cdancer20 said: Argyll said: clutchcargo777 said: Argyll said: clutchcargo777 said: uscfsmitty said: LearningCurve said: If you go to Alliant's website, you will find no mention of shared branching anywhere (they do participate in the shared ATM networks, though). But like someone else (and I) said, they will make arrangements for you to use it as a courtesy in special circumstances, but you have to call in first. They will then "open" your account (that's their terminology) to the network to allow a transaction. I have gone through this process, so I know it's true.
This is just simply not what happened in my experience. I went to my local CU and asked and they said they sure do. You give them youmember number and they will pull up you account. No call to Alliant is needed.
This is actually a little scary. It's scary that you have to use your account number to do a transaction at a financial institution?
Its scary if they can pull up your account and do whatever, I assumed with your account number they could do certain blind transactions. Not poke around in your account. With all the CU's out there, it concerns me they all have access to my account.
Walking into a shared branch is like walking into your own credit union. It's essentially no different than using an ATM.
Like all banking institutions, they have access to your account to carry out transactions authorized by you.
This! It's like their all part of one big umbrella bank. No different than walking into a Bank of America in California when you opened the account in Florida. They would have the same level of access as your own bank (Alliant) does and should be trusted at the same level.
I think everyone is missing what I'm saying. I always assumed there was some mechanism to blindly (to the teller at least) conducted some limited transactions. Not that every CU that is part of shared branching can log in and do anything the host CU can do. That would make any CU breach a breach of just about every CU.
there is indication Alliant is scrambling to upgrade its ACH service to same-day service. The item does not say whether of not there will be a charge for the same-day ACH service they contemplate.
I'm perfectly happy with free next-day ACH service. I do not want to be forced to pay for Alliant ACH service because they upgrade to same-day service.
Course if they decide to offer same-day ACH service as an option for a small fee, while retaining the existing free next-day ACH service, that would be fine with me. Likewise, if they decide to offer same-day ACH service for free . . . well . . . that's fine. I hardly think it is necessary, though.
I just read the article on your link...sounds to me that Alliant is saying that it will be free...otherwise i don't think she would have referenced that when talking about gearing up for same day ach service...I would take a wait and see attitude and suggest no one complains about it because that would be making an ASSUMPTION that they plan on charging for it and it sounds to me like they have no intention to do so....
“We don’t see this as a challenge because our process is already super fast, faster than most financial institutions. Plus, all Alliant ACH transfers are free. We’re also anticipating that our members will want to initiate Same-day ACH from their Alliant accounts as well, so we’re working swiftly to provide that capability in 2017,” says Dana Vas Nunes, senior manager of Deposit Products. “We’ve always been known for super fast ACH transfers, but other banks’ processes can slow things down – regardless of how fast we can process them. We want to help our members have the fastest possible access to their funds as part of our ‘members first’ service philosophy.
Yes, of course free ACH is just fine . . . either overnight or same day. I do have a further thought on "same day":
At present, to achieve next day crediting, we must submit our ACH requests prior to noon CT. Were they to institute "same day" ACH service with the same cutoff, I see an advantage for members like myself who do not mind overnight crediting. The advantage is de facto extension of the current cutoff time . . . and that's not a small benefit. Said another way via example:
If I can submit an Alliant ACH service request at, let's say, 4:00pm CT and have the funds there the next day, that is a service upgrade in my view . . and a really good one.
More than once I have been trapped on a Thursday afternoon, having missed the noon CT deadline, knowing my funds will not be credited until the following Monday. It will be a help, and a pleasure, if such as that becomes a thing of the past.
I have been thinking about this Alliant same-day ACH thing a bit more. First, my excuse:
I operate on ET since I live in that time zone. So I sometimes fall prey to failure to consider other time zones. After all, a huge majority of Americans live in and operate in either the eastern or central time zones. Blah, blah . . end of excuses.
Thing is, tens of millions of Americans also live in the Pacific time zone. For Alliant members on PT, and also to a lesser extent for those members on MT, this contemplated change to "same day" ACH is a wonderful thing. Consider: If you're in Fresno or Eugene or any other venue on PT, your cutoff time today for Alliant ACH is (OMG!) 10:00 AM local time. I would not be able to live with that. I just take for granted my 1:00 PM ET cutoff and often use every minute of my very generous allocation.
This goes back to overnight ACH being OK. For folks on PT (and MT), "same day" ACH will effectively grant them overnight ACH service with a manifestly improved cutoff time . . . instead of the tight restriction they face now. For western Alliant members, "same day" ACH is gonna be a great thing. It will provide them the same high level of overnight service I've always just taken for granted . . . . better even.
I always found Alliant's Noon CT cut off for ACH pretty arbitrary. I don't know why they don't let it run latter. Back in the day (2005/2006) GMAC Bank (now Ally), had it's own in house ACH system that did next day ACH as late as 5pm ET. I've had similar with PayPal, where I've gotten a payment late in the day and done a transfer after hours (because I never keep cash in PayPal) and had it show up the next day at Alliant no problem. Does anyone know that the absolute cut off time for a bank to initiate an ACH transfer with the current system?
I e-mailed Alliant about it for more information and received a pretty informative reply:
We will be implementing incoming same day ACHs this year. This is a new option and does not replace our current ACH option. The member will have to initiate the ACH from another Financial institution, not from Alliant. They may have to pay a fee – that’s up to the other FI, not Alliant. We will not charge a fee for these inbound same day ACH transfers.
We do not yet have the timing for the Alliant-originated (outgoing) same day ACH but it will likely be late next year. It will be an additional service option for members; we will keep our current ACH option. We will be communicating information about Same Day ACH to members – including cutoff times –hopefully in Q4.
This is not from Alliant but i found this on a website which had an article and they mentioned the Timeline regarding Same Day ACH being phased in:
TIMELINE: Same Day ACH will be rolled out in three phases as follows:
Phase 1 – Sept. 23, 2016: ACH credits only (i.e. outbound payments being pushed to recipients) – two new windows, 1:00 p.m. EST and 5:00 p.m. EST with the 5:00 p.m. settlement time enforced. Funds availability is 5:00 p.m. receiving bank’s local time.
Phase 2 – Sept. 15, 2017: ACH debits (i.e. pulling funds from payers’ bank accounts) is added.
Phase 3 – March 16, 2018: the additional settlement time of 1:00 p.m. EST is enforced (with 5:00 p.m. EST settlement time option still remaining, of course).
Very good and helpful post, craig10x Thank you. That is certainly interesting stuff!
For me, retention of the existing free option is the key takeaway. They can add whatever they wish ACH-wise provided they take nothing away. If they want to add new ACH options . . well . . nobody is going to find that objectionable. And if the new ACH options help some members: great!
It is nice to have a heads up on this stuff. I did not know new Alliant ACH options were upcoming so soon.
Yes, Shinobi1... and you are very welcome...actually, new regulations require all banks and credit unions to have this option, in accordance with the phase in time line that i have in my previous post here... I did some research on this today...
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