Does your bank charge fees for personal ACH transfers to other banks?

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teelainen
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Does your bank charge fees for personal ACH transfers to other banks?

Post by teelainen » Thu Jul 25, 2019 11:20 am

For example, if you transfer money to/from your checking account to another bank (i.e., some other online high-yield savings account), does your bank charge you any fees?

My bank just notified me this morning that they will start charging a $3 fee for personal ACH transfers to other banks.

Is this normal?

foamypirate
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by foamypirate » Thu Jul 25, 2019 11:24 am

No charges at my local credit union. I transfer my car payment via ACH every month from another local credit union. I know those aren't banks, but it's what I've got. :D

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MikeWillRetire
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by MikeWillRetire » Thu Jul 25, 2019 11:28 am

Yes, my bank charges $3.

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fortfun
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by fortfun » Thu Jul 25, 2019 11:30 am

teelainen wrote:
Thu Jul 25, 2019 11:20 am
For example, if you transfer money to/from your checking account to another bank (i.e., some other online high-yield savings account), does your bank charge you any fees?

My bank just notified me this morning that they will start charging a $3 fee for personal ACH transfers to other banks.

Is this normal?
Not that I'm aware of but now I want to double check. Ally to Charles Schwab and back. Mostly to get reimbursed on international ATM fees (using CS).

DaftInvestor
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by DaftInvestor » Thu Jul 25, 2019 11:32 am

Not for me. You should switch banks.

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fortfun
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by fortfun » Thu Jul 25, 2019 11:34 am

DaftInvestor wrote:
Thu Jul 25, 2019 11:32 am
Not for me. You should switch banks.
+1. (For the record, I like Ally.)

tommy85
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by tommy85 » Thu Jul 25, 2019 11:36 am

Not at my credit unions. I bank with 2 of them. like somebody else said it's not bank but credit union.

DetroitRick
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by DetroitRick » Thu Jul 25, 2019 11:44 am

None of the banks I use do, or have done so in recent memory. And I do at least 1 ACH transfer from each monthly.

The banks I use, where I know they are not currently charging: Chase, Flagstar, Barclays, Schwab Bank and a small credit union. In this low interest environment, I would likely pull the plug on any bank that started charging.

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by Jack FFR1846 » Thu Jul 25, 2019 11:46 am

I don't have a bank. My credit union doesn't even charge for wire transfers.

Sounds like Bank of America....aka "the Evil Empire". They love fees. Tack on new fees, increase old fees, make up fees on the fly. We have an aunt with B of A and are amazed what they charge for.
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HomeStretch
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by HomeStretch » Thu Jul 25, 2019 12:02 pm

No fees at my bank for domestic ACH or wire transfers in or out.

JDDS
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by JDDS » Thu Jul 25, 2019 12:06 pm

Using ACH for the bank or credit union on your behalf costs them something for sure. However, unless you are being compensated in some other way, say with a great interest rate from them, I would expect ACH to be included, i.e. no fee.

batpot
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by batpot » Thu Jul 25, 2019 12:08 pm

My credit union used to charge $3 for a 1 day transfer, and 3 day transfers were free.

Now 1 day transfers are free, but they still offer both options. :confused

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by whodidntante » Thu Jul 25, 2019 12:09 pm

Yes, some banks do charge to initiate ACH transfers. You can get around it by pushing/pulling from an outside account that does not charge for it. My credit union even charges for bill payment, even though most payees can accept payment through ACH. They also gave me a coupon book for my mortgage and they insist on sending me a letter when I make a mortgage payment and do not have the ability to stop. They are a little behind the times.

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by 02nz » Thu Jul 25, 2019 12:11 pm

Agree you need to switch banks. I've used several (USAA, Wells Fargo, Chase, BoA, PNC, Citi ...), can't recall that a single one of them has ever charged for an outbound ACH transfer - and I watch those fees like a hawk.

MrJones
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by MrJones » Thu Jul 25, 2019 12:14 pm

DaftInvestor wrote:
Thu Jul 25, 2019 11:32 am
Not for me. You should switch banks.
+1. Pick a bank that doesn't have a nickel-and-diming philosophy. ACHs cost a bank *way* less than paper checks, FYI. Ally is a good option.

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by mptfan » Thu Jul 25, 2019 1:52 pm

DaftInvestor wrote:
Thu Jul 25, 2019 11:32 am
Not for me. You should switch banks.
Not for me either, and I agree you should switch banks. (It smells like you have Bank of America)

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nisiprius
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by nisiprius » Thu Jul 25, 2019 2:32 pm

No, but as with so many other things, if one bank does it and gets away with it, all the others will probably follow suit.

I was disgusted a couple of days ago to find that the Data & Marketing Association (formerly the Direct Marketing Association, formerly the Direct Mail Marketing Association, i.e. the industry association for junk mail) now charges you $2 to be put on their "no mail" list.
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by oldcomputerguy » Thu Jul 25, 2019 2:47 pm

I've done transfers from investment accounts to my brick-and-mortar checking account, and some transfers between my checking account and my savings account at Ally (in both directions), and neither Ally nor my brick-and-mortar bank charged any fees in any of those instances.
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by Ron » Thu Jul 25, 2019 2:56 pm

whodidntante wrote:
Thu Jul 25, 2019 12:09 pm
Yes, some banks do charge to initiate ACH transfers. You can get around it by pushing/pulling from an outside account that does not charge for it. My credit union even charges for bill payment, even though most payees can accept payment through ACH.
Exactly; initiate the request from the receiving institution side (pull). I do the same thing with my C.U. and BB&T accounts, where either charge a fee if I do a push from their side.

