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Need Multiple Hub Accounts - Banks With High $ ACH Limits

jeremyharrison
  |     |   56 posts since 2011

Because I recently became hearing/speech impaired I cannot do banking business over the phone through a TTY translator (too much sensitive info to give to an unknown stranger). Before I became impaired I was using Capital One and American Express as my hub accounts ($1M ACH limit - nice) - but neither one uses secure messaging - only phone calls - to resolve issues, etc - they are now unusable for me.

So I need some new bank accounts that have large dollar limits on ACH transfers, as I have 2 very large CD's maturing in the next few weeks, and cannot do wire transfers out of those banks, because they require calling me to verify the wire request - and I cannot answer a phone.

Which banks do you know of that allow large ACH transfers? The more the merrier. Thanks in advance!

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Answers
Kaight
  |     |   1,192 posts since 2011
When it comes to large ACH transfer limits, Ally Bank has some pretty decent limits.
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jeremyharrison
  |     |   56 posts since 2011
Thanks Yes I have an account with them ($150k per ACH outbound, $600k per 30 day rolling month max). But I need more accounts as well.
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Kaight
  |     |   1,192 posts since 2011
You are welcome. Maybe there is something for you here:

https://www.hustlermoneyblog.com/best-banks-hub-account-ach-transfers/

or possibly here, if you're willing to do a lot of scrolling:

https://www.doctorofcredit.com/hub-accounts-ach-transfers-capabilities-fees-limits-across-financial-...
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jeremyharrison
  |     |   56 posts since 2011
That 2nd link is great. Name your favorite charity and I will send them a donation. :)
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deplorable_1
  |     |   1,729 posts since 2020
Not a bank with FDIC insurance but Dominion Energy Reliability Investment(DERI) makes a good HUB with no ACH limit push or pull. Pays the highest rate on liquid cash of 5.65% APY and unlimited linking of external accounts for ACH transfers. Free checks and no 6 withdrawal per month limits either. You can login by simply answering 2 security questions no need for any phone call verification. Also allows unlimited 3rd party bill pay just like a checking account.
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Tilly
  |     |   8 posts since 2023
How about using a money market account at Vanguard, Fidelity or the like? Buy and sell orders of the MM fund are essentially the same as an ACH bank transfer.
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jeremyharrison
  |     |   56 posts since 2011
Thanks. I have accounts at both. But while Fidelity transfers have gone through with no problems so far, I've chatted online with a few reps and managers at both Fidelity and Vanguard who say that at any point they can insist on calling me to verify a transfer request - and since I cannot answer a phone call due to hearing issues, they say if I don't answer the call, tough luck- they will not put the transfer through.
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P_D
  |     |   1,558 posts since 2020
That is correct. Brokerage firms have some very strict policies about verifying transfers, especially external transfers. I made the mistake of opening an account at Vanguard at one time using a large wire transfer. They literally put like a 2-year restriction on that account for external transfers since wire transfers have certain issues that can leave them liable. I had to go through crazy verification processes every time I made certain kinds of transfers from that account. Vanguard in particular is a real stickler about the verifications. It has its pros and cons. I'm all for the security but sometimes it's over the top. I once wanted to do a wire from that account and it took about 3 hours on the phone.

Another point worth making though regarding the comparison between Vanguard and Fidelity is that you cannot initiate ACH transfers to or from Vanguard from an external institution. They have to be initiated at Vanguard. This is an unfortunate negative for Vanguard.
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RZ
  |     |   368 posts since 2017
I have been with Vanguard for decades and never had a rep call me to confirm a transaction. Although I use and would highly recommend their MMA as a hub (no limit to linked accounts or transaction caps, free one click wires and mobile check deposits up to $250k), actually getting a rep on the phone when you need one can be a challenge.
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RickZ
  |     |   216 posts since 2010
Sorry to hear about your health issues. Discover Bank: $250K per transaction, $300K max per rolling 30 days. I had initially mentioned Vanguard and Fidelity and then I saw Tilly's comment and edited this. Just note that Vanguard can several days to approve an external account after you verify the trial deposits.
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jeremyharrison
  |     |   56 posts since 2011
Thanks. I do also have Discover, but that $300k max is deceiving - $300,000 limit combined incoming and outgoing ACH’s per 30 day rolling period. So that means if I want to move funds out of a 0% savings account where I have shifted maturing CD funds into at another bank, and want to get it to a high-yielding account, I can only do $150,000 into Discover, then $150,000 out of Discover
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RZ
  |     |   368 posts since 2017
I would agree that is an irritating policy of theirs but once established it no longer applies. The self directed wire option instead of a ACH transfer to established linked accounts is a welcome feature. I have used it several times and it went through on the same day if initiated early in the AM EST. Otoh, some banks and CUs require phone calls and even f/u calls from their wire team before it goes through and is rarely free either to send or receive.
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midas89
  |     |   834 posts since 2017
CIT Bank has some nice Hub Bank policies.

