Cashedge now limiting number of funds transfer accounts, but grandfathering ones previously added

Many of us have interbank funds transfer capability through the Cashedge system. Many financial institutions, large and small, contract out their funds transfers through this vendor.

Until recently, most FIs banks working with Cashedge did not limit the number of accounts you could add to your cashedge profile. This became something of a standing joke at FWF for awhile, because the "trial deposits" cashedge uses at many FIs would let users harvest .50-$1 or so in profit for each account they added.

Well, long story short is that over the last few months, Cashedge has clamped down hard on the number of accounts they allow each client. At Citibank and First Internet Bank, for example, we've been told this week that the new maximum number is five external accounts. At FIBI.com , we had upwards of thirty. None of the transfer accounts already added before this change are being disabled. However, in order to add a new account, we have delete all but four, so that one slot for a new account becomes available.

Based on this, here's what I would suggest for cashedge users:

1. If you are still able to add an unlimited number of accounts to your Cashedge profile, and have been putting off adding external accounts your profile, ADD THEM NOW. Your ability to add more accounts may be curtailed at any time, but once they have been successfully added, you should be safe.

2. Don't delete any accounts from your Cashedge profile unless you're sure you won't need funds transfer capability with that account again. Once gone, you will likely not get them back unles you delete other accounts you want to keep in the profile.

3. Remember that your bank, at its discretion, may make an exception request of Cashedge. I just spoke with Citibank tech support about adding a CU to my profile. They said that they'd send a request to Cashedge, and once approved I should be able to add the new account. I'll report back to this thread once I know whether it works.

Just went to add one at Citibank, got this message:

Citibank said: We cannot add your account for Inter Institution Transfers (IIT).
You have already added the maximum number of accounts for Inter Institution Transfers (IIT).

To add this account, you'll need to call Customer Service at 1-800-374-9700 (Text Telephone 1-800-788-0002)

bksavings, that's the same message I got at citibank before calling that same number. Ccrzhh, that makes sense, since IIRC Presidential also uses Cashedge.

Does this limit refer to five external accouts for each FI that you have local accounts with, or is it five total external accounts among all the FI's that you have local accounts with (that use Cashedge?)

I tried not to make this a tongue twister.

does anyone know what Ally uses?

PerkGetter said: Does this limit refer to five external accouts for each FI that you have local accounts with That's it. It isn't something like 5 accounts total per SSN or anything like that.

BayAreaGuy (or anyone), is there a already discussion or thread you like on Yodlee funds transfer?

Right Now Yodlee FundsTransfer on MoneyCenter.Yodlee.com is only available to employees and pilot users... we expect to open it up more generally mid-late October/Early November... to consumers in about 30 states. You can use our services at some of our clients such as Scottrade, Union Federal Savings Bank (http://unionfsb.com/), M&T Bank, FirstCitizens and others.

HTH

P

SVP Products Yodlee Inc.

Why didn't they just go with clawbacks rather than a limit on the number of accounts?

What folks are going to end up doing is constantly deleting and adding accounts so as to have the ones that they need available for transfers.

sechs said: Why didn't they just go with clawbacks rather than a limit on the number of accounts?

What folks are going to end up doing is constantly deleting and adding accounts so as to have the ones that they need available for transfers.I would be very reluctant to do something that could be construed (reasonably or unreasonably) as circumventing their restrictions. (Or at least let someone else try it out first.) I seem to remember a thread from a long time ago about people getting blacklisted for life from Cashedge and there being nothing that they or their banks could do about it. Just as there was originally no official rule against using the Teen Discover card for ATM withdrawals, the existence of a loophole doesn't mean that a financial institution will put up with gaming their system.

tripleB said: I think that anyone who uses any linking service should immediately link all accounts they may ever want. Cashedge may just be a beginning to this reduction.

I know that one of my banks, I believe it's USAA, recently changed procedure to require mailing a physical PIN to your address for each account. I was glad I had all my accounts added already.

Wow, makes me glad I have entered my important accounts at USAA already as well. As it is, they are annoying with the 5k max for current and future transfers.

Bump.

I just wanted to prevent this thread from being archived because people are reporting similar problems in other threads.