Shared Branch Transfer?

willy12 | Nov 19, 2019 | 143 posts since 2019

I have a CD maturing soon, I used shared branch many times for deposits but I have never asked for a transfer or a check & follow on deposit to the new credit union.

I seem to remember people saying I could ask the shared branch for a check and then deposit the check. That sounds easy enough. Are there fees for checks?

Do i need to ask the shared branch I am using if they have a fee? And also ask the old credit union if they have one?

I am a member of a local CU but I usually use a shared branch where I am not a member just because its closer to home.

Nasa wants a $15 wire out fee so thats out. Unless the fees for getting checks is more. I hope there will be no fees but if there are no more than a dollar or two.

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Answers

jamesstewart | Nov 19, 2019 | 64 posts since 2011

Why not just do a shared branch transfer directly to your share account at the new credit union? No check needed. It is always a good idea to tell each credit union what you want to do and check if there are fees.

Sylvia | Nov 19, 2019 | 389 posts since 2012

If both CUs participate in shared branching, I would think an electronic transfer would be the more efficient route over a paper check. You'd have to ask each if it's possible and fees. While some do allow check pickup at shared branches, it's not always free and easy. Since you mention one of the parties is NASA, I'd start there. I seem to recall NASA recently implementing an extra layer of "authentication" just for accessing e-statements through online banking, entailing a code that members must enter, after having logged in. They're one of the more security conscious CUs.

willy12 | Nov 24, 2019 | 143 posts since 2019

I did not know what is or is not allowed. Electronic from nasa to keesler would be easy, then Id have to add a separate check from elsewhere to bring my total up for the jumbo deal.

I have just never did one before and was not sure how it would work.

Sorry I was late to respond, I did not get the usual alerts.

ORInvestor | Nov 24, 2019 | 44 posts since 2014

Nasa has a very low limit on Daily and monthly shared branch and ACH transfers. Call to check, but I think that the limit is $10,000 per day and $25,000 per month. Therefore, I decided to use a wire transfer that you can initiate online.

Sylvia | Nov 25, 2019 | 389 posts since 2012

I just discovered NASA’s page on shared branching. You might find it useful, https://www.nasafcu.com/branches-atms/shared-branches.

From answers in Q&A section, NASA seems to imply that you should start with your shared branch. If the CU getting your funds also does shared branching, ask your local branch about transfers between cross accounts. Following are excerpts from NASA's Q&A:

“What can I do at a shared branch?

"You can make deposits, withdrawals and loan payments. Additionally, most locations will also let you make transfers between cross-accounts. At some shared branch locations you can purchase Money Orders, Cashier's Checks, and Official Checks. See our Schedule of Fees for pricing.

“Are there any cash withdrawal limits?

"Each shared branch is different and may impose daily cash withdrawal limits. Please contact the shared branch you intend to visit prior to arriving for their policy."

willy14 | Dec 1, 2019 | 3 posts since 2019

Will be trying it wed.
Thanks

Sylvia | Nov 25, 2019 | 389 posts since 2012

Regarding related questions about NASA limits on ACH transfers initiated through them, they exist and depend on age of account. This document details them, https://www.nasafcu.com/docs/default-source/privacy-terms/eagreementtscs.pdf?sfvrsn=6cc2850e_34.

"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 FCU 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 FCU 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 FCU 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."

Remember, the above applies only when ACH is initiated through NASA. You can always push or pull funds using external FI with higher limits.

me1004 | Nov 25, 2019 | 1,379 posts since 2010

Good documentation, Sylvia. If only when initiated through NASA -- and that clause is from their eBranch online banking service agreement -- I would think it would not apply to shared branch transactions, since those are being initiated through the shared branch.

Sylvia | Nov 25, 2019 | 389 posts since 2012

You're right, me1004: They don't apply to shared branch transactions, just ACH's through eBranch. I've done higher ACH amounts to and from NASA when using outside FI to initiate transaction. I provided info merely to help those deliberating between ACH or shared branch.

The shared branch limits are as communicated in link I provided further up. As I read NASA, capabilities and limits, if any, are decided by shared branch that you use.

ORInvestor | Nov 19, 2019 | 44 posts since 2014

Another item to check is whether there will be a hold period if you use a check.

If there is a hold after the deposit before the new CD can be funded, the after-tax lost interest may be more than the cost of a wire transfer.

me1004 | Nov 24, 2019 | 1,379 posts since 2010

I have done this. If you take a check, there is a $5 fee for the check. But I pointed out to the teller that I didn't want the check, skip the fee, just take the money out of one CU and then put it into the other, don't bother giving me a check. They said, oh yes, and did it. This was involving three CUs in shared branching, the one I was making the transaction at, the one I was withdrawing from, and the one I was depositing to.

No fee, immediate transfer, faster than Fed funds wire.

Now, I can't swear to you that every CU out there will understand there is no need to give me a check and me immediately hand it back. But it can be done, it has been done, it should be done. The $5 fee is ONLY for a check, not for the transfer -- a check you don't even want. The CU you are using gets paid by the other CU for that transfer transaction.

Re Nasa having a limit of shared branch transactions, they did not when I joined and opened a CD. Are you perhaps confusing shared branching transactions and ACH transactions?

ORInvestor | Nov 24, 2019 | 44 posts since 2014

I was told about the Nasa limit on ACH withdrawals, or a shared branch withdrawal from Nasa at another CU's branch by a NASA CSR last week.

I wanted to minimize fees while not generating a hold at the receiving CU and I asked about options.

Assuming there are no changes to available interest rate it is my intent to open a 30 month step CD at Keesler by using a NASA wire transfer.

I will check again Monday with Nasa and will post if I get different info

ORInvestor | Nov 25, 2019 | 44 posts since 2014

I was told today that there was not a limit on an ACH or shared branch withdrawal amount from a NASA account. Not sure which info is correct. Will try a shared branch transfer next week.

willy13 | Nov 27, 2019 | 5 posts since 2019

That's what I hope to do. I just dd not know if they needed a check.

I have never had an issue with NASA shared branch transactions. I may have needed permission one time?

newuser11 | Dec 8, 2019 | 13 posts since 2019

My attempt at an electronic transfer failed at 2 different CUs.

First, one said the only way to do it would be for them to hand me cash and then I deposit it. I balked on that because I did not want the IRS wondering whats going on. They refused to write a check.

So I tried at another, this one where I am a member and they would not do it either. The $67k was over their limit.

So 2 wasted trips. I came home & spent the $15 to wire it out.

I checked with nasa first and they said it should be fine. They were wrong. It might work on small amounts.

I am probably not going to bother trying again. I will pay for the wire or ACH it next time.

And I have another coming due at NASA in 6 months,

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