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How To Set Up Recurring ACH

Friday, September 24, 2010 - 11:37 AMDanversbank
I'm new to this reward checking and just opened an account at Danvers.  It was an easy process.  How do I set up a recurring ACH?  Can it be from the account I used to fund the Danvers account?
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linmarielinmarie13 posts since
Jul 15, 2010
Rep Points: 44
1. Friday, September 24, 2010 - 11:52 AM
The easiest way is to set up an auto payment from a bill you pay every month like a utility or a credit card.  Go their site (not the bank's site) and find the section for auto payments.  Then set it up to have the company bill the bank each month.  Be sure to have them bill the bank using your checking account's routing number and your account number, not your debit card number.
4
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 409
2. Saturday, September 25, 2010 - 12:39 AM
linmarie..... I dont believe you have to have only a BillPay ACH to fullfil the Ach requirement.

I think you can just send in an Ach Deposit TO Danvers from youre funding bank.

Some people dont like to have a company be able to have unrestricted access to their bank accounts.

JAT

 
3
RicochetRicochet132 posts since
Jan 19, 2010
Rep Points: 362
3. Saturday, September 25, 2010 - 1:00 AM
linmarie..... I dont believe you have to have only a BillPay ACH to fullfil the Ach requirement.

I think you can just send in an Ach Deposit TO Danvers from youre funding bank.

Some people dont like to have a company be able to have unrestricted access to their bank accounts.

JAT

 
 I think you'll find that few banks actually offer free ACH transfers, particularly outgoing ones.  When you funded your Danversbank account, Danversbank initiated the ACH transfer as an incoming transfer from your funding bank.
2
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 409
4. Saturday, September 25, 2010 - 12:53 PM
I would recommend setting up an ACH transfer via Alliant Credit Union.  Once you have an account at Alliant, setting up a recurring ACH takes only a few days since Alliant's ACH transfers occur the following day after they are initiated (if submitted before Noon CST).  There is no charge for Alliant's ACH transfers and they are far faster than Danvers Bank.  If cash is needed from your Danvers RCA account, it will be in your Alliant account 24 hours later.  Be sure, however, that you use your Alliant checking account for such incoming and outgoing transfers, since there will be no limit placed on the number of transfers.  Savings accounts do have limits on the number of transfers.
1
AlanAlan33 posts since
Jun 7, 2010
Rep Points: 206
5. Saturday, September 25, 2010 - 1:15 PM
I have yet to use a bank or CU that didnt let me ACH money Free ,am i just lucky?

WIRE transfers may be what you re talking about

 

linmarie..... I dont believe you have to have only a BillPay ACH to fullfil the Ach requirement.

I think you can just send in an Ach Deposit TO Danvers from youre funding bank.

Some people dont like to have a company be able to have unrestricted access to their bank accounts.

JAT

 

 I think you'll find that few banks actually offer free ACH transfers, particularly outgoing ones.  When you funded your Danversbank account, Danversbank initiated the ACH transfer as an incoming transfer from your funding bank.
1
RicochetRicochet132 posts since
Jan 19, 2010
Rep Points: 362
6. Saturday, September 25, 2010 - 4:25 PM
I am confused with all these discussions.  And I am familiar with DBK's ACH system.

It used to do ACH (in and out of DBK) and BillPay.  Now it only does BillPay.  So one can only pull money out of DBK to pay other banks/credit cards; if ACH is not available, it will send paper checks (very slow).  One can tell (ACH-able or not) by the scheduled date.

I do not think that DBK can do "ACH transfer as an incoming transfer from your funding bank" like Dunker said.  It used to, but not any more.

One has to use Ally/Alliant for such functions.  Thus if I want to meet the RCA requirement for auto deposit (not auto debit) regularly and frequently, I need to use Ally/Alliant Checking. 

Be careful, some RCA banks count BillPay as ACH requirement and some do not.  The safest is to use Ally/Alliant. 

I think this even confuses more people:D 
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
7. Sunday, September 26, 2010 - 3:06 AM

I do not think that DBK can do "ACH transfer as an incoming transfer from your funding bank" like Dunker said.  
 

When linmarie initially funded her Danversbank account, wasn't that accomplished using an electronic funds transfer from her funding bank initiated by Danversbank and utilizing the ACH network?  That's all I was trying to say.
2
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 409
8. Sunday, September 26, 2010 - 4:17 PM

I do not think that DBK can do "ACH transfer as an incoming transfer from your funding bank" like Dunker said.  
 

When linmarie initially funded her Danversbank account, wasn't that accomplished using an electronic funds transfer from her funding bank initiated by Danversbank and utilizing the ACH network?  That's all I was trying to say.
I do not think that DBK allows incoming ACH deposit (i.e., ACH pull initiated from DBK) at all (they used to).  One has to do ACH via banks like Ally/Alliant. 

For initial funding during application, maybe a routing number and account number can facilitate the ACH transfer, but that is a one-time thing. 

DBK only does billpay, which takes fund out of DBK into some other entity (e.g., credit card). 

I think that we are saying the same thing, Dunker:-) 
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
9. Monday, September 27, 2010 - 6:56 PM
I use my Citibank checking account for ACH transfers to my RCAs.  You can even set up a free, next-day ACH transfer, and it can be recurring or ad hoc.  Just select Recurring External Transfer and go from there.  There are low daily/monthly limits for outgoing ACH transfers -- next-day is $1000/day and $1000/month across all linked Citibank accounts -- but that's not a problem for me.

I believe Chase now offers free outgoing ACH transfers, but I haven't used them yet.  I plan to start doing so, as it's easier to avoid monthly maintenance fees with Chase checking than with Citibank checking.
4
glxpassglxpass38 posts since
May 2, 2010
Rep Points: 240
10. Monday, September 27, 2010 - 8:56 PM
Most banks I am dealing with (BofA, etc.) do not offer free outgoing ACHs.  I find Ally Checking (with no monthly withdrawal (frequency) limits) to be the best for such services; in addition, it is the best hub for transferring (or rate-chasing) among RCAs.
1
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
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