ACH Hubs - Regulation D, Bask Bank And Greendream Sized Print

IGR | May 24, 2023 | 580 posts since 2020

I seem to failed adequately interpret Bask Bank's small print.

Either due to the lack of Imagination or the tiny size of the Brains, Bask sets the "online transfers limits" as "up to six online transfers per month".

While Regulation D, in the interest of the Capital Preservation allows "Saving Deposits" the limit of "no more than six ‘‘convenient’’ transfers

or withdrawals per month from the account.", the intent was always thought to be about Withdrawals FROM the account.

In Bask's GreenDreamed sized print, FROM includes Withdrawals AND Deposits where FROM means all online transfers initiated By Bask, there once 6 Deposits were initiated by Bask into Bask Savings Account no Withdrawal will be permitted till the end of the month, whatever the "month" means.

For me, this kind of interpretation, never less the rest of ACH policy being acceptably flexible signifies the end of transacting with the Bank

Anybody ran into such issue with other Banks, online or not?

Any suggestion of replacing Bask Bank as ACH Hub is appreciated

1

Answers

txFish1 | May 24, 2023 | 476 posts since 2023

Can not vouch for First Foundation Bank personally but a good friend has had an account with them for years and he likes them. They have a branch close to where he lives and they allowed him to open in branch and make deposits in person if he wants all while getting the same rates as online. I think he told me their limits are 100K a day and 250k a month and I don't remember him telling me there are any limits on how many are allowed each month. He said they are quick to raise rates and do it automatically to your account. He has just about convinced me to try them as well. I believe the current rate is 4.85% APY. I myself use Fidelity as my cash management/HUB account right now but looking around as I have had a few issues with them lately

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midas89 | May 25, 2023 | 996 posts since 2017

CIT Bank has unlimited withdrawals and a very generous daily transfer limit. The biggest negative is a 5-business-days hold on money you pull in, but interest would accrue as soon the $ arrives. You can see more details at https://www.depositaccounts.com/banks/cit-bank.html#promo53085

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IGR | May 25, 2023 | 580 posts since 2020

thanks.
i considered CIT and have an application with them, it is still an outstanding because I am not convinced CIT, on a long run, worth another ChexS Inquiry against my record. BTW Bask has similar 5 days hold.
As for FFB, I'm not chasing the rate and for the purpose of ACH Hub, APY is hardly relevant,
and the limits are too low for what I do.
The bank that makes deceptive " No, we do not run a credit check. Security questions are generated from public record for Identification purposes." does not deserve my business!

Brokerages Cash Management solutions, such as Fidelity are viable option, unless one can interpret; "The Fidelity Cash Management Account ("Account") is a brokerage account designed for spending and cash management. Fidelity is not a bank and brokerage accounts are not FDIC-insured, but uninvested cash balances are eligible for FDIC insurance."
For me, I want to sleep soundly while ACH Transfers are in progress!!!

It isnt easy, "simply" in GreenDream language to find suitable Bank/Account as ACH Hub.
Bask Bank by not having Checking Account offering just excluded itself.

GreenDream isn't welcomed, but will surely contribute another something of nothing

3

John19 | May 25, 2023 | 395 posts since 2022

CIT Bank good for me so far probably the best online savings I have. Their no-penalty CDs should be rate leaders so this account may be a necessity one day. Citizens Access also has unlimited withdrawals and very fast transfers in and out.

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midas89 | May 25, 2023 | 996 posts since 2017

There is a big frustration regarding CIT Bank and your external accounts linked. You can't delete your external accounts on your own, or change the nickname you assign. You have to either call in or send in a secure message. Every bank account I have I can manage my external accounts list on my own via online banking.

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IGR | May 25, 2023 | 580 posts since 2020

Yes, that too. And I believe number of linked accounts is limited to 10

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midas89 | May 25, 2023 | 996 posts since 2017

@IGR I was told by a CIT rep that there is no limit to the number of external accounts that can be linked. I have not tested going over 10 at this time, so I do not know if the info provided to me is accurate.

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IGR | May 25, 2023 | 580 posts since 2020

As of 2 days ago the info I received;
limits of single transfers:
$250K-Out, $500K-In, no other, cumulative limits
5 bds hold if initiated thru CIT.
10 external linked accounts and the account management, as you said, is done thru CSR.

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midas89 | May 26, 2023 | 996 posts since 2017

@IGR I just spoke with a CIT Bank rep. I asked her how many external accounts can we link. She answered 9. I said no way it's 9. I told her one rep told me unlimited, while another rep said 10. I asked her if she could contact the correct department to get the 100% accurate info. She placed me on hold, and when she returned, she reported that the team told her the number has been changed to unlimited external accounts, and that it used to be 10.

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IGR | May 27, 2023 | 580 posts since 2020

OK, Thanks midas, good digging
now the question is how this information is trustworthy, how would we know that CIT backend is updated to accommodate unlimited accounts linked to customer online profile.
until one tries to link 11th.
I despise the uncertainty when it comes to banking.

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