 9, 2013, the daily limit on ACH transfers out of the account was dropped to $5000. There are many banks such as TD Bank, Zions Bank, HSBC, Vanguard, Alpine, and JP Morgan Chase which have limits in the $50,000-$100,000 range. I have never encountered a bank with a $5000 limit. When I spoke to a customer service rep, she said that it had been lowered "to align with industry standards". What dishonest nonsense!

The rep also told me that I could wire out funds ($20 fee). I tried to do that, I could not find the form and had to call back. It is well-hidden behind the "Legal Information" link. The process to send a wire is outrageously complicated, time-consuming, and primitive:

1. You cannot type a wire request into a web page, that is not available.

2. The wire-out form is a PDF but not the kind you can type into. Print out the form.

3. Fill out the form by hand.

4. You cannot scan the form and e-mail it. You have to fax it to TIAA-CREF.

5. Stay put, do not use your phone, and wait for their phone call.

6. A TIAA-CREF "wire specialist" reads your form and types the info into a computer.

7. The "specialist" then phones you, typically an hour after receiving your form, and reads the information to you to make sure it is correct.

8. They send the wire.

Forgive me for being cynical, but it appears that this financial institution was set up with the purpose of creating maximum difficulty for customers to move their money out of their accounts.