FOLLOW Up On My Post Back On .... JAN 25

bobert456 | Mar 5, 2025 | 187 posts since 2022

I posted a while back on ways to get large checks quickly into interest paying accounts. Many good paying accounts are "internet only", and lag time for US MAIL becomes costly, and WIRES are still fairly expensive at some firms.

PLUS .... almost everyone puts a hold on transferred funds (except by WIRE). Some pay interest on those funds while in "hold status", and others do not.

I was looking into various options when I discovered CIT BANK. May not be the best option but seems to work for me. BETTER than ALLY BANK as a HUB. Seems to have unlimited numbers of external ACH links, and at least for now, have 250K/500K daily limits for ACH. I have also found, at this time, that most of the ACH complete with 1-2 days, AND they pay interest while in a HOLD.

Have not done any yet, but have ZERO fee for incoming wires, and either Zero or $10 for outgoing depending on your account balances.

HORRIBLE customer service via wait times, but I think I have figured out one thing .... call after 10am PST. Still can have some long waits, but seems to be less than if you call prior to "opening time" for regular staff.

NO paper check writing, but between ACH and WIRES, they are a great alternative to ALLY BANK. Plus, for now, they are doing a BONUS offer for new accounts with PLATINUM SAVINGS.

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Ally6770 | Mar 9, 2025 | 4,307 posts since 2010

I wrote a 6 figure check Wed the day the CD matured and the funds were put in my checking account at their credit union and I wrote the check and deposited it that same day in my local MM account and it started earning the 4.5% in that account that day and was collected by Friday. I am the eastern time zone and that credit union is 3 hours behind our state.
Many credit unions show the funds in your checking or savings the following morning after a CD maturity.
This small credit union showed it in the checking account on Wed morning shortly after 9am their time on the day it matured. When it was not in the account at 9 their time and I found out a freeze had been put on the CD because I had told them that the first time I went into a store in 2006 the stores server had been hacked. So as a precaution they put a freeze on it. So they had to wait a few minutes for their security person to release the freeze and they called me and said it was good to write the check. I looked on line because I double check everything. I wrote the check did a couple of errands and deposited it in my local credit union on Wed. The money was collected on Friday, 3 hours later than where I live and was earning 4.5% in my MM account starting the day I deposited the check in my local credit union. I did not look on Thursday if the money was gone from the originating institution. It was gone Friday when I looked.
The check took 2 days or less if it was out Thursday. It also showed in my account Wed when I deposited it. It was as fast as the wire I did last year from Florida to my credit union for the the roth that I wired and split. That wire took the same 2 days, but they said it was becasue they had already done their wires that day. Neither the sending or receiving credit unions charged for the wire for that Roth wire transfer.
When I worked at the bank it was the relationship you had with the customer if you charged a fee. Some employees have the authority to make that decision even if customer didn't ask for a free wire.
The credit union I wrote the check on Wed wanted to charge a wire fee, so I opened a free checking a few months ago and no transactions were required in that checking account and the checks were free. I told them to just mail a preprinted counter check or starter checks. But they sent 250 checks free. In fact the credit unions I have a checking account with the checks are always free.
The credit union out west told me to call them when the money shows zero and they would mail me the $5 they paid and put in my account when I opened the account for the the CD. They can close that account immediately that way. If I wrote a check I would have to wait for that to clear and then go through docusign to close it.
I think I would do it again if I am depositing funds locally. So many questions to ask when you open an account. But remember policies do change.
I have a hold on some of the funds until Wed but I haven't figured out how much interest I can earn yet for IRMAA. My other taxable CD do not mature until Dec 2027. Also I earn 4.5% until the end of April. A recession would affect IRMAA.
I still have the feeling that started in Nov that things were going to get bad. I remember the 80's and 18.7% home loans and prime was 19+2 for the best borrowers. Prime rate changed several days more than once a day.
I want to be liquid for a few months or a year or more until uneasiness goes away.

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