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Does anyone provide an automatic ACH transfer tool?

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rated:
I'm wondering if there are any transfer tools which will (like mint.com) have access to all of my account balances, but will also transfer money between external accounts, preferably initiated based on rules.

The simplest (and most obvious) example would be, when the checking account balance at bank A is above $11k, transfer the amount over $10k to the savings account at bank B. And when the checking account balance at bank A is less than $9, transfer the amount under $10k from the savings account balance at bank B.

Ideas?

Chris.

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rated:
I can set monthly automatic transfers from Wells Fargo to bank B for a set dollar amount on a given day each month like a bill pay, but handled by ACH/DD.
I did read your want, but am not aware of such a possibility.

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Each bank ... sorta...gives one for free.

I wonder how mint used to get away from having that much access into your account.

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I've never heard of anything like this.

Why would you want to do something like this? Is the balance in A unpredictable? Why can't you just do manual monthly transfers from B to A for whatever amount is needed for the next month?

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Sounds more like OP needs Overdraft protection at his primary bank.

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scripta said:   I've never heard of anything like this.

Why would you want to do something like this? Is the balance in A unpredictable? Why can't you just do manual monthly transfers from B to A for whatever amount is needed for the next month?

I can see why someone would want to always maintain an amount over $10K and under $11K in a particular checking account. It doesn't sound like this can be done through automated transfers. Also, since account B is a savings account, only six electronic transfers out of it can be made each month. I might see how a bank could offer this service, hypothetically, if the two accounts were both checking accounts. But they don't want to run the risk of getting themselves in trouble for allowing more than six pulls from a savings account in a month.

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The Clarity Money app lets you transfer money between external accounts but it's not rules-based.

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I suspect OP wants to maximize interest at a rewards checking account and an bank like Discover with high-interest savings.

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lonestarguy said:   I suspect OP wants to maximize interest at a rewards checking account and an bank like Discover with high-interest savings.

Right. I've got $10k in my GLCU checking making 3%, $10k in my Northpointe checking making 5%, and the rest of my savings in CIT making 1.35%. So I want to optimize the RCA's to have almost exactly $10k and everything else in the savings account. It's not so much that the flows aren't predictable, it's more that it's another thing to think about and take up my time. I have 45 credit card autopays per month, plus other autodraws like life insurance, water bill, etc. Inflows are more predictable for the most part, like paychecks. But there are some surprises, like reimbursement from my FSA account, deposits from shopping portals, survey payments, rewards redemptions, tax refunds, etc. And in fact, it's more complicated than that in that I have numerous other checking and savings accounts for specific situations. For example, rewards redeemed from USBank cards have to go into a USBank account, so I'll want to move them from there as soon as they post. Every quarter I get $90 and DW gets $30 in our BofA checking accounts for our BBR cards, and additional deposits from time to time for BankAmeriDeals. Several times a month, I do a quick check of balances and plot known inflows and outflows in the few weeks and set up some transfers accordingly. I try not to dwell on it too long, but it does take some time. And in fact, I'll probably still do that, but it would be nice to have something automatic that will "clean up" after me if I fall behind or mess up, or if there's just a surprise.

Chris.

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I posit that perhaps you are wasting your time. What if your checking accounts have an extra $5000 earning zero percent. The opportunity cost on that is $67 per year, or $5 per month. If you spend $5/month worth of your time dealing with this, it's totally wasted effort (net gain of zero). If you spend $60 worth of your time to set up automated transfers, it will likely need to be redone a year later, and again your effort nets zero, but this time you have a potential risk of the automated rules messing up your accounts (or intentionally stealing from them). Just leave the accounts with extra money and stop worrying about it
/2

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I plot known inflows and outflows for the year. It doesn't take long to set up, because there are really just monthly, semi-annual, and annual bills. Save those as a template, change some dates, do some copy+paste, sort by date, drag some formulas down and across, done! .

But I also don't mess with RCAs. Using Northpointe as an example, the extra ~$30/mo (before tax) minus the (cost-value) of 15 debit transactions/mo is not worth the hassle. With GLCU it's $13.75/mo (before tax) minus 10 debit transactions. BBR is a similar waste of time. I'm guessing you're not actually physically making those transactions and are just buying small GCs or donating a buck to a bunch of charities automagically, right? I could never justify any of this even with full automation.

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scripta said:   I plot known inflows and outflows for the year. It doesn't take long to set up, because there are really just monthly, semi-annual, and annual bills. Save those as a template, change some dates, do some copy+paste, sort by date, drag some formulas down and across, done! .

But I also don't mess with RCAs. Using Northpointe as an example, the extra ~$30/mo (before tax) minus the (cost-value) of 15 debit transactions/mo is not worth the hassle. With GLCU it's $13.75/mo (before tax) minus 10 debit transactions. BBR is a similar waste of time. I'm guessing you're not actually physically making those transactions and are just buying small GCs or donating a buck to a bunch of charities automagically, right? I could never justify any of this even with full automation.


Thank you for reminding me that rewards checking accounts aren't worth the hassle. I like to see actual numbers like this every once and a while so I can actually get a handle on what it is I'm "missing" out on. Better Balance Rewards, on the other hand, is not a waste of time for me. I put my gym membership on it and I know those jerks will never forget to charge me lol. Since BOA is my main account, that's the only card I have that is truly 100% auto-pilot (charges, payments, rewards).

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I think of the RCAs as getting paid to swipe debit. The excess interest ends up being $3/debit swipe or so, then I decide if I want to fool with it. Typically, no.

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