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ACH HUB Recommendations

Anon456 | Mar 10, 2021 | 269 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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Answers

Kaight | Mar 10, 2021 | 465 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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Jack11 | Mar 23, 2021 | 233 posts since 2019

Fidelity's ACH is just fantastic

Usually in a matter of hours

A bit of a pain setting up external accounts as it can take a week or so and involves downloading a copy of your statement and sending it to them

And I am unclear if you can transfer in and out the same day without incurring margin interest
And they pay essentially nothing while your money sits with them

Their transfer page shows a $250k limit - not sure if that is per transfer or per day

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Jack11 | Apr 5, 2021 | 233 posts since 2019

A follow up on the Fidelity external account set ups. I think they have instant set ups at many or most very large banks & CUs. But for me, only Penfed met their large list.

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Anon456 | Apr 7, 2021 | 269 posts since 2011

thanks. YES, all good except for having to upload a statement, and then wait a week. Seems a bit punitive.

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Jack11 | Apr 8, 2021 | 233 posts since 2019

I may have exaggerated - it might only be 3-4 business days

And if you are using a large bank they can instantly verify it

Its not that hard to plan in advance even if it takes a week

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Airnatty | Mar 25, 2021 | 10 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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enduser | Mar 30, 2021 | 278 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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Anon456 | Mar 31, 2021 | 269 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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MY2CENTSWORTH | Mar 10, 2021 | 55 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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alan1 | Mar 10, 2021 | 579 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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enduser | Apr 8, 2021 | 278 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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wayward | Mar 20, 2021 | 75 posts since 2011

Alliant Credit Union used to be good but is now expelling members and has closed branches.

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Kaight | Mar 21, 2021 | 465 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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blazer9 | Mar 21, 2021 | 137 posts since 2019

AM Now informed about this subject

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