Northern Bank/Northern Bank Direct Is Now Limiting Externally Linked Accounts

deplorable_1
  |     |   183 posts since 2020

I just checked Northern to see the rate which is 1% currently and noticed this in my inbox:

Dear Valued Customer,

At Northern Bank, we are committed to providing our customers with the highest level of service. I am writing to inform you of an update regarding external account transfers.

- Effective July 26th, three external accounts will be the maximum number of external accounts that can be set up.

- If you currently have more than three external accounts set up, they will remain enabled, but you will not be able to add additional external accounts.

If you have any questions, please call our Contact Center at 1-800-273-6908, Monday-Friday, 8:00 AM - 6:00 PM or Saturday 8:30 AM - 12:30 PM Eastern Time (ET).

Sincerely,

Loren C. Swindell

Vice President, Head of Operations

Northern Bank

Probably not the best timing to limit account access during this covid-19 crisis IMO but 3 external accounts is the norm in the banking industry. No limit to external account linking is one of the reasons I kept this account open after the rate drop.

On a side note I thought it was ironic for a bank VP to have a last name of Swindell! lol Kind of reminds me of the 3 stooges law firm of Dewey, Cheatem & Howe. No offence intended Loren just having some fun in these trying times Northern has been a good bank! :)




111
  |     |   136 posts since 2019
d1 - Yes, I saw this on my account at Northern just recently. Their daily “ACH-out” transfer limits were kind of low anyway, in my opinion, so I often initiated the ACH from the “other FI's” website.

One work-around that might help in some scenarios is that Northern does, or at least did, offer checks (in fact free checks) on their money market accounts. So, there's a snail-mail option for getting funds OUT of Northern (Northern has no actual checking accounts). Slower, but then with rates so low, speed doesn't matter as much at times.
GreenDream
  |     |   49 posts since 2019
Dewey, Cheatem & Howe isn't just a 3 stooges law firm, other productions have used them or similar varients: "Dewey, Scruem, and Howe", "Chattem, Cheetem and Runn" , "Sue, Grabbitt, and Runne",
and for divorce lawyers there's always: "Ditcher, Quick, and Hyde."And of course, old Moe and Larry once dealt with an attorney named  "I. Fleecem"


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