The Best Bank To Use As A Hub For FAST Ach

chrisoffice | May 14, 2018 | 21 posts since 2018

I am looking for a bank or CU that offers same or next day free ACH transfer (both push and pull) to act as a hub. I am currently using the Discover Bank, but their ACH transfer speed is terrible. Any advice?

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Answers

alan1 | May 14, 2018 | 877 posts since 2015

I believe quite a few people who regularly post on this site have recommended Alliant Credit Union and Ally Bank as offering quick and free ACH transfers.

ocsteve | May 15, 2018 | 96 posts since 2010

In checking both Alliant CU and Ally's websites, they both do allow for Living Trust vestings, just in case you were wondering.

RickZ | May 14, 2018 | 218 posts since 2010

Without hesitation, I recommend Alliant Credit Union. If you meet their cut-off time (I believe it's 1PM ET), pushes debit that day and always hit the external account the next morning and pulls always post the next morning. There seems to be no limit as to the number of external transfer accounts you can have (I have a lot). I'm limited to $100K/day pulls and $25K/day pushes but I understand the security need for that. 1.5% savings account rate and .65% checking account rate plus very good customer service and reasonable telephone wait times. I've found Ally ACH transfer speed on pushes to be just as bad as Discover - they debit immediately and you wait days for the funds to hit the external account.

me1004 | May 14, 2018 | 1,379 posts since 2010

Re Alliant, I point out that you better take notice of that cutoff time -- it is 10 a.m. on the West Coast, pretty early, can be very difficult to accomplish such things first thing in the morning, and if you miss it, you lose an entire day.

Alliant does fine by ACH, but I have never considered them exceptional, I have seen how well they did their marketing communication to make people think so. Before they convinced so many people this was fast, faster than before, they actually previously had a cutoff of about 5 p.m. or even a little later, and the money would be where it was going the next day. They now are actually slower, but everyone is convinced from Alliant's marketing that it is faster. But like I said, they are clear about the cutoff time, and they do get it there overnight, they have been reliable about that.

And yes, you do have to watch their limits on how much you can send in a day. They used to allow a lot more, but cut that way back.

TheBombingRange | May 14, 2018 | 104 posts since 2017

Dollar Savings Direct has next day ACH that has worked well, but they only allow one/two banks at a time added into their system, and you can only withdraw by pushing out, no pulling from other banks. Is Discover still that bad? I thought they had reduced transfer times significantly and even had a next day transfer in one case?

chrisoffice | May 14, 2018 | 21 posts since 2018

well, if they only allow ACH push but NOT pull, then obviously you can't use it as a hub.

In most cases discover still takes 3-4 days for both ACH push and pull, next day transfer only in very limited circumstances, i.e., small amount, selected banks, etc.

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