When you first sign up for a bank, it’s hard to think of every single service you will need down the line.
It is especially difficult to keep up with these services considering all the fine print and occasional fee changes.
This is exactly what Community member Rodney experienced when he needed to make ACH transfers from his UFBDirect savings account.
A quick reminder: ACH transfers are monetary external bank transactions which are handled electronically.
They are typically used for things like business to business payments, direct debit payments including mortgages, loans, utilities, insurance premiums, rents, and any other regular payments and tax payments.
Most banks seem to offer higher limits than the $2,000 a month limited imposed by UFBDirect, which is good for customers that need more flexibility but don’t necessarily need unlimited transfer funds.
It appears that, on average, most banks have a daily transaction limit of about $5,884 per day and about $9,909 per month.
Certain banks, like Suntrust and Citizens Bank offer fairly high daily transaction limits of $10,000 per day, whereas some banks like Fifth Third and PNC, cap their daily transactions at a lower $2,000.
Chase stands out in the crowd with a whopping $25,000 per day limit on daily transactions.
This is definitely something to consider when choosing your bank, especially if you run a business, or just simply plan to transfer higher amounts of money on daily basis.
Similarly, another important fee to note, is the transfer fee imposed by banks.
If you’re planning on making transfers on a more than regular basis, these transfer fees can add up, making it costly to you.
We found that banks charge roughly $3 for every transfer with standard delivery time, and on average about $8 for next-day delivery.
Some banks, however, keep it simple and charge nothing for their transfers; you’ll find $0 transfer fees at Ally Bank and Capital One.
Bank of America does something different where they have a $1,000 daily limit, but this is lifted when you enroll in a Safe Pass — a program that sends a code to your phone to verify that it is indeed you that is making the transaction.
Santander is also another bank that imposes a $500 daily limit, unless you enroll in Safe Pass, then your limit will be increased to $5,000/day.
Keep in mind too, that the limits change depending on if you’re receiving the money (inbound) or if you’re sending out the money (outbound).
Typically, we found that most banks will allow you to receive higher dollar amounts, as opposed to send them out.
Your relationship with your bank matters
Most banks have written in their fine print that the daily/monthly ACH transfer limits rely heavily on your relationship with the bank.
If you’ve been a loyal customer for some number of years, keep your account balance in the positive, and more or less follow all of the guidelines set by your bank, they will most likely up your transfer limit.
On the other hand, if your account balance is negative, or you’re a new customer, or you rack up lots of fees on a frequent basis, your bank will be less likely to increase your transfer limit.
As with savings accounts, each bank has different rules and exceptions to how you can use ACH Transfers.
If you want to be able to access as much of your money as you want, when you want it, make sure to speak with a bank representative about ACH
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