High dollar limitations for ACH transfers – When pushing money from CIT Bank to an external account, your daily limit can be as high as $250K per day. When pulling money from an external account, your daily limit is $500K per day. (Call CIT and verify that there is still no limit on how much can be transferred per month.)

If money is pushed into CIT from your external bank, there is no hold time. If money is pulled into CIT via CIT, there will be a 5-business-days hold time before those funds can be used, however interest will be earned during the hold time.

Free wire transfers if the account has $25,000+.

CIT also offers an E-Checking account where the same policies apply.
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GH1
  |     |   995 posts since 2017
Schwab and Fidelity also
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FawnDoberman
  |     |   14 posts since 2010
Barclays Online Savings, Bask Bank, Customers Bank and First National Bank Omaha Direct (FNBO Direct).
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midas89
  |     |   834 posts since 2017
@FawnDoberman Arguably specifically regarding @jeremyharrison who wants a very high transfer limit and a Hub Bank, whereas any bank restricting to 6 transfers per month automatically makes it not a good Hub Bank for most, Bask should not be on your list if the following still applies: People can make up to six online transfers per month for a maximum total of $150,000 (new account holders) and $300,000 (established account holders).

And I think it's worth stating for any newbies just starting out that people must go through middleman companies MaxMyInterest or Raisin if ever considering the process of opening an account at Customers Bank.

(I do not remember Barclays' or FNBO's transfer policies off the top of my head.)
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rockies
  |     |   295 posts since 2018
Just one more Bask addition to midas89's always thoughtful comments. Bask only allows a customer to link up to two external accounts. Very limiting when considering it as a Hub Bank.
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NYCDoug
  |     |   318 posts since 2011
I'd second Customers (set up directly, not through Raisin) where their $25k minimum (for interest) Yield Shield Savings account currently earns you 5.14% APY. 

They do not limit your number of monthly transaction, or number of externally linked accounts. And your transfers process overnight (push, or pull) with no practical limits that I've run into . . . If you hit one, just schedule another for the next day!

It's the ideal hub bank — at least for me :-)
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NYCDoug
  |     |   318 posts since 2011
To verify, I just reviewed my transactions over the last few years:

More than once have I use Customers to pull in matured CDs (overnight) of $100k+, $150k+ and even $220k+ . . . all in one shot. And then turned around to send the money out, in the next day or three, to fund new CDs, or to split among other accounts — either for better yield, or to simply remain below the FDIC's $250k insurance coverage limit.

Now that's a real hub!
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anon_ymous
  |     |   1 posts since 2024
Customers Bank initiated transfers are limited to $250,000 per day (including inbound and outbound). Recently Customers Bank has stopped allowing the addition of external transfer accounts by the trial deposit method. They now only allow the use of Plaid for adding new accounts.
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milty
  |     |   1,015 posts since 2018
Customers Bank is in the process of adding back micro-deposit validation for external accounts. (This is especially needed in the case where Plaid does not deal with a particular FI.) Certainly let them know your concerns and stay tuned.
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llefors
  |     |   2 posts since 2011
It’s clear that nothing has changed, and Plaid remains the only option in their system. For those of us with financial institutions that Plaid doesn’t support, micro-deposit validation is essential. I’ll reach out to them again to share my concerns and hope they prioritize implementing this feature soon.
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midas89
  |     |   834 posts since 2017
@llefors I am sure I and all other Customers Bank account holders will welcome your additional efforts. I have twice in 2024 sent in my opinion that they please reinstate the option to do the two trial deposits for external account verification, versus only the current Plaid option. Sadly, it had no effect. I hope your new contact has better success, of course.
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llefors
  |     |   2 posts since 2011
Yes, It’s frustrating when feedback is ignored, especially for something as simple and secure as trial deposits. Using ‘security’ as an excuse feels weak—Plaid isn’t the only safe option. Hopefully, they bring back the micro deposit system soon so we, as customers, can have more options and decide which one works best for us!
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FawnDoberman
  |     |   14 posts since 2010
Sorry, completely DISREGARD FNBO Direct as a hub. I opened an account there many years ago and could easily ACH 250K In and Out. Now, checking their Disclosure/Terms & Conditions, FNBO is certainly NOT a hub.
Bask Bank, I understand, will allow 300K+ when you phone them beforehand.
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Kaight
  |     |   1,192 posts since 2011
Because I recently became hearing/speech impaired I cannot do banking business over the phone through a TTY translator (too much sensitive info to give to an unknown stranger).

