Presidential Bank's Innovative transfer service

additive said: great idea.., I am looking into my junk email box.. maybe someone is sending me funds.
There's someone in Nigeria who represents a relative of yours, I heard a relative died and left you a lot of money.

Paste these words into an email, send them to 10 friends.

"Pay to the order of <your name here>, *****$10,000"

"Drawn on and guarenteed by Presidential Bank and Howard Clark or Clark Howard"

montee4 said: adityanm said: Presidential bank has just implemented a transfer service through which you can not only transfer funds to your own account at other banks by ACH but also send funds to any one else by email. It beats not only other banks but also paypal.

The cost on this is $3.50 per transfer email payment. Depending on the amount being sent, since paypal is a %, it might be more advantageous to use them.
Plus paypal lets you use CC as a source. Email payments are limited to $500 per day and $1000 per month.

everyone who has an account with them, email them and b***h about the fees and point out other such accounts with higher APYs that offer this free. i've already done so.

adityanm said: Presidential bank has just implemented a transfer service through which you can not only transfer funds to your own account at other banks by ACH but also send funds to any one else by email. It beats not only other banks but also paypal.

Email? That's seems rather strange. How does this work?

How disappointing! And I've been waiting for this. I don't think anyone will use the service for anything worse than free.

Clocks said: Meadows Credit Union has had this for years, and it is free to use. but how does your recipient "claim" the money you email to them?? I presume they must ALSO be Meadows CU members??

they said its FREE at Meadows, read what I quoted

My credit union's been doing this for a few years now, although I personally haven't tried making a payment using an email address. I vaguely remember getting details on how it works when they first implemented it, but I don't remember the details well. From what I remember I think the person receives an email with a link that they use to enter the details of the account where they want the money to be deposited.

SUCKISSTAPLES said: Austerville said: . From what I remember I think the person receives an email with a link that they use to enter the details of the account where they want the money to be deposited.eww, an email asking for banking info is viewed as fraud by most ppl, too bad i thought this could be a paypal alternative

I agree, but like I said my memory's pretty vague on the details, so I could be confusing it with something else. There are other services like this that function like Paypal, but they require that both sender and receiver have an account with that institution. Here's a link from ScotiaBank with details on how they do it.

FriendlyPeon said: "innovative", as it really isn't.

I still think it is innovative even though on second thought it is not so cost effective.
The email portion is different from others in that you create your own code which you tell the recipient preferably by telephone (their suggestion) so that there is very little chance of fraud.
Once the email recipient verifies the code he can withdraw the funds to his account without him telling his own account number to you.

I have Meadows account, but have not used this feature.
here is what I've learned from help pages:


daily limit for payments is $500 and monthly is $1000

FAQ:
Q: To whom can I send payments?
A: You can send payments to anyone who has email and a checking, savings and a money market account.

Q: Do the people I'm sending funds to have to verify their accounts with these procedures?
A: No. Receiving funds is a much easier process. Anyone you send money to will be able to deposit that payment into the savings, checking, and/or money market account of their choice, by following the procedures outlined below. People receiving payments via this service for the first time have to complete a quick, one-time registration procedure.

Q: What happens if the recipient doesn't collect the funds within 30-day period?
A: The Payments payment will be automatically cancelled and the funds will be returned to the account of origin. You will receive an email notification that this has occurred, and the status column for this transaction on your Overview and History screens will change from "Awaiting Collection" to "Funds Returned."

mumimi said: I don't understand why Presidents and Paypal offer ACH that takes three biz days. most other banks credit your money in one biz days.
Most? It seems like with the exception of Amboy, Emigrant and maybe GMAC, most banks I've dealt with do 3-4 day transfers.

How to make a "premium transfer"?

after 6 full days... and 4 days after my money was debited from other account.. this morning my transfer showed up in Presidential...

never again!