Moving money from one bank to another very quickly is the requirement.
All suggestions welcome. Thanks
Answers
The typical default transfer time is 3 business days. When you are with Ally for a while they will activate 1-day transfers. Amex has 1 day if you keep your transfer amounts to $100k or less. Marcus also has 1 day but they are a hit or miss at times.
Now you need to also take into consideration, Hold Times in business days some vary between 0-10 days. Your money is locked for those days until they release the hold on the PULL but it still earns interest, daily transfer limits, and monthly transfer limits.
Ally starting in 2022 started to limit external links to a lifetime of 20. They will add more as you delete them but they must approve each one on a case by case basis and they take their sweet time adding them. If you are after a time sensitive special you will miss out on that deal.
The doc site keeps a HUB Account list up to date can you can look through and decide which is best for your needs. Be sure to look at the user comments at the bottom for user updates.
https://www.doctorofcredit.com/hub-accounts-ach-transfers-capabilities-fees-limits-across-financial-...
Positives:
10 External Accounts Allowed to Be Linked
High ACH limits: $250,000 per day. $1,000,000 per month.
Fast ACH transfer times.
They do not force you to use Plaid to establish your ACH relationship.
As soon as you complete your ACH pull into PurePoint from within PurePoint, that amount is reflected in your balance immediately (it's not available until the money actually arrives, of course).
Negatives:
4-Day Hold Time if you initiate the Pull into PurePoint from PurePoint. (If you push into PurePoint from your external bank, there is no hold time.)
Any time you add an external account you must go through a one-time security screening with a live PurePoint representative the very first time you actually initiate an ACH withdrawal. (This is a frustrating thing since they already require you confirm your external account with a text message code, which must be done every time you do an ACH. Plus, they already made you confirm you own the external account with Trial Deposits. This should be enough, as it is for many other banks.)
They are paying a measly 0.40% interest for balances above $10,000, as of this writing.
They do them in a matter of hours
Not sure the exact cutoff time as I think about noon or 1pm is the latest I've tried it with most earlier
They pay crap but because I have buying power in my account
I can transfer from one bank to fidelity and then out of fidelity the same day without incurring any margin interest
And I have ally & All American as backups but AA does NOT allow large transfers from their website without calling and getting permission- something I should not have to do
The first time you ACH out to a newly-added external account, it is a requirement that you must speak to a security representative to prove it was you who are really authorizing the transfer to the brand-new external account. They automatically call you on the day you initiate the first transaction, but you don't have to wait for the call. You can call in any time after you initiate the transfer and take care of the security check in advance of their call. Any future ACH'ing to this specific external bank will go through without any further security calls.
If you ACH push money into PurePoint from your external bank, there is no hold.
"There are no limits when transferring money via our call center team. However, for your security, we place limits on transfers you initiate online to and from your Citizens Access accounts. For incoming transfers [initiated via Citizens Access], you can transfer up to $1,000,000 per day. For outgoing transfers [initiated via Citizens Access], you can transfer up to $250,000 per day. If you would like to make a transfer that exceeds the [when doing it yourself online] limits, please call us."
The current savings account rate is 0.75%. The most disappointing aspect of all this is the hold time for incoming transfers that are initiated via Citizens Access is 5 business days. (If you send money into Citizens Access via ACH from your external bank, there is no hold time.)
Now, Plaid claims they do not sell your data. They also claim they utilize great security which could alleviate security concerns if Plaid were to ever be hacked, or if any employees sell your data. But we all know that Equifax also claimed to have good security prior to being hacked.
So, the good part of Citizens Access as a hub includes the allowing of 10 external accounts to be linked, and the bank's fabulous transfer limit situation. The negatives include the 5-day hold for money transferred in when utilizing Citizens Access to do the pull, and the fact you cannot get your 10 or fewer external accounts into Citizens Access without the involvement of the middleman company Plaid.
