Limits Fees Unwithdrawn
Bank/FI # Linked Min Max Out In Trial Dep Days Notes
Bank of America ? $10 ? $3 $0 Y ?
Charles Schwab - $0 ? $0 $0 Y ?
Chase ? $0 ? $3 $0 N ?
GMAC - $0 ? $0 $0 Y 1
ING Direct ? $0 ? $0 $0 Y ?
Key Bank - ? ? $0 $0 Y ?
M&T - $0 ? $0 $0 Y ?
PayPal ? $0 ? $0 $0 Y ? $25 min for recurring transfers
TD Ameritrade 5 $0 ? $0 $0 ? ?
Wachovia ? $10 ? $3 $0 N ?
WaMu 5 $1 ? $0 $0 N ?
ThePessimist said: If someone does assemble a list, it'd be great if it also listed how long it takes to do push and pull for each bank. Agreed. That's the most important info for me actually.
I also would suggest putting the list in the Quick Summary so it can be updated.
sushiosushi
Senior Member - 2K
posted: Apr. 28, 2009 @ 5:27p
I'm not sure why you need a 'account type' column. For example, Wachovia's checking and savings both offer the same ACH services except for the restrictions that apply to all savings accounts regarding number of transactions per month.
beethovengirl said: ThePessimist said: If someone does assemble a list, it'd be great if it also listed how long it takes to do push and pull for each bank. Agreed. That's the most important info for me actually.
I also would suggest putting the list in the Quick Summary so it can be updated.
sushiosushi said: I'm not sure why you need a 'account type' column. For example, Wachovia's checking and savings both offer the same ACH services except for the restrictions that apply to all savings accounts regarding number of transactions per month.Well, there are differences in some cases. Chase for instance has fee-free transfers for their Premier Platinum accounts, but there's a $3 fee for the basic account. Would you prefer to leave out the account type and have people annotate in the "Notes" column?
I'm happy to put the table in the QuickSummary and I'm open to suggestions about what columns of info to add. It'd be great if people could fill in info for whatever they know. Let's finalize the organization and then I'll copy the table to the QS.
NorthStar2020 said: Citibank is also pretty liberal. 0 in, 0 out for transfers and no minimum required to maintain.The "minimum amount" is minimum amount required to transfer, not to maintain the account.
GeneralSnoopy
Member
posted: Apr. 28, 2009 @ 8:34p
You should also have a column for maximum - either per transaction, per day, per month. Some banks are very restrictive.
ANightShopper said: For the trial deposits please indicate if pulled back. That's what "unwithdrawn" means (or the opposite of pulled back). Some banks don't even have trial deposits, so I put it as unwithdrawn for banks that do trial deposits and don't withdraw them.
mttatkns
Thrifty Member
posted: Apr. 28, 2009 @ 10:03p
We need definitions of each metric so that values will be accurate and comparisons may be made. For example, the "days" column is ambiguous. It could be used to either denote the number of days of lost interest, the number of days before the transfered funds are available at the destination bank, or the number of days between placing a transfer request and receiving the funds in the destination account. Each of these would yield different numbers. Here are some examples: CNBBankDirect will not allow you to complete a same-day transfer, but the funds arrive in the destination account the same day they are withdrawn from the source account, so there is no lost interest. I've listed this as 0 in the chart but if your definition is time between scheduling the transfer and receiving the funds, that would be inaccurate. Similarly, WaMu only offers transfers on certain days of the week, which means it may be 2-3 days between the time the transfer is scheduled and initiated.
mttatkns said: We need definitions of each metric so that values will be accurate and comparisons may be made. For example, the "days" column is ambiguous. It could be used to either denote the number of days of lost interest, the number of days before the transfered funds are available at the destination bank, or the number of days between placing a transfer request and receiving the funds in the destination account. Each of these would yield different numbers. Here are some examples: CNBBankDirect will not allow you to complete a same-day transfer, but the funds arrive in the destination account the same day they are withdrawn from the source account, so there is no lost interest. I've listed this as 0 in the chart but if your definition is time between scheduling the transfer and receiving the funds, that would be inaccurate. Similarly, WaMu only offers transfers on certain days of the week, which means it may be 2-3 days between the time the transfer is scheduled and initiated.Good point. What should we do? Some banks say they take 3 business days but they debit on day 1 and deposit on day 3. How many days is that? How should we clarify this?