Understood and agreed. Sorry for your disability.

me: Specially designed telephones to assist hearing impaired persons are ubiquitous. However, many of these use live persons, third parties, to assist with the speech to text conversion. This compromises privacy. Are you aware of any such telephones with do NOT involve use of a live third party?

ChatGPT 3.5:

As of my last knowledge update in January 2022, there were various technologies and devices designed to assist hearing-impaired individuals, including those with speech-to-text conversion features. However, the landscape of technology evolves, and new products may have been introduced since then.

Devices like captioned telephones and video relay services are designed to convert spoken words into text for individuals with hearing impairments. The use of live third-party operators is common in certain systems, and privacy concerns can arise in such cases.

To find the most up-to-date information on telephones or communication devices for hearing-impaired individuals that do not involve live third-party assistance, I recommend checking with relevant organizations, assistive technology providers, or staying informed about the latest advancements in accessible communication technology.

You may also want to explore communication apps and software that leverage automatic speech recognition (ASR) and other technologies to provide real-time transcription without the need for human intermediaries. Be sure to review product specifications and user reviews to ensure that privacy considerations are addressed.It's advisable to check with local assistive technology centers, disability advocacy groups, or specialized retailers that cater to the needs of individuals with hearing impairments for the most current information on available options.

End of chat

https://duckduckgo.com/?q=telephones+with+ASR+technology&atb=v383-1&ia=web

My finding and opinion:

While such telephones almost certainly do exist today, it is difficult to ferret out those which are purely automated, thus private, from those which impose unwanted, third party, human involvement in the speech to text conversion. This would require further research. So be careful.

https://duckduckgo.com/?q=+telephone+for+the+hearing+impaired&atb=v383-1&ia=web

Acknowledgement:

I understand and realize nothing above is helpful if one's speech impairment is too great.
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jeremyharrison
  |     |   56 posts since 2011
Thanks I really appreciate the thought - but sadly my speech problem rules out those options. Gotta use the 3rd party method, and gotta be careful with it. :)
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midas89
  |     |   834 posts since 2017
For Information Purposes, here's a Hub bank account that has no monthly monetary limit on how much can be transferred. The account is Citizens Access. (Their current APY is only 4.50%.) Their daily ACH transfer amounts are also unlimited if one calls into customer service and has a CSR do the transfer.

If one does the transfer themselves via online banking, the daily limit amounts are quite nice at $1,000,000 pulled in daily and $250,000 pushed out daily. (If you initiate a pull at Citizens Access, there's a 5-business-days hold before that money can be transferred out of Citizens. Earning interest begins right away. If you push money into Citizens Access, there is no hold time. Ten external accounts total are allowed. Expect to speak with their fraud department to confirm it's really you the first time you initiate a transfer to a newly added external bank.)
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jeremyharrison
  |     |   56 posts since 2011
Thanks I am looking into Citizens Access now.
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racecar
  |     |   432 posts since 2014
Appreciate this thread. I looked up the reviews of Citizens and Ally here and there are a lot of bad reviews (yes I know often only bad occurances get posted, but there seem to be a lot regarding locking of accounts and holding/freezing money).

I'm casually looking for another Hub bank myself, trying to find that "Goldilocks" hub bank. Would any of your suggestions fit the following?

What I'm looking for:
(1) Unlimited External Accounts allowed (at least 25, hopefully more)
(2) ACH limits at least 25k/day
(3) No 3rd Parites involved (no Raisin, etc)
(4) Low/No Minimum balance (and interest earned even with $100)
(5) Decent Interest rate (say at least 4% currently)
(6) No limit on # of transactions per month (or at least 10 allowed, minimum)
(6) Hopefully decent and knowledgeable customer service
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wandatmp
  |     |   4 posts since 2023
Thank you, the hub and bank info is very useful. I'm dealing with Bank of America and First National Bank of Pennsylvania. As everyone on this site knows on April 1, 2024 FDIC trust rules state that an individual can hold a max of $1.25 million trust account(s) at any one bank. I need 6-8 financially sound and secure banks or credit unions with good yield CDs, and hopefully other good yield vehicles to move $250k+ in and out of to ensure the funds are FDIC protected. My main concern is BOA's and FNB's ACH transfer limits have ridiculously low amounts listed in their disclosure agreements. I placed a large amount of cash in MMA PODs with both banks. My experience, and other people have shared a similar experience, has shown a reluctance to push large amounts to another bank. Any experience or advice on how to move $250k+ a day in and out quickly before the April 1st deadline is appreciated. I don't want to be flagged and locked out or it take years to move funds out of these banks.. Thank you
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P_D
  |     |   1,558 posts since 2020
"Any experience or advice on how to move $250k+ a day in and out quickly before the April 1st deadline is appreciated. I don't want to be flagged and locked out or it take years to move funds out of these banks."

