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Chase Bank Now Supports Real-Time ACH Transfers


cv91915
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I've been using two different Zelle accounts to make transfers to other banks, but this new feature eliminates the need for my workaround.

 

I made my first transfer this way today (prior to this screenshot), and as expected, the money was in the destination account (Wells Fargo) within seconds.

 

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Not having all (or any) of the technical deets, I'd bet these aren't actual ACH transfers but rather courtesies extended by the banks involved - akin to, but less gross than, those direct-deposit cash advances.  Actual ACH movements still occur via overnight batch; actual real-time transfers occur via Fedwire and are mad expensive.

 

I think here you've got a couple of banks who know you're a low-risk customer and so they spot you the funds ahead of the hard posting.

 

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Not having all (or any) of the technical deets, I'd bet these aren't actual ACH transfers but rather courtesies extended by the banks involved - akin to, but less gross than, those direct-deposit cash advances.  Actual ACH movements still occur via overnight batch; actual real-time transfers occur via Fedwire and are mad expensive.

 

I think here you've got a couple of banks who know you're a low-risk customer and so they spot you the funds ahead of the hard posting.

 

I'm not sure how they do it, but HSBC also has real-time transfers. Their only requirement is that you must have actually made one normal ACH transfer previously before future transfers are made in real time. It doesn't work with all banks, but I know it works with Skank of America.

 

Oh, and their limit is $5,000 per transaction and $10,000 per day,.

 

 

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I think that's the clue that it's a courtesy transfer based on an ACH that will later post overnight, as noted by [mention=50017]Sidewinder[/mention]. A true ACH wouldn't such low limits.

Zelle limits are even lower.


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I think that's the clue that it's a courtesy transfer based on an ACH that will later post overnight, as noted by [mention=50017]Sidewinder[/mention]. A true ACH wouldn't such low limits.

It's a separate network and not a courtesy transfer.

The Clearing House has established a Real Time Payments system:

"The RTP network, the real-time payments system from The Clearing House, is the first new core payments infrastructure in the U.S. in more than 40 years, is currently accessible to financial institutions that hold 70% of U.S. demand deposit accounts (DDAs), and the network currently reaches 56% of U.S. DDAs. The RTP network is open to all federally insured U.S. depository institutions."


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  • 3 weeks later...

I’ve used this twice now. I used my Chase account to send money to my DH’s account at Cap1. The first time I tried it, Chase did the same crap they do with Zelle: it went to a “pending review status”

for several hours, then it was sent. It worked instantly the second time, albeit for a much smaller sum of money. I’m glad I don’t have play with so many Zelle accounts now. It remains to be seen if Chase is going to do the reviewing transfers thing each time I add a new account. I need to add maybe 2-3 more accounts where I regularly send money.

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I’ve used this twice now. I used my Chase account to send money to my DH’s account at Cap1. The first time I tried it, Chase did the same crap they do with Zelle: it went to a “pending review status”
for several hours, then it was sent. It worked instantly the second time, albeit for a much smaller sum of money. I’m glad I don’t have play with so many Zelle accounts now. It remains to be seen if Chase is going to do the reviewing transfers thing each time I add a new account. I need to add maybe 2-3 more accounts where I regularly send money.

My experience is that Chase goes full Gestapo with each new transfer account.


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6 hours ago, RehabbingANDBlabbing said:

I’ve used this twice now. I used my Chase account to send money to my DH’s account at Cap1. The first time I tried it, Chase did the same crap they do with Zelle: it went to a “pending review status”

for several hours, then it was sent. It worked instantly the second time, albeit for a much smaller sum of money. I’m glad I don’t have play with so many Zelle accounts now. It remains to be seen if Chase is going to do the reviewing transfers thing each time I add a new account. I need to add maybe 2-3 more accounts where I regularly send money.

 

I keep $25 in my Chase account, and transfer the $250 I have DD biweekly within a couple of days of arrival.

 

Curious to see if the interruption was because you hadn't used the feature before, or if there is a dollar threshold that always trips the review requirement.

 

My guess is it's the former.  I also think some transactions may be selected randomly.  When I use Zelle, I'm generally not moving a hefty amount of money with the perk.

