Mountain America Credit Union ACH Fees?

newbie1 | Dec 8, 2017 | 24 posts since 2010

The Schedule of Fees in the Truth in Savings disclosure document contains the following:

Cash Management/ACH Maintenance Charges- Recurring Monthly

ACH Origination capability (Payroll) $10.00

ACH Origination capability (Credits) $20.00

ACH Origination capability (Debits & Credits) $25.00

Does this mean if one was to fund the required monthly $10 deposit to a Term Deposit Plus CD from an outside account one is charged $20 a month? Can any MACU members with an add-on CD comment on this?

Thanks in advance.

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Answers

CTM | Dec 9, 2017 | 179 posts since 2010

You are reading the fees for BUSINESS accounts (notice payroll or ACH batch file submission).

me1004 | Dec 10, 2017 | 1,379 posts since 2010

Yes, there is that one fee that obviously would apply only to business accounts. But it doesn't mean all of the fees under that header, a header that does not mention businesses, pertains only to businesses. Without other info from the fee schedule indicating all of those are for businesses, we can't presume they all are limited to businesses.

But regardless, his specific question was whether this means he gets a fee if he originates from a different financial institution, and this fee list is only for those originated from Mountain America.

Kaight | Dec 9, 2017 | 1,192 posts since 2011

It is very costly for any financial institution to become an ACH originator. I can recall, MANY years ago, making inquiry at every bank where I live. Was able to find only a single banking institution willing to originate ACH transfers. I promptly opened an account there. But at all the other banks the answer was "no", because of the high cost to the bank to become an ACH originator. Back at that time, the bank willing to originate ACH transfers for me, for free, required I fill out a special form and submit it in person at the bank for each ACH transfer event. Nothing in their ACH origination process was internet enabled or automated.

Today, of course, many years later and for the last ten years thanks to Alliant, all the above considerations have been swept aside. Progress is what it is, and it is pretty great.

me1004 | Dec 9, 2017 | 1,379 posts since 2010

Specific to your questions, no, it should not mean that any ACH ORIGINATED from another financial institutes will get a fee. This is for ORIGINATING (initiating) the ACH from Mountain America.

But I will add, while that is what that language means, you better ask them direct, as they might decide it means something no dictionary anywhere defines it as. But I'm pretty certain the means ORIGINATING form Mountain America.

I will also add, any fee on ACH is pretty uncommon, but that amount is unconscionable, you was Fed wire money for $25 from a number of places, for even less at a few.

But also, it that only for "recurring" months ACH -- in other words, something set up in advance to happen every month, such as bill pay. That does not apply to non-recurring ACH done individually.

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