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by H-Town » Thu Jul 25, 2019 3:03 pm

teelainen wrote:
Thu Jul 25, 2019 11:20 am
For example, if you transfer money to/from your checking account to another bank (i.e., some other online high-yield savings account), does your bank charge you any fees?

My bank just notified me this morning that they will start charging a $3 fee for personal ACH transfers to other banks.

Is this normal?
See the list here:
https://www.mybanktracker.com/checking/ ... ees-290332

You should switch bank.. and take bonus offer as well.

Charging fee for ACH is stupid... Penny wise and pound foolish.

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anon_investor
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by anon_investor » Thu Jul 25, 2019 4:00 pm

I have never had to pay such a fee with any bank I have ever had (brick & mortar OR online only)!

I would switch banks immediately!

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by tomd37 » Thu Jul 25, 2019 4:16 pm

I have banked with Navy Federal CU since 1961 and have never paid a fee to transfer money to another financial institution. That said, a year ago I established an online account with Synchrony Bank out of Atlanta and have moved money back and forth by both "pushing" and "pulling" methods with no charges by either institution. It took three business days to complete these ACH transfers and that was fine by me. If timing was a concern I planned the move taking the timing into consideration. :moneybag
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by Sandtrap » Thu Jul 25, 2019 4:26 pm

None
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by jabberwockOG » Thu Jul 25, 2019 4:31 pm

Change banks immediately. None of the 3 financial companies I have accounts charge any fees to transfer money.

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by Broken Man 1999 » Thu Jul 25, 2019 4:50 pm

No ACH fees from my "bank", though, I use credit unions as my "bank". I haven't had any connection to traditional B&M banks for decades, save using their credit cards, and a safe deposit box. And, presently my credit union provides my safe deposit box.

To be sure, in today's environment, my credit union has been busily tacking on fees, and cutting services. I have been a member of my credit union since August, 1973. They no longer provide notary service unless they are notarizing one of their forms. So I pay UPS a small fee for notary services, an institution I have no relationship with, but they gladly notarize my papers. I don't even unload from our van, a UPS person comes out, and we are in and out of the parking lot in no time. The refusal of my credit union to provide such a basic service for long-term members aggravates me, though.

As well, DW and I would have had to pay $4.95/month to keep our joint account open. We can only have one free checking account for each of us. For them to be free of the $4.95/month we have to have electronic statements, and a direct deposit of at least $500/month. Not hard to do. So, for now our checking accounts are free. No great loss of the joint account. I was the only one putting money in, anyway. :annoyed

Point is, some members of the banking industry are sucking for earnings, so I think more services will be cut, and more fees will lard the services received even more.

OP, as already noted by others, you have a wide range of opportunities to avoid ACH fees. The fee isn't universal, yet.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go. " -Mark Twain

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Ricchan
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by Ricchan » Thu Jul 25, 2019 5:49 pm

In the past I've used 7 online banks and 5 banks with local branches. None of them charged fees for ACH.

megabad
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by megabad » Thu Jul 25, 2019 6:08 pm

Never heard of this. I guess you should just pull the money from the other institution as suggested. An ACH is a purely electronic mechanism over Fed infrastructure that is antique. The cost can't be more than 10 or 20 cents. This is what maybe 0.1% interest on a normal checking account? Seems like they could just choose to not pay interest or pay a little less and cover the cost many times over. The costs may add up if frequency increases, but the cost per use would drop as frequency increases. I don't get it.

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by latak215 » Thu Jul 25, 2019 6:40 pm

my bank wanted to slap $15 . We resumed to the good old way, but 2 months later we did not see any charge on an Ach transfer to vg for a large amount as the interest would offset $15 rather than wait for check clearance but, the bank did not charge any. May be they backed off based on customer feedback. As their costs are going up they will get us some how I am afraid.

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by JAZZISCOOL » Thu Jul 25, 2019 7:03 pm

I use a local credit union; no ACH charges.

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CAsage
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by CAsage » Thu Jul 25, 2019 10:59 pm

I would love to see the specifics of what exactly they determine is a personal ACH transfer. Bill Pay from checking? Transfer to another member (like my child) for allowance or sudden cash bailout? Paying bills via push? Pulls from credit cards or from Vanguard (effectively withdrawals).

And no, I don't pay a dime for any of this at Alliant. Nor would I ever accept that - costs are far less than the days we sent checks all over and the bank had to sort and mail them back to us every month!
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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by Nate79 » Fri Jul 26, 2019 5:48 am

Nope. Happy Schwab customer.

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by SoAnyway » Fri Jul 26, 2019 7:06 am

teelainen wrote:
Thu Jul 25, 2019 11:20 am
My bank just notified me this morning that they will start charging a $3 fee for personal ACH transfers to other banks.
Is this normal?
TLDR. OP, the way that the laws/regs governing financial institutions work - which I happen to know a *bit* about from my past career (but see my signature) - the short answer to your question is "yes". HOWEVER, there's a hack: Assuming you have a business relationship with both the institution that will be receiving the funds and the institution that will be sending the funds out, ALWAYS book the transfer through your account at the RECEIVING institution. It would be unusual for them to charge you a fee - let's face it: they WANT that money - and under the laws/regs., the sending institution MUST comply with the request. It would be unusual for a fee to be imposed by that sending institution if the request was instituted through the receiving institution; if one is, ditch that account.
Nothing in this post constitutes legal or medical advice. | Consult your attorney or physician to verify if/how anything stated might or might not be applicable to your specific situation.

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Re: Does your bank charge fees for personal ACH transfers to other banks?

Post by remomnyc » Fri Jul 26, 2019 7:09 am

I have checking accounts at 3 national B&M banks, savings at 2 internet banks, and 2 brokerage accounts, and none change ACH transfer fees to other banks or any other fees. You definitely need to switch banks.

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