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ACH HUB Recommendations

Anon456
  |     |   285 posts since 2011

It's been a few years since this was visited in any depth.

I used ALLY bank for most of my ACH hub activities. They have LARGE ACH limits in, and out. They are also no charge.

ONLINE, they are limited on entries. So if I need to add a new one, I have to delete an existing one, and start over with getting it activated.

ALSO - they have me limited to a three day delivery (one credit union did not handle the test deposits and retrieval in proper sequence, so it looked like a failed ACH attempt to them).

SOOOoooo - looking for recommendations for ACH HUB that includes LARGE ACH limits, quick turn-around, AND ability to have large number of authorized external linked accounts.

American Express looked good, but they only allow 3 linked accounts, and 6 transactions per month .... so won't work for me.

Alliant has too low of daily limits, so no go.

I see references to Fidelity and SOFI ... but not the details of ACH limits.

Anybody got any current recommendations that might be better than ALLY?

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15


Answers
Kaight
  |     |   535 posts since 2011
Consider: Purepoint.

Overnight ACH service just like Alliant. But with MUCH higher transfer limits.
Daily limit is $250,000

Monthly limit is $1,000,000

However, note:

Incoming funds will be available in your PurePoint account 4 business days after your transfer was successfully submitted.

Transfers from PurePoint accounts to external accounts are limited to $250,000 per business day, and $1,000,000 per 30 day rolling period (per month).

Linked external accounts are limited to ten such accounts.
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14
Jacques321
  |     |   17 posts since 2018
On a side note, when you’re using micro deposits to verify ACH transfer accounts don’t forget that each of those micro deposits can translate to a debit against any monthly (6?) withdrawal limits. While most banks combine the two deposits into one debit, I’ve had two debit situations. Also wise to verify whether the monthly limit is over a rolling 30 day period, by calendar month (resets on 1st of each month), or by statement cycle. Point: include in your math to avoid excess transaction fees. You don’t want to pay a $25 fine on a $.03 debit.
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13
enduser
  |     |   415 posts since 2015
Ally lets you link up to 20 external accounts by default. If you need more they will add them for you on a case by case basis. I tried to get them to expand mine to 30 but they stated that they will add more individually as needed without any issues, and they did. I'm now up to 22 externally linked accounts.

If you want unlimited externally linked accounts then HSBC is the bank to use. They also allow very high transfer rates.

HSBC
Push from HSBC transaction/Day limit: $350K, Monthly Limit $2M
Pull from HSBC transaction/Day limit: $350K, Monthly Limit $2M
External linked accounts limit: NONE, link as many as you want

-The HSBC Everyday Savings account is available to all consumers and has no monthly maintenance fee or balance requirements.
-They are still enforcing Federal Reserve Reg D Transaction Limitations.
-Interest rates offered vary between .01-.15% depending on account chosen.
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12
Anon456
  |     |   285 posts since 2011
enduser - WOW, and thanks. I did not know that about ALLY, and I think HSBC may be a good fit. Thanks so much for this post.
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6
MY2CENTSWORTH
  |     |   65 posts since 2016
I think I have six external accounts linked to Ally, not sure how many you are limited too. I also use DiscoverBank which has high $ transfer limits and pretty much unlimited external accounts linked as far as I can tell. Another one I use on occasion is Marcus but they have a limit of four external accounts I think.
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9
alan1
  |     |   699 posts since 2015
Disocver Bank's ACH transfer maximum may be insufficient for some people. From their Online Banking FAQ:

Funds Availability and Transfer Limits

What are my online transfer limits?

The following limitations apply to online transfers initiated through Discover Bank's Account Center:

Incoming limit is $250,000 per 30-day rolling period for each Account Center registered owner.
Outgoing limit is $250,000 per 30-day rolling period for each Account Center registered owner.
The limits above are subject to a combined incoming/outgoing limit of $300,000 per 30-day rolling period for each Account Center registered owner.

