shinobi, I have been with NBD for a while I can answer the ACH transfer question.
The funds that I ACH transferred out of Alliant into NBD are not on hold. But, I did ACH transfer pull from Alliant into NBD with a limit of $5K per day. There is a 5 day pending hold only on these funds.
So I made 3 ACH transfer of funds out of Alliant & those funds are immediately available to withdraw. The 5 day hold is on the transfer pulls. Does that make since?
Sure. I mean, I do not question that what you wrote is the truth. I was only reporting what the NBD representative told me. I have no personal experience yet, only having opened my account earlier today.
If you deal with Agriculture FCU here’s a few annoying things to be aware of. ACH limits are $2500 a day/$30000 a month. Wire’s theoretically are same day if sent before 2pm but they require 1 day’s notice for anything over $30000. Outgoing domestic wires will cost you $20.
I’d originally planned to keep this account open but after the hoops I’m going to have to go through I’ll probably just close it.
Wait until the next month rolls over. A lot of banks adjust rates along with the statement cycle, to avoid having to calculate multiple earning rates for partial statement periods. I’ll bet by the 4th of July we’ll have a number of accounts pushing the 2% barrier.
Good observation, glitch99. At least your observation agrees with my gut, however fallible my gut might be.
I wrote a post earlier and then cancelled it because it was too political. You make a political statement around here and it only leads to disagreements and bad feelings.
But look, interest rates are a function of, among other things, American economic activity. When the economy is humming there is a higher demand for money. Interest rates are the price of borrowed money. It’s supply and demand. When demand for money rises, so does the price (interest rate) provided the supply is not otherwise inflated (e.g., by the Fed). And right now the Fed is pulling in its horns just a bit (QE ended a while back).
Point is not all powerful political entities in the USA benefit when the economy is humming. A good and growing economy, right now beneath the present leadership, is BAD for the other side wanting to win an election this fall.
Ask yourself: how is the stock market doing? “Tariffs” you cry. Yeah, but it’s not all tariffs. The market was going sideways before the tariff issue came to the fore. There are forces out there not wanting to put America first. But America first is exactly what it takes for a booming American economy and higher interest rates… And right now Mexico (as just one example among many), and its millions of American allies in both political parties, is winning, America is losing big time, and interest rates are not where they should be. To wit:
Many people today are pointing to threat of an inverted yield curve. What is another way to look at that? I say it points to doubts about the near term (i.e., within five years) future. Borrowers (financial institutions) are not willing to commit to paying a high rate of interest over that time frame because they are uncertain today’s great economic expansion has legs. Why the uncertainty? See what I just wrote, above. When large numbers of Americans are embarrassed by American economic success and dominance in the world, well, “Houston we have a problem”. Those same people, who oppose putting America first, are acting in ways which could derail the current American economic boom. Borrowers, sadly, are well aware of this opposition.
I think today’s threatened inverted yield curve accurately reflects borrowers’ analysis of American economic circumstances at present. Specifically:
Right now, and for the near term going forward, things continue to look good. This merits paying more for borrowed money in the shorter run. But out beyond this fall’s elections there is uncertainty and doubt about where we are headed. And that circumstance does not mitigate in favor higher interest rates at, for example, five years.
Bottom line I view politics and interest rates as being inextricably linked. Same goes for politics and the stock market. It’s a fact of life in a country today so politically divided as we are.
shinibi, Northern Bank D, ACH pull of $5K on 6/14 cleared today & is included as available funds. So you’re right, 5 days for NBD pulls clearance. Otherwise other ACH transfers from outside clear immediately.
I don’t know about the 30 days you talked about in an earlier post.
Another data point: I pushed in money from Merrill Edge to NBD. It is available immediately.
30 days is another case of the bank covering themselves as it being a possibility, like everyone was getting bent out of shape over Popular Direct’s ‘warning’ a bit ago.
And with that, All America/Redneck Bank’s statements cycled last night, and today they’ve raised their Mega MM rate from 1.75% to 2%. Also goosed their RCAs a quarter percent to 2.5%, for that matter.
Made 4 daily $25K ACH transfers from Alliant that hit Northern starting 6/19 through today. My Northern account is still showing as getting 0.00% interest. Not only that, looks like they dropped the rate in this account to 1.51% So is everybody that got suckered into the 2.24% rate screwed? Why am I not getting interest for the last 3 days?
I believe I read somewhere that the interest rate will show only after the first statement is generated.
All our accounts will show 2.26 after the end of the monthly statement. I spoke to an agent a couple days ago. Like you I have made 4 $25K ACH transfers since NBD opening. I noticed that no interest was showing & she said I will see all that good interest after the end of the month.
True the interest on the site shows the rate dropped, but not for those of us that got our accounts before the cut off date.
Yes, you are correct. But the rate drop is not retroactive. Those who applied beneath the earlier special rate will receive that rate.
As for your 0.00% dilemma, I strongly urge you to contact the bank ASAP. Your indicated rate, IMO, should have elevated to the advertised rate the day after you had $5000 or more in your account.
OK I’ll wait for the next statement cycle.
Well, I lack your patience. So I called the bank. I mean I’m not gonna send Northern a bundle without being able to see the agreed upon rate.
But apparently, after speaking with them, that is the only available option. They do not show the rate properly. They do not offer a readout of your accrued interest. And you cannot telephone them and learn your accrued interest on a daily basis from a bank representative, which would allow you to check that you’re being paid at the proper rate. All of that, not until the end of the first statement cycle . . . . which for this bank for some reason is magical.
It’s NUTS!! I do not like their system one bit. I’m not certain what I’m gonna do. Apparently for Northern Bank, “real time” comes with a one month delay!! Whoever dreamed that up deserves to be fired.
You tell um, shinobi…
I agree with your thoughts on this %rate matter. I called them immediately when my first $5K showed no interest on their site. At that time I was calling about their not showing $5K as available funds. Was told it would take 5 days to show as available. That first $5K does show as available funds now.
So time will tell about showing our interest gained & 2.26% rate.
What are the Agriculture FCU limits if I pull using ACH from another institution like Marcus.
I am unable to speak for famewolf and I have no experience whatsoever with Marcus. However:
My hub is at Alliant which has a $100,000 daily incoming ACH limit. I have pulled funds via ACH from Agfed, initiating things at the Alliant website, right up to that limit with no issues whatsoever on the Agfed end. I’m pretty certain they would have honored even a larger pull with no hassles, provided it was initiated externally.
Thanks. I have alliant too and I will use that instead.
I was confused and I owe you an apology. I’m sorry for my error and I regret it.
I did, indeed, recently pull a very large amount of money out of Agfed with no issues on their end. But the bank I used was PurePoint, not Alliant. The ACH was initiated at PurePoint. I was taking advantage of PurePoint’s instant interest feature.
That said, I’m all but certain you would be able to do the same thing if you initiate your ACH at Alliant, or at any financial institution provided it is external to Agfed.