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NASA Deposit Changes. Does This Mean Shared Branch Deposits For Over $25K Are Dead Even For Existing Customers?

willy12
  |     |   143 posts since 2019

Thats what it sounds like to me. Got this by email today.

This message is to notify you that we have updated certain terms within our eBranch Online Banking Service Agreement. This change became effective as of July 1, 2019. We’ve summarized the changes below, but please refer to the updated agreement at nasafcu.com/pdf/eAgreementTsCs.pdf.

SUMMARY OF SIGNIFICANT CHANGES

The change was made to A. General Terms; 14. Terms of Particular Online Banking Services (v) Limitations on Dollar Amounts for Transfers.

We changed the 30-day calendar period to a rolling 30-day period for all accounts and added a maximum $5,000 per rolling 30-day period for memberships opened for 6 months or less. Additionally, If your membership has been open 6 months or more, the maximum you are allowed to transfer to your NASA Federal account is $5,000 per day, and $25,000 per rolling 30-day period. It reads:

(v) Limitations on Dollar Amounts for Transfers.

One-time, scheduled, and recurring transfers between accounts within NASA Federal Credit Union can be for any amount but not more than the available balance in the account.

For security reasons, limitations are placed on the number of and dollar amount of ACH deposits or payments you make. This includes ACH transfers made to your NASA Federal account or to your account at another financial institution. If your membership has been open 6 months or more, the maximum you are allowed to transfer to your NASA Federal account is $5,000 per day, and $25,000 per rolling 30-day period. If your membership has been open 6 months or less, the maximum you are allowed to transfer to your NASA Federal account is $500 per day, and $5,000 per rolling 30-day period. In addition, regardless of the age of your account, the amount of the deposit or payment will not be available to you for up to five (5) business days following the date of the transfer. Limitations may change from time to time.

Please feel free to contact us at 1-888-NASA-FCU (1-888-627-2328) if you have any questions concerning this notice.

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2


Answers
Sylvia
  |     |   389 posts since 2012
Those limitations apply to ACH's initiated through NASA. They don't apply to shared branch transactions or ACH's initiated externally, though branch or external financial institution may impose their own limits.
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willy12
  |     |   143 posts since 2019
Great. No problem then as I have never used their ACH.
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me1004
  |     |   1,379 posts since 2010
I'm glad you posted that. I was going to, but I forgot.

No, I don't think that means any impact on shared breach use. The shared branch system doesn't do that by ACH, so I learned a few years back. I believe the credit union I was using said they fax over the check, and they follow up by postal mailing the actual check. So I was told.

However, this rule saying nothing about it being limited only transaction initiation through NASA CU. I have been in at least one other bank that has a low ACH transaction amount, and it did not matter what financial institution initiated it. I could not get the proceeds of my maturing CD any way other than to have them mail me a check and wait most of a week to get that -- I was not allowed to initiate a pull from another financial institution, they would reject that when it arrived. (And they would not allow someone from out of state to open a checking account with them.) Since Nasa has not specified ACH transactions initiate through them, I do not presume that is what they mean.

SYC, five days is the routine for large amounts fora check. I think they can do the same for any ACH. A certain amount is available on the first day, then more on the second day, but normally I think any over $5,000 might be on hold for up to five days. Hey, be happy about that, they sued to keep checks on hold for 30 days!

But mind you, you should still be able to transfer the money in-house between your accounts or even to open another account with them, transferring the hold with it.
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highrate
  |     |   46 posts since 2016
I don't know about shared branch deposits, but I recently in March or April made large ACH transfers out of Nasa when a cd matured. Does this mean we will now have difficulty getting larger amounts of money in and out of nasa from now on?
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SYC
  |     |   312 posts since 2017
This is meant to be an answer, not a reply to highgate.

"regardless of the age of your account, the amount of the deposit or payment will not be available to you for up to five (5) business days following the date of the transfer"

Unless I read this incorrectly, this is quite restrictive to NASA customers that all ACH transfer into their NASA accounts are not available for up to 5 business days as compared to the same day availability of funds from ACH transfers on day of posting that most banks/credit unions are providing to their customers.
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Sylvia
  |     |   389 posts since 2012
I've experienced holds on ACHs initiated from within, similar to check deposits. When questioned, one place gave a rationale similar to NASA's. Remember, these are NASA rules when you use their service. If you want immediate availability, push in funds from service that promises same. I use Alliant's.
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