mttatkns
Thrifty Member
posted: Apr. 28, 2009 @ 11:04p
SegaRob said: mttatkns said: We need definitions of each metric so that values will be accurate and comparisons may be made. For example, the "days" column is ambiguous. It could be used to either denote the number of days of lost interest, the number of days before the transfered funds are available at the destination bank, or the number of days between placing a transfer request and receiving the funds in the destination account. Each of these would yield different numbers. Here are some examples: CNBBankDirect will not allow you to complete a same-day transfer, but the funds arrive in the destination account the same day they are withdrawn from the source account, so there is no lost interest. I've listed this as 0 in the chart but if your definition is time between scheduling the transfer and receiving the funds, that would be inaccurate. Similarly, WaMu only offers transfers on certain days of the week, which means it may be 2-3 days between the time the transfer is scheduled and initiated.Good point. What should we do? Some banks say they take 3 business days but they debit on day 1 and deposit on day 3. How many days is that? How should we clarify this?Well, we can have multiple columns (e.g. business days from scheduling immediate transfer to receiving funds in recipient account, business days of lost interest, length of hold after transfer), or you can pick one that best encapsulates your intent. It's your thread so you get to make the decision
mttatkns said: SegaRob said: mttatkns said: We need definitions of each metric so that values will be accurate and comparisons may be made. For example, the "days" column is ambiguous. It could be used to either denote the number of days of lost interest, the number of days before the transfered funds are available at the destination bank, or the number of days between placing a transfer request and receiving the funds in the destination account. Each of these would yield different numbers. Here are some examples: CNBBankDirect will not allow you to complete a same-day transfer, but the funds arrive in the destination account the same day they are withdrawn from the source account, so there is no lost interest. I've listed this as 0 in the chart but if your definition is time between scheduling the transfer and receiving the funds, that would be inaccurate. Similarly, WaMu only offers transfers on certain days of the week, which means it may be 2-3 days between the time the transfer is scheduled and initiated.Good point. What should we do? Some banks say they take 3 business days but they debit on day 1 and deposit on day 3. How many days is that? How should we clarify this?Well, we can have multiple columns (e.g. business days from scheduling immediate transfer to receiving funds in recipient account, business days of lost interest, length of hold after transfer), or you can pick one that best encapsulates your intent. It's your thread so you get to make the decision The number of days doesn't really matter to me for my purposes. But somebody suggested it so I added it in for completeness.
Otterley
Member
posted: Apr. 29, 2009 @ 12:28a
I've alerted the mods, requesting this thread be made sticky. Please join me!
SegaRob said: ANightShopper said: For the trial deposits please indicate if pulled back. That's what "unwithdrawn" means (or the opposite of pulled back). Some banks don't even have trial deposits, so I put it as unwithdrawn for banks that do trial deposits and don't withdraw them.Oh, I noticed that extra line now. Thanks a lot. It would probable easier to encode the letters in the coloumn themselves as? for example, UW - for unwithdrawn, W - for withdrawn, N - service not offered.
ThePessimist
Ancient Member
posted: Apr. 29, 2009 @ 6:57a
I just did a major reformatting of the table. The biggest change is that I added columns for "post days" and "debit days" for both incoming and outgoing transfers. "Debit days" indicates how many days it is between when you request a transaction and the funds are debited from the source account. Similarly, "Post days" indicates how many days it takes between requesting a transaction and seeing the funds post to the destination account. The difference between these is the amount of lost (or, rarely, gained) interest.
billrubin said: HSBC pulls back the trial deposit. I just added a new account last night and they told me to watch for the credit as well as debit.I've updated it per your comment.
Well, they specifically say they withdraw it so either they are lying or there was some glitch that they didn't take them back for you. I setup a trial deposit with them today so if I get the same result as you, I'll change it back.
johnnybs said: SegaRob said: Someone changed Wachovia to keep trial dep, but they withdraw it so I changed it back.
Wachovia didn't take back my trial deposit when I linked an external account to my already opened account.I just confirmed that they DO withdraw the trial deposit like they say they do. It must have been a glitch for you or something.
FNBO push minimum $10. Don't know how much $ for 'pull' require.
tvholic
Member
posted: May. 4, 2009 @ 12:57p
Fidelity does have a $100K limit for transfers initiated on their web site, but if you call up and talk to a customer service representative they can set up a transfer for a lot more than that. Last time I checked it was $500K per transaction, and they can do multiple transactions to get past even that limit.
ThePessimist said: I just did a major reformatting of the table. The biggest change is that I added columns for "post days" and "debit days" for both incoming and outgoing transfers. "Debit days" indicates how many days it is between when you request a transaction and the funds are debited from the source account. Similarly, "Post days" indicates how many days it takes between requesting a transaction and seeing the funds post to the destination account. The difference between these is the amount of lost (or, rarely, gained) interest.There's still an ambiguity about the post date. Are we counting when the transaction appears in the account or when the funds become available? I think the latter is more useful, but the former is easier to track and document.
The one thing I hate about ING and their ACH set up, is that it doesn't show scheduled pull/push at all. Unless, I've miserably failed to see this feature on their website?
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