ACH

TheIceCreamMansBro2

5 days is on the high end of a normal ACH time, lol, and you'd expect it to be on the high end for a huge sum like that, especially since i assume you're not depositing $150k weekly.

hallett21

Think TD Ameritrade is going to be pissed that I wired the 6k out of my bank account that I said would ACH transfer? Cause I got 6k + margin in shares over night lol

bobdevnul

When I feel motivated I check and sometimes move money between HYSA banks. I have done it for as little as 0.1% difference, but usually it has to be more than that to go to the bother. I have used my B&M checking account as a hub to do the ACH transfers through, but it has pretty low limits on how much and how many ACH can be done in a month. Now I go ahead and set up ACH to my brokerage so I can transfer funds to buy ETFs, brokered CDs, and T-bills there. You can still run into ACH limits at the HYSA bank. You can always do a wire transfer, but that costs \~$25. In my experience, if you don't use the ACH setup at a bank for a year or so it will be deactivated and you have to set it up again. That takes a few days. There is a federal banking limit on savings accounts of five withdrawals a month. That fed limit was suspended during the pandemic and has not been reinstated. However, banks can (and some do) still impose number of monthly withdrawal limits by bank policy. If I transfer from one bank to another I usually leave a few dollars in the old account rather than close it. They might seesaw back to being a better choice. Someone pointed out recently that no penalty CDs are effectively the same as a savings account, but with a better rate. Ally has one that is 3.85% for 11 months while their HYSA is 3.4%. Since there is no early withdrawal penalty after 7 days it can be used just like a HYSA. I have started converting some of my HYSAs to these. I have never had any problem with the online HYSA banks, but I don't try the obscure, oddball ones. I also don't do ones that require a minimum balance or direct deposit. At the moment money market mutual funds at brokers are giving better rates than HYSA. VMFXX is 4.3%. VUSXX is 4.32%. These are all or partially state income tax free which makes their effective yield even higher if your state has income tax. You need to keep an eye on the current yield of MMFs. When rates go down they will go down quickly. Before the Fed started jacking rates last year MMFs were paying almost zero. I'm retired. I have time to fiddle with such things.

ButtBlock

CIBC USA has an agility savings account that is consistently pretty high. I really don’t shift anything around because it’s always higher than the other HYSA accounts I have. They don’t offer much else, like checking, bill pay, etc, but when I transfer out it arrives at my main bank account usually by next business day. Much faster than typical ACH transfers at other banks. 3.77% APR at the moment. Like others have said, if you don’t 100% need immediate liquidity, t-bill ladder is yielding even more right now.

hallett21

How long does TD Ameritrade take to transfer on ACH? Or am I off to do a wire this morning?

Eli5678

In my experience, ACH only works same day if it's the same bank.

MyPeePeeReversed

You do realize, you can just write a check to your brokerage amount. It doesn't have to be just ACH deposit. You could also do a wire and write off the wire fee from your gain along with your commissions.

idgarad

I was writing a paper in college on that. I call it Champaign Time. ​ Imagine it is 1800 and you want to ship a bottle of Champaign from Paris to Moscow. How long would it take? Now imagine it is 1900, how long? Now imagine it is 1930, 1950, 1970, today? The overall premise was "As technology progresses, the variables that govern the rate of change, decrease the turnaround time. Thus even if history is doomed to repeat itself, it will repeat at an ever increasing rate." another quote was "the causative chain of events is shortened by technological innovations." ​ So if something took 6 months in 1800, but only takes 6 hours today, it means that, in context, economic impacts that took months to happen, could now happen in a manner of minutes. With high frequency trading, transaction processing subsystems like SWIFT, automated clear houses moving to real time (ACH) and streaming, means rough times when 'bad actions' can propagate instantly.

YoghurtExternal

A follow up question , if i bought with unsettled funds , the stock tanked and ACH never clears who would be on the hook for the money ?

dancness

When you initiate a bank transfer into your investment account, the ACH transaction takes several days to clear. You can’t use the unsettled funds to buy AND THEN sell before the ACH clears. Reason is the broker doesn’t know if the money will clear or bounce. Therefore you’re trading with broker money without a margin account -> unjust enrichment.

bobdevnul

High yield savings account, Ally, Cap One, etc. 3.3%. Very liquid. Ally no penalty CD 3.85% with no early withdrawal penalty. This is effectively a savings account with 100% liquidity. Liquidity on the above is seven calendar days in the worst case if you need to transfer them by ACH to another bank where you can spend the money. Money market mutual funds at brokerages - VMFXX, VUSXX are currently 4.29%, 4.27%. Very safe and liquid. MMFs change yield very quickly with changes in prevailing interest rates. Brokered CDs and Treasury T-Bills are slightly higher yield, but less liquid. Treasury Direct I-Bonds - currently 6.9%, but liquidity is one year. 6.9% is only guaranted until April 2023. After that it will likely be somewhat lower. What is the $50K for? Does it all need to be quickly liquid? Laddering some of it into I-Bonds, brokered CDs, T-Bills could give you some that mature monthly, weekly, etc.

