Ally Bank's New System For ACH Transfers - A Big Step Backwards!

I agree. The new setup is laborious, confusing and unneeded.

More troubling: It also looks like Ally has implemented limits on daily/monthly size of deposits and withdrawals; the Ally site displayed my daily/monthly limit when I executed a small ($500) transfer from Ally to an external bank.

Ally posted a new Deposit Agreement, dated Oct. 16, 2010, that states: "Limits on Transactions. Limitations apply to the amounts that may be transferred by ACH from or to an External Account. You may not transfer less than $1.00 by ACH from or to an External Account."

Can anyone confirm that this "Limit on Transactions" is a new thing?

https://www.ally.com/files/pdf/ally-bank-deposit-agreement.2010-10-16.pdf



 

As per Ally chat with a CSR:

The daily limit for an electronic transfer out of an account is $150,000.  The limit for a rolling seven day period is $300,000.

I reserve my comments until actual testing...

From my past experience with HSBC (and others) that applies Cashedge, my sense says it is not a good (profitable for customers) change.

The transfer latency is a big factor of consideration: If the extra delay of Cashedge does not exceed 2 days, I may still tolerate it as a hub.  Even it is longer by more than two days, I still have to use it to meet all my ACH requirements for reward checking accounts.

We shall find out soon...

As per Ally chat with a CSR:

The daily limit for an electronic transfer out of an account is $150,000.  The limit for a rolling seven day period is $300,000.

Here is the complete list of limits as per a CSR I talked to today. Oddly, this information is not available on their website even if you are logged in.

Outbound: Daily 150K Weekly 225K Monthly 600K

Inbound: Daily 250K Weekly 375K Monthly 1 Million

So what's the verdict on ING's new ACH transfer system... How long do incoming and outgoing ACH's take? And how many days hold/freeze does ING place on incoming ACH funds...

They have another account opening bonus going now up to $83 ($50 without direct deposit)... I'm trying to decide whether to use Ally to ING to replace E-Trade's Max Rate checking account as my main hub account.

ING's new system is much better -- transfers are now completed next business day.