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ChasR
ChasR   |     |   139 posts since 2013

Those of you who have come to appreciate Alliant Credit Union’s nifty next-day ACH transfer service may be in for a rude surprise, particularly if you’re trying to transfer externally funds from a maturing jumbo CD there. Earlier this month, Alliant put up a new website, advertising that it would offer “the same great services.”  It then sent a secure email to members stating that, without giving any specifics that I could find, effective immediately, there’d be new daily and monthly ACH transfer limits for its next-day EFT service. I found out this morning—trying to transfer funds ultimately intended to go into a real estate purchase escrow account from a maturing CD—that my daily limit had been slashed from $100k to $25k.  I’ve been an Alliant member since 2010. It’s still a great service, but a little more warning—with some specifics—would have been helpful to me.




ChasR
ChasR   |     |   139 posts since 2013
Sorry for the typo--it should say "ACH Service."
pearlbrown
pearlbrown   |     |   2,299 posts since 2010
Thanks for the heads up, Old Guy.  I called Alliant to inquire about the secure Email since I had not received any communication about this.  The associate who took my call denied that letters had been sent, and stated that the Emailed notification must have been a scam.  I explained patiently that this was a real-life example and after another issue in the course of the call as handled by the associate, I asked to be transferred to a supervisor.  

The supervisor confirmed:
(1) the daily limit on outgoing ACH transfer limits was lowered from $100K to $25K for all members.  Notifications were sent to members whose transfer activity occasionally approached the $100K threshhold.  My outgoing transfers are more modest amounts, so no communication for me.
(2) the daily limit on incoming ACH transfers remains unchanged at $25K.

I agree that Alliant could have done a better job in providing specific and timely notification of the changes to members.  No one likes surprises like this, especially when time may be of the essence.  I hope you were able to move your funds successfully so as not to impede your real estate transaction.
ChasR
ChasR   |     |   139 posts since 2013
When I received the email on 9/9, I had a suspicion something like this was up at Alliant.  I needed $50k for the real estate escrow tomorrow, the amount of my CD that matured today.  But being suspicious about whether I could get it in one bite, I used another $25k I had available from a CD that matured at Alliant before 9/9, which I'd previously transferred to my external checking account.  I suppose I could have called on 9/9, but--as your conversations showed--you're just as likely to get a wrong answer from a CSR as a right one.
pearlbrown
pearlbrown   |     |   2,299 posts since 2010
I brought up precisely that point to the Alliant supervisor.  When I explained the other problem I had had during the conversation, she asked if I knew the name of the associate.  I provided it to her and she immediately recognized it as someone who worked for a 3rd party organization which handles their overflow at peak times. 

My reply to her was that as a member, I should be able to rely on what a CSR tells me and it should be transparent to me whether I am talking with a member of the Alliant team or their vendor.  I also pointed out that this was not an isolated incident insofar as being provide incorrect information by an associate at Alliant, and I don't contact them more than once a year -if that.  Of course, we all make mistakes, but when I am given a patently incorrect answer (denial that such communication was sent out) it leaves me with a poor perception of Alliant Credit Union and leads me to question the competence of the organization. 
foggy
foggy   |     |   20 posts since 2010
This all seems very odd.   I've been an Alliant member since 2009.    I have not received this email notice about new limits, and yet in July I used the Alliant ACH system to transfer out 100K in one transaction, and in August a transfer in of 50K in one transaction with no problems.    I looked on the new website under Help/ FAQs/ Transfers and it still says "up to $100K/day (based on qualifying requirements)".    I would call them, but it's hard to trust what they are saying (even a supervisor) if the same info is not (yet?) on the website.
pearlbrown
pearlbrown   |     |   2,299 posts since 2010
Foggy, it seems the amount of the outbound transfer would have been enough to have them send the communication to you even if the amount of the inbound transfer did not.    I suspect the ball got dropped during their recent upgrade and updating the online documentation with this new information wasn't at the top of their list.
me1004
me1004   |     |   537 posts since 2010
I didn't even realize they had a limit, incoming or outgoing. I don't reach that  triple-digit level, so I didn't get the notification. I dont typically even do the $25,000 level, but it is not out of the quesiton I would want to at some time in the future -- so this is not decent.

I MUST SAY, I still am surprised that people still buy that lie from Alliant that it speeded up  its ACH times  by setting the noon (central time) deadline for setting up the transaction. Before they set that deadline, they accomplished next day delivery if you got the transaction in by the end of  the day! I did NOT appreciate that. Alliant is NOT fast with ACH, it is one of the slowest. 

I'm sure there are places out there that take two or more days. But all the ones I've ever dealt with get it to the receiving institution overnight as long as I get the transaction in  by the end of the day. As long as it is put in the ACH that evening, it is delivered overnight -- any other delay is the sending bank sitting it on the side instead  of sending it.

Alliant requires I get the transaction in by 10 a.m. my time, or it is delayed a day. If I can't get it done by 10 a.m. (West Coast is even earlier than Chicago), I lose an entire day! They will just sit it on the side and process the next day instead. That is NOT speedy service! And now, they want to restrict it even more for next  day service -- even as the ACH is speeding up its system so things can be delivered same day just like a fed funds wire.

In the end, Alliant is not fast, they are one of the slowest for ACH transfers -- but  their marketing people lied and fooled people! And now they're restricting it even more!
me1004
me1004   |     |   537 posts since 2010
I'll bet if you look further into this, you will find the overnight service is still available for funds over $25,000 -- you just have to pay a fee now. (But their new Website design is an unusable piece of sh--, so who can find anything at  all there now, and it takes forever to load.)  That is, Alliant just added a new fee and covered it up -- by not mentioning the fee! Just like when they previously slowed down their ACH transfers, they promoted that as a speed up, and people believed it.
ChasR
ChasR   |     |   139 posts since 2013
Their email (which nobody else seems to have received) specifically said that amounts over the daily limit (not specified, but which we now know is $25K) had to be done by wire transfer, requiring a fee payment,

Another trivial, but irritating, aspect of this is that, to move the entire account balance of my $50k CD, I'm forced to perform three ACH transfers--2 for the principal and one for the interest at maturity.  Because I use a savings account, not a checking account, to sweep up principal and interest at Alliant, that counts as three strikes against my monthly remote transfer limit of 6, 

Oh, well, I guess other senior citizens have much more serious financial issues than I do.  Plus, I still have my health.
pearlbrown
pearlbrown   |     |   2,299 posts since 2010
"... but when you've got your health, you've got just about everything" to quote an ad slogan from my childhood.