Advertising Disclosure

Pibank will no longer initiate or accept incoming or outgoing ACH Transfers (including microdeposits)

HurryUp
  |     |   16 posts since 2023

No effective date given. Customer service call line flooded.

___________________________

We want to inform you about upcoming changes to your Pibank Savings Deposit Agreement and Online Services and Mobile Banking Agreement.

As part of our commitment to keeping you updated, we periodically revise our terms and conditions to better serve our customers.

Effective {Effective Date} the following amendments will take effect:

~ Pibank will no longer initiate or accept incoming or outgoing ACH Transfers (including microdeposits)

~ A maximum account balance limit of $5,000,000

You can review the full updated agreements by clicking here.

If you do not agree with these changes, you have the option to close your account before the effective date.

However, if you continue using your account after this date, it will indicate your acceptance of the new terms.

Thank you for being a Pibank valued customer!

  Post a comment
14
lotsofplants
  |     |   9 posts since 2015
I received a second email saying the effective date is April 14, 2025.
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4
midas89
  |     |   996 posts since 2017
Shameful! I wonder if it's just a coincidence that Pibank announces this crap on Pi Day 3.14. (Of course it is.)
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7
Kirkland
  |     |   374 posts since 2014
They should have made it effective on April Fools Day, cause that is what anyone who put their money in this place is.
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6
Jerseyjoe
  |     |   17 posts since 2022
Effective April 14th,2025 the following amendments will take effect:
• Pibank will no longer initiate or accept incoming or outgoing ACH Transfers (including microdeposits)
• A maximum account balance limit of $5,000,000
Reply
4
HurryUp
  |     |   16 posts since 2023
Thank you lotsofplants and Jerseyjoe.

I have not (yet) received an updated email with the effective date.

What a stupid, unprofessional email message:
1) No effective date provided for when Pibank is abolishing ACH transfers completely regardless of the platform from which they're initiated.
2) No helpful information on how to deposit and withdrawal funds in the future (e.g. wires?).
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17
milty
  |     |   1,672 posts since 2018
Is this saying that Pibank will neither allow internally initiated ACH transfers nor externally initiated ACH transfers? If so, that's pretty, pretty, pretty bad.
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4
HurryUp
  |     |   16 posts since 2023
Just spoke with a Pibank customer service representative.
Effective April 14, Pibank is shutting down ACH transfers completely.  
Only wires may be used for transfers.
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14
midas89
  |     |   996 posts since 2017
Somebody posted the following at another website: "Got this as well. In the last week or so, I have been trying to ACH-pull money from my Chase Checking twice, and both times they were rejected. Called Chase and was told it's PiBank that declined those requests.

"So it looks like this may have started much earlier than 4/14/25 date?"
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2
GH1
  |     |   1,052 posts since 2017
What they are saying is. We no longer do business
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3
APYhunterman
  |     |   8 posts since 2023
Folks, look at it like this: on this very website, sort by highest interest rates and what comes up at the top: PiBank at 4.6% (as of this moment of course; subject to change anytime - we all get that). So think about it - they're the highest interest rate offerer in the country right now that is available for everyone (i.e. no special military-only stuff, etc). So they are probably thinking this will save them money somehow (I'm no expert; I don't know if ACH transfers cost banks money to do in either incoming or outgoing directions) and if you're using PiBank, you were already using them for one thing and one thing only - the high interest rate.

Is this annoying as heck? Of course. Will I still keep using them as long as they're the highest interest rate? Probably. I'm just going to have my work Direct Deposit go into a different bank, then I'll use Plaid (which looks like PiBank still allows incoming transfers that way?) to move money from the lower-interest DD bank, into PiBank, where it can get interest.

