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Shared Branch Limits?

racecar
  |     |   616 posts since 2014

What is the limit for a cash or cashers-check withdrawal from a (Shared-Branch CU) savings account by going to another Shared Branch CU? I've used Shared Branch to make deposits before, but never withdrawals.

For example, if I had $10k in a Savings Acct at, say NASA (Shared Branch), and I wanted to move those funds to, say, USSFCU (also Shared Branch). I know I could ACH, wire, or write a check (if I had a checking acct), but say I didn't have a checking account, just savings. If I walk into some local CU that's Shared Branch, how much $ per day would I be able to withdraw from my "CU #1" Savings Account so I could then hand it back to that person to have them deposit it to my "CU #2" Savings Account?

Googling for the answer I found completely different amounts at various CUs, but all quite small ($500, $750, $1,500, $2,500 etc). And I don't know if it's the place where you have the accounts that sets it, or the Shared Branch you walk into that sets it, or both.

Has anyone figured out a way to get more, if it's for immediate re-deposit to another Shared Branch account? Shared Branch is great for deposits -- is it ever as useful for withdrawals?

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EDIT: I called a Shared Branch CU where I have an account and was told by their CSR that they do not set the limit, it's up to the Shared Branch you walk into. Is that really true? I also called some local CUs that are Shared Branchs, told them I didn't have accounts with them but wanted to use Shared Branch services The max amount ranged from $500 to $1500 (with one place saying $500 if cash but no limit if cashiers check -- which would be nice if true).

I'd still be interested in anyone's experiences using Shared Branch for withdrawals (in place of ACH, wire, or a personal check), thanks.

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Answers
CDMD
  |     |   141 posts since 2022
I’ve done what you are hoping. It’s mostly up to the shared branch you go to. But call ahead before you go to inquire. If you live near a few different shared branch participating credit unions call them to to build your knowledge. You need not have an account with them to use them for the transaction. But ask that too as it might matter to them. Also call your credit union to see if they have a restriction on the withdrawal amount at a shared branch. They might need to temporarily lift any holds. NASA has this exact constraint and you need to inform them on the day of to get them to lift the hold so the shared branch can make the transfer to the other institution It is doable. I have not encountered a $ limit once you find the right intermediary shared branch credit union.  But it did take investigation before I found one who could act as the intermediary. 
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johnnyrotten
  |     |   15 posts since 2012
Sorry this reply is so late, but hoping you're still checking old posts. Are you saying that NASA FCU will do a one-time increase in the amount they will allow to be withdrawn via Shared Branching if you call them? I ran into that situation last November when I wanted to move $21k from my NASA share account to an account at another C.U., using my local Shared Branch C.U. as an intermediary, but NASA had a limit of $1500 per day for any kind of Shared Branch withdrawal. They didn't tell me (in secure messages) I could call for an increase, so I pulled the funds out via ACH. Have you yourself actually called for the limit increase, and how high will they go? Also, would the increase be in effect soon after calling, so the transaction could take place in a timely fashion? Thanks for a response.
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CDMD
  |     |   141 posts since 2022
Hi. Just saw your note. Yes I called NASA and they temporarily lifted the hold on the account for the exact $ I was asking for. I was literally at the shared branch called NASA while at the shared branch teller and NASA lifted the hold. The shared branch teller Completed the transfer to another credit union and afterwards NASA immediately put the hold back onto my NASA account.  I had to speak to a banking phone supervisor at NASA to get this done. They said this was a normal practice to protect members.  I believe the shared banking CU that I was physically at suggested calling NASA.  I was grateful for the suggestion and it proved accurate as they had experience with other customers in the past trying and hitting stumbling block.  It’s all done as fraud prevention but once I validated who I was to both NASA via test questions and presented proper ID at shared branch I was good to proceed.  
PS I have done 5 and 6 digit shared branch transactions.   The NASA one was moderate size 5 digits
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johnnyrotten
  |     |   15 posts since 2012
CDMD: Thanks for the information about your experience with NASA FCU. I just got a secure message from them confirming that process. Wish they'd told me that in November. Now I know for future withdrawals. Thanks again, and happy CD hunting!
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CDMD
  |     |   141 posts since 2022
Glad to help! You are welcome
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111
  |     |   672 posts since 2019
For the last several years I've only had available to me locally one small CU that does "shared branch hosting" - meaning that they act as a facilitator to me, to transfer funds from shared branch A to shared branch B (where in each case I must already have an account, of course). I've done many of these, and I'm not required to have an account at the "hosting" CU.

Every time I do this I ask a few perfunctory questions up front, and one is "are there any dollar transfer limits that you [the hosting CU] will impose on this transfer, or are the only transfer limits the ones imposed by the sending and/or the receiving shared branch CUs"? The answer has always been that they, as the middleman, impose no limits, and when I did the transaction that always turned out to be true. There was one case a few years ago where I thought the hosting CU had imposed a limit (despite what they told me), but it turned out it was the sending CU, Andrews CU in this case. The transfer was within their limit, but when I called they told me "it was just under, and I'd made another withdrawal several days ago, and they'd had a lot of fraud lately" - etc. They did it, but a day later.

That includes situations where I've asked for a cashiers check. I've never used shared branch transactions to receive or deposit cash - the hosting CU may well have limits on that. But they may simply be the same limits it has on distributing cash in general (for example, for people who have accounts with them), since it's a pretty small branch and may not have huge piles of cash on hand.