Wires can usually get pretty much any amount done typically in a single day. I do a lot of transactions by wire. Although I have encountered some (rare} financial institutions that even have a cap on wires. But even then it's typically seven figures. And there can be other downsides to wires. But it's an important tool for large transactions. Another option is checks sent by overnight mail.

Unfortunately the banking system is not geared towards large, non-business consumer depositors. You have to get creative and when your dealing with large sums that can be stressful.

The FDIC changes can't be happening by coincidence just when there are signs that there might be a banking crisis on the horizon. I think you are right to get your ducks in line as soon as possible. I've been dealing with their insurance issues for years. One of the downsides is that you just don't have the same options with large accounts as you do with smaller ones. You often have to settle for lower rates.

With less than 6 weeks to go, I would prioritize making sure you are insured over rate shopping first. Focus on getting into enough quality financial institutions so that you're covered. You can do the rate/hub shopping as a secondary project once everything is secure. But with the new lower coverage your options will be further restricted. If you want to rate shop it's going to be significantly more time consuming. And if you're like me, the relative value of time versus money is shifting exponentially in favor of time. So this insurance coverage reduction is a game changer, and not for the better. Depending on your circumstances it might be a good time to consider reallocating your portfolio with a lower allocation to Banks.

PS when it comes to quality, the large too big to fail Banks are probably the best bet.
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Hobbs_M
  |     |   34 posts since 2024
Thanks for everyone's input - all good advice. Now I'm going to put a plan together and move forward.
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IGR
  |     |   539 posts since 2020
I am not sure about $250K+, the closest that gets you there is Bask at $250K/day - next day transfer but 5 days hold and 6 transfer limit is total, in and out,
and Customers at $250K/day, $1,5M/Mo - next day transfer, no hold, no limit but external linkage via Plaid only
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sams1985
  |     |   776 posts since 2022
Why don't you move it to Fidelity or Vanguard and put the money in a treasury only MMF. It's paying 5.2%+ (state tax free currently) and is virtually risk free considering the the fund is 93-95% invested in US treasuries only. RichardW just did a post on it. 
You can bypass the withdrawal limits by writing a check to yourself and depositing into the fidelity app or just doing a "pull" from fidelity. I've successfully pulled $1 millon+ without issue at a time from Marcus and Capitol one despite both of them having monthly transfer limits.

Unlimited withdrawals, great built in Fidelity CC, free wires, one 1099, dividends re-invest automatically etc. You can also buy brokered Cd's if you want to go long term. Dont bother with these banks. My hub will always be Fidelity and will only send to a bank account if i ever need to pull cash or anything.
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John19
  |     |   350 posts since 2022
Don't forget the Cash Management Account with 5% MMF checking and ATM reimbursement. Easily the best checking account there is.
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Hobbs_M
  |     |   34 posts since 2024
You're dealing with a lot of factors, pushing, pulling, indirectly or directly, hold times and IRS red flags just to name a few. My experience has been talking with your bank contact and advising that person prior to implementing your plans and then initiate a direct push.

I have had to use a direct pull when I was aware my contact was not keen on pushing money to another bank and would slow the process down. But generally your primary contacts at a bank will be professional and move the process along.
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Hobbs_M
  |     |   34 posts since 2024
One other item that may or may not be relative to your situation is fraud in completing wire transfers. I'm sure you are already aware but I've found it important to make sure I initiate the phone call and speak directly to a rep. that I know. Scammers are very creative today. My son in law ended up losing $50,000 ( it could have been much worse) on a wire transfer that was initiated via the phone and completed via email (supposedly encrypted). The scammers had the bank phone number and account info, etc.

If there is any doubt hang up and call back. Updated security protocols, FDIC AND NCUA insurance protection, financially secure bank and accessibility have always been more critical than yield to me, albeit yield is important. Unfortunately the too big to fail banks are supposedly safer in times of a bank crisis. I don't want to be one of many trying to get money from FDIC OR NCCU should a small bank or credit union go under without assets being acquired by another institution. It's sad to think we are forced to think of this potential when we have been supporting local and regional banks for years.
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P_D
  |     |   1,558 posts since 2020
Never EVER send any confidential information by regular e-mail (even though "regular" e-mail is in fact encrypted in almost all cases today).

I work with several lawyers and CPAs and most of them are perfectly happy to exchange really sensitive and confidential information through regular e-mail without blinking an eye. I have to battle with them to communicate by more secure means. It's one of the most annoying parts of my work. I cannot believe how cavalier they are about this. It's really unprofessional but so many of them don't seem to care as long as you pay their fees on time. I find this reprehensible. It's mostly lawyers. At least my primary CPA uses a quality third party secure online service to exchange documents.

You are right that the liability issues (both for you and for the FI) are different for wires than they are for ACH transfers. And that is the main reason that some FIs will only allow wires to be initiated by phone.
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