However, I'm only tolerating these extra hassles and steps because PiBank is #1 for interest rates. The minute they're lower than #3, I'll switch over to a different bank that still allows for ACH.
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2
midas89
  |     |   996 posts since 2017
@APYhunterman Pibank technically is not the the highest offerer. With $5K minimum at CIT Platinum Savings, a simple call will get 4.75% APY interest bump. For 12 months, people are guaranteed to get 43.1 basis points higher than whatever the CIT stated rate drops to, if it drops.

Roger Bank is currently at 5%, open to everyone, even non-military, as of this writing. Thus far, there have been no changes to their policy, but of course, they could change things at any time, as we all know.
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6
midas89
  |     |   996 posts since 2017
Hi @deplorable_1 I share your outrage that Pi or any bank could completely shut down ACH transfers from our external banks. It's unfair, and I would love it if all Pi Bank account holders immediately pull out their money, make a run on the bank, and see what Pi Bank does then.

The above notwithstanding, I will add that I disagree that what Pi Bank is doing is outright fraud and theft, or that it is a breach of contract. No theft, people can wire the money out or request they mail a check. Not fraud or breach of contract, because banks have a right to change policies like this at any time, no matter how terrible the changes are. There is nothing in the fine print that states "we agree to allow ACH transfers from your external accounts in perpetuity." And finally, since people have the right to say screw you Pibank I am taking all of my money out, again there is no theft.
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3
APYhunterman
  |     |   8 posts since 2023
Thanks for the info, Midas! I was just going off of the main "Personal High Yield Savings Account" option on this site - scroll down, past the sponsored ones, and then PiBank is at the top of the list at 4.6% - I wonder why Rogers Bank isn't listed on this website then, if it's at 5%??

I hate that it sounds like I'm shilling for PiBank here, because I'm (almost) as annoyed as the rest of you, but at least, to PiBank's small credit, their terms here (let's see if posting links works; I might get blocked https://www.pibank.com/faq/how-do-i-transfer-money-via-a-wire-transfer/ ) state that "Pibank does not charge fees for wire transfers; however, the bank sending or receiving the funds may charge fees for outgoing and incoming wire transfers."

That seems unusual - almost every other bank I've seen charges money to initiate an outgoing Wire. I know my other banks do - but at least they accept incoming wires, for free. So I can move money - if need be - out of PiBank that way.

I'm going to look into this Rogers Bank though - thanks!
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1
midas89
  |     |   996 posts since 2017
You're welcome, APYhunterman. The reason why Roger and other banks like Neighbors Bank as one example are not on the main page is because Ken left, and this site has declined. This is why ichaelm took it upon himself to post comments that list the top banks, hoping to keep people updated as best as possible.

I agree that free wires can be nice. CIT offers free, but they require $25K minimum balance to get free wires, which is disappointing, of course.
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4
midas89
  |     |   996 posts since 2017
Ha, hi Sly. :) I agree with you 100%. Pi not allowing people the option to ACH their money out before such a major change is implemented is quite terrible. They should be renamed PoisonPiBank.
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4
HurryUp
  |     |   16 posts since 2023
I have scheduled an ACH withdrawal of $250,000 from Pibank initiated from an external bank. I have used this external bank's ACH platform six times in the past to pull funds from Pibank without a hitch. Ideally, Pibank won't begin playing games with ACH transfers before April 14. Pibank has a janky vibe, and as another reviewer put it, its customer service seems staffed by children in a boiler room operation.
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18
NYCnative
  |     |   15 posts since 2018
I recently wired some funds out of PiBank. I called and CSR set up a Skype videocall for later in the day. During the recorded Skype, I verified my identity with dirver's license, confirmed the wiring info, and funds were deposited into the externalacct the same day. It was fairly seamless. I only had to pay the incoming wire fee.
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3
HurryUp
  |     |   16 posts since 2023
Successfully emptied my Pibank account except for a penny. I used external banks' ACH platforms to pull the funds ($250,000 + interest) from Pibank.

I left a penny in the account because if you close it before the next interest payment then you lose any accrued interest. Once I receive the accrued interest, I'll wire it out that day and then close the account.
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15

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