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I don't tend to move money often, but I wonder if this could be enough of a "killer feature" to get me to Chase and off of USAA (especially considering the recent shenanigans with USAA, though they haven't affected me...still don't like the taste).

My most solid credit relationship is arguably with Chase.  How are their investing tools/products?  I have to imagine they're the normal flavor of shite, but enlighten me if I'm wrong.

 

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I don't tend to move money often, but I wonder if this could be enough of a "killer feature" to get me to Chase and off of USAA (especially considering the recent shenanigans with USAA, though they haven't affected me...still don't like the taste).
My most solid credit relationship is arguably with Chase.  How are their investing tools/products?  I have to imagine they're the normal flavor of shite, but enlighten me if I'm wrong.
 

Chase recently launched a do-it-yourself investment function that is -- or at least appears to be -- free. My son has used it and it seems pretty good.

USAA nerfed their investment options and now are run by Victory Capital.

What I dislike about Chase is that when you use Zelle they start with Gestapo tactics -- at least in the beginning. Also, unfortunately, USAA has faster ACH service and better funds availability from mobile deposits and ACH transactions from external accounts. Their eBanking function is also better at USAA. But at least with Chase -- or at least for now -- you won't get FITA by their shenanigans.


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3 hours ago, PotO said:


Chase recently launched a do-it-yourself investment function that is -- or at least appears to be -- free. My son has used it and it seems pretty good.

USAA nerfed their investment options and now are run by Victory Capital.

What I dislike about Chase is that when you use Zelle they start with Gestapo tactics -- at least in the beginning. Also, unfortunately, USAA has faster ACH service and better funds availability from mobile deposits and ACH transactions from external accounts. Their eBanking function is also better at USAA. But at least with Chase -- or at least for now -- you won't get FITA by their shenanigans.


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So, like most things in the adult world (and a lot of adults in my spheres really don't seem to get this), detailed and nuanced.

 

Thanks!

 

I'll peer at that DIY investing thing.  I don't invest with USAA (I'm all Vanguard except for my old HSA that Fidelity does better than everyone), but they (USAA) are my primary banking and direct deposit, and both home & auto insurances.  It would be a chore to re-shop those around, but not beyond the realm of reason, if I find a compelling...reason.  That reads weird.  Whatever.

 

One feature I have at USAA that I would be loathe to lose is the ability to attach one of my USAA CCs as my overdraft protection, so overdrafting has no fees and arguably no stigma.  It only gets touched very rarely, and almost always with full knowledge and purpose, but just a few weeks ago I forgot to account for a utility autopayment, and it was VERY nice to just shrug and say no problemo, I'll pay it (the OD just autorolled onto my CC to the nearest $100, and left the change in my checking) with the next paycheck.

If Chase allows that, I'd get a whoooole lot more interested!

 

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18 hours ago, cv91915 said:

 

I keep $25 in my Chase account, and transfer the $250 I have DD biweekly within a couple of days of arrival.

 

Curious to see if the interruption was because you hadn't used the feature before, or if there is a dollar threshold that always trips the review requirement.

 

My guess is it's the former.  I also think some transactions may be selected randomly.  When I use Zelle, I'm generally not moving a hefty amount of money with the perk.

 

This was my first time using the real time transfer service. Previously, I had been using Zelle or checks to send to other accounts.

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  • 1 month later...

Only these banks are currently part of the RTP network, brought to you by the same folks that brought you 3-day ACH, 1-day ACH and Same-day ACH - The Clearing House (partly? owned by some of the big banks just like Zelle/clearXchange). I actually like RTP a lot (when its available), but just like all the other ACH methods mentioned above, they aren't consistently available and there is no transparency on how each bank sets it up (everyone is special snowflake). They also start implementing something and stop it before they reach wide adoption. They were supposed to reach all US banks by 2020 (if I remember correctly they were targeting 2018, but finally updated their FAQ to say 2020)... I think they said the same thing about same-day ACH a decade or so ago, so credibility is something they are not short of.

 

RTP is push only unlike ACH and the network has a limit of $100K. But just like ACH, each bank that participates sets their restrictions on top. I think HSBC only allows $2.5K (or $5K) daily.

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