Note: The transfer limits noted above only apply to transfers initiated at Discover Bank through the Account Center. Transactions initiated externally do not have limits from Discover Bank, other than the limitation of available funds in your Account, but may be limited by the external financial institution.

https://www.discover.com/online-banking/faq/
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11
enduser
  |     |   415 posts since 2015
Discover allows by default up to 30 externally linked accounts. The 6 withdrawal limit policy is still in place but they are not enforcing it. They will override it as many times as needed per the CSR I spoke with without any fees.

One more thing to know about Discover is that outgoing transfers initiated FROM Discover TO an outside institution are USUALLY done in 1 day. The reverse is not true for incoming funds being withdrawn by Discover from an outside institution.

"ACH transfer initiated at Discover [Discover PULLS FUNDS from external bank]
-Funds from transfers initiated at Discover to be withdrawn from your external bank account and deposited in your Discover account are usually available within 4 Business Days after the date you request is initiated."

PDF document location:  [See POLICIES section]
https://www.discover.com/content/dam/dfs/online-banking/documents/Online_Savings_Account_Guide.pdf

4-business days hold on funds is the norm and can actually be longer depending on when you initiated the pull.
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8
wayward
  |     |   75 posts since 2011
Alliant Credit Union used to be good but is now expelling members and has closed branches.
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8
Kaight
  |     |   535 posts since 2011
Alliant Credit Union is the reason I am here looking around for a new hub. Alliant is under new management, which is to say the credit union has a new president. The new guy has no credit union history or background. He came to Alliant with experience only in "for profit" banking. He is a misfit and has turned into a wrecking ball at Alliant, as member experiences deteriorate apace.

They are kicking members out for reasons nobody knows or can say. There are even accusations of ethnic and racial profiling. After many, many years of stability and reliability, Alliant has essentially gone nuts. And even very long time members have become vulnerable. Alliant is also closing down existing high yielding CD accounts early, forcing expelled members to take their money back. All this, and nobody knows on what criteria the expulsions are based. So it is impossible to know for certain where you stand or whether your membership will remain good.

Bottom line, where do Alliant refugees turn? Is there any place one can receive equivalent levels of service? I really do not know. It is a mess.
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16
blazer9
  |     |   178 posts since 2019
AM Now informed about this subject
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5
deplorable_1
  |     |   487 posts since 2020
I'm surprised nobody recommended AllAmerica/Redneck bank the default is only $5,000 for ACH transfers but a phone call gets you $50,000. You can also do another $50,000 the very next day. Transfers take about 24 hrs. and unlimited linking of external accounts. I'm not sure if there is a limit per month but this makes a good hub account for me. Linking it to Discover gets you up to $250,000 of transfer power as well. The interest rate has beat Ally forever as well.
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3
brightstar
  |     |   7 posts since 2019
Ally Bank:
Funds Into: How long does it take?
Funds Into: When is the funds available to use?

Funds Out:How long does it take to reach destination?
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1
Anon456
  |     |   285 posts since 2011
they vary from one to three days. Depends on balances, history of the link and transfers. Never have seen anything that exactly tells you how to get the one-day verses three days. Also, if you have any kind of a hiccup on an ACH, you get stuck with three days for 30 days before it cycles back. Does not seem to be controlled in any way from CS.
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4
enduser
  |     |   415 posts since 2015
Anon456... "Also, if you have any kind of a hiccup on an ACH, you get stuck with three days for 30 days before it cycles back"

It is actually 90-days of 3-day transfer punishment not 30-days as stated before the 1-day transfer is restored. If any hiccup occurs during that 90-day period, the 90-day clock resets and starts the 90-day count all over again from the very beginning.
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4
Anon456
  |     |   285 posts since 2011
Per ALLY link on this topic

Transfer Limits
The accounts you selected only qualify for 1-business day delivery. If you choose other accounts or a different frequency, your available transfer speeds and limits may change.

Transfer Limits
Transfer Type Transfer Speed Maximum Per Day Maximum Every 30 Days
To Ally 1 business day $500,000 $1,000,000
3 business days $500,000 $1,000,000
From Ally 1 business day $150,000 $600,000
3 business days $150,000 $600,000
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2


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