I really don't know whether this situation - the hosting CU not imposing any limits itself - is common for most shared branch hosts or not.
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racecar
  |     |   616 posts since 2014
@111,
Interesting. I'd never heard of "hosting" before. That would make things a whole lot easier. What did you ask the various places near you to find out if they did "hosting" transfers or not? (As I've never heard that term before and would assume most CSRs at the various local CUs wouldn't have either). When you inquired, did you ask "do you do shared branch hosting" or did you explain "I need to transfer from Shared Branch CU A to Shared Branch CU B"? I have a feeling if I ask "are you a shared branch host" they'll either not understand or think I'm just asking if they're part of shared branch or not. How could I find out if one of the Shared Branch places in my area might do transfers between A to B if they're not either of them, without going thru the steps of withdrawal-then-deposit?

And just curious, how does the place by you do it? Do they actually do it as a transfer, or first take the funds (without dispensing it to you) and then deposit it at the other place?

Thanks for the great info. Would love to know what to say though, to find out if any places by me will do it
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111
  |     |   672 posts since 2019
racecar - First of all, I've found the terminology surrounding CU shared branches to be somewhat confusing. Several years ago I first heard the term "CU shared branch hosting" in reference to a branch that not only participated in shared branching itself, but also enabled people who had accounts at shared branches A and B to transfer between the two. So, I started using the term in that sense.

I can't remember how I first searched to come up with the shared branch hosting site I use, but here's how I'd do it today. Google "credit union shared branches near [where I live in central IL]" - top hits include https://sharedbranching.org/ . Plug in zip or address. As I said, in my case only one comes up, a pretty small CU. I checked their website, called them, came in, did a trial transfer from CU A in DC area to CU B in Biloxi, worked fine.

A word of warning - I live in a small city. My search brought up only one hit, which happens to be both be a shared branch and a shared branch host. In a larger metro area I'd probably get more hits, only some of which would also be hosts. So you might want to fine-tune the search ("credit union shared branch hosting near..") a bit. And if your search grabs both categories, you may have to do some calling to determine which ones are truly hosts.

And yes, when I called (my ONE local choice, so I hope they don't close!), I asked something like "I need to transfer from Shared Branch CU A to Shared Branch CU B, neither of which is you guys. Do you do that?"

"And just curious, how does the place by you do it? Do they actually do it as a transfer, or first take the funds (without dispensing it to you) and then deposit it at the other place?" If I just want the funds transferred from CU A to CU B and have no need for all or any funds to come to me standing there in the hosting shared branch - that's what they do.  In that scenario I do not personally touch the funds.

Hope this helps.
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racecar
  |     |   616 posts since 2014
@111 and @CDMD
Thank you, you both touched upon "hosting" or simply a "transfer" (instead of doing it the hard way, ie withdrawal first, then deposit). I will re-call the places near me to see what they say. The next time I go into one of the local Shared Branch places (that I'm not a member of) for a deposit or whatever, I may even just ask to do a test transfer for $10 or something like that (limit aside, just to see if they understand and can do a transfer without having to dispense the money to me and then redeposit it). Thanks again for the good info.
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CDMD
  |     |   141 posts since 2022
You are welcome!
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racecar
  |     |   616 posts since 2014
I did some more research:
(1) Sure enough, it looks like the max limit you can withdraw from your own CU via another Shared Branch CU is set by the Shared Branch CU you walk into locally, not the CU where you have your account (but it's always good to verify with your own CU just in case they set a limit as well).

(2) Most Shared Branch CUs have small max daily limits for cash ($500-$1500 usually), making it impractical if you want to withdraw a larger amount of funds when a CD matures. However, many Shared Branch CUs will allow you to withdraw via a Cashier's Check -- with either a much higher limit or no limit at all if you withdraw via a cashier's check (one place I called was 25k, another was no limit at all if by cashier's check). Most places charge a small fee for a cashier's check, but the fee isn't bad ($5-$10 at the places I called).

(3) If you're trying to transfer funds between accounts at two different CUs that are both Shared Branch but not local to you: you could also ACH funds or send a wire, but it's still good to consider the "walk into a local Shared Branch place" option as well: Wires have a higher fee, and can be a real hassle at many places, especially if you're not local. ACHs often have low transfer amounts, so you'd have to spread it out over several days or put it through a hub bank with higher limits -- which might have its own issues (ie, Alliant likes to kick out members who do this a lot, plus the additional time of having it go thru an additional hub bank). If you have a checking account where your funds are, you can just write a check, but not everyone opens up checking accounts at all the CUs they have a CD at.

So while many times it may be better to use alternate methods, it's good to know that this option exists as well. As CDMD said, get the info for your area! Call some CUs in your area that participate in Shared Branch, and ask them their policies on: (a) the max you can take out if cash, (b) the max/no limit? if it's a Cashier's Check, and (c) their fee for a Cashier's Check.

Then if you want to transfer funds from "CU #1" to "CU #2", for a small $5-$10 fee you can withdraw all of the funds from your "CU #1" via a Cashier's Check at a local Shared Branch, then simply hand the check back to them to deposit into your "CU #2" acccount. At least it's good to know that the option exists.
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CDMD
  |     |   141 posts since 2022
I would like to point out one item that causes confusion when asking a shared branch cu (let’s call them cu c) who is acting as an intermediary between cu a and cu b. If you ask them what is thier withdrawal limit for some reason employees at cu c may think you are asking about a cash withdrawal and not a transfer from cu a to cu b. When asking be explicit it is NOT a cash withdrawal. You don’t even need a tellers check or bank check to do the transfer. It a paperless transaction. No cash or funds are leaving the shared branch network. You personally never touch cash or take possession of any kind of check.   
I would also emphasize that some cu c locations will impose a $ limit as quote fraud prevention.

Finding a cu c with no limit takes investigation

My local cu c that I found does the transaction as a transfer. No limits by them. I don’t take possession of cash nor a check

Fwiw. No fees. And no delays between day funds withdrawn and day deposited   It’s the same day immediate availability.  No interest lost.  Even a wire could lose a day between send a reviewing institution.  
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