greytoc

Do you mean money market account or money market fund? Those are 2 very different things. IMO - the choice is more about how you manage your finances and the type of credit that you have access to. I don't believe in keeping funds in a savings account or mma. If you have access to credit which you can draw on for emergencies, you can always put your emergency funds in a money market fund. A mmf settles T+1 and many brokers offer cash and check access if required - or ACH into a bank is usually about 3 days if prior verified. And bank wire is always same day.

incisiveguy

Stock: APRN Crypto: $ACH.X because Alchemy Pay now is accepted everywhere you go — Visa!

Mentalpopcorn

Why? It's literally losing money if you pay off the mortgage early when that money could be making money. It's not the 70s, you don't need to write a check or even think about it, it just gets ACH'd out of your account. And it's not just opportunity cost. You have to consider inflation as well. Every year you're paying less in real terms and the longer you drag it out the cheaper it is. If you paid off $100k on your mortgage in the year 2000, you dropped what today would be $170k. If you wait, your mortgage payment stays the same but you're actually paying less every month! And not only is there a financial loss, but it makes you less liquid. Having cash on hand is always better than having money tied up in assets that require a fee to borrow against insofar as that cash is returning more than the cost of the loan. What's the benefit? It's a ledger, the only thing that means anything is how far into the black or red you go.

Call_erv_duty

I agree. Part of it is fear. Sure, the funds are insured, put you can’t go withdraw them same day like you can with a brick and mortar bank. Even if you can’t get all cash, you can at least get a cashiers check. You’re beholden to an ACH otherwise.

chris_ut

Wire transfers settle same day if sent before 3 pm or next day if not, you are just pulling numbers out of your ass. ACH Funds are typically available to you next day. Some of these delays are built in to prevent fraud which crypto is overrun with. I am fine to wait a day for my funds and know I will get them versus 12 seconds with a daily chance someone hacks me and takes all my money or the platform golding my funds disappears suddenly or declares bankruptcy.

silentjxhn

What's inefficient about crypto? ACH takes 7-10 days to clear. Credit card payments take weeks to settle completely. SWIFT takes 1-4 days. Wire transfers can take a couple days. Ever tried to close out your investing account? That'll be a week at least. With Ethereum, I can send/transact any amount of money and it settles within 12 seconds.

VisualMod

>There are a few different brokerages that you can sign up for and buy 504 ethereum. However, it may take some time for your bank cards to arrive and for the ACH transactions to go through. You may want to consider using a wire transfer instead.

BrotherAmazing

Whoever’s is downvoting you has no clue how Bitcoin works or the history of how it was started. Bitcoin started without any “speculative investing” at all. It was merely an ingenious, but experimental, decentralized peer-to-peer electronic payment network that requires no trusted 3rd party. If you are still clueless, think BitTorrent but you are not sharing (transacting) files, but are transacting digital coins that are algorithmically constrained to have a fixed supply and fixed algorithmic monetary policy internal to the network. The genius part was how to make that secure so that people transacting can’t spend (transact) the same coin twice, like you can indeed share the same file twice in decentralized file sharing protocols, and how to make sure the network was secure and could not be “hacked”. *It is important to note Bitcoin was freely started without any Initial Coin Offering, was publicly announced months before it started and open to anyone to mine right from the start, never had a for-profit Corporate entity, never had a dev team getting paid with some % of the bitcoin token supply, etc., and very few people at the time of inception had any expectation they would turn a profit. In fact, some of the world’s most intelligent cryptographers mined a little bitcoin for fun, then stopped and posted that they just didn’t think BTC could ever gain true value in USD.* **Because of the above, even the SEC agrees Bitcoin is clearly not a security.** Fast forward to Bitcoin *the payment network’s* initial success. Because the network was successful and people (mostly criminals, sure, but not all criminals) demanded use of the network, now there was demand for BTC—real demand derived from the real use case of the network. If you are a drug dealer unbanked, you can send and receive payments on Bitcoin that go to final irreversible settlement faster than Visa/ACH, which can he disputed or reversed, and Bitcoin will never deny/decline a transaction if you have enough BTC like a bank would, and won’t sanction you, plus it provides strong privacy without KYC/AML laws if, and only if, you use it as it was designed to be used. Demand to use the network with fixed supply, even if half the demand was from nerds and half from illicit activity, is still demand so then BTC did gain real value because you need BTC to use the network. Now the speculators come in after that, and drive up the price even more, but it’s not a market with a lot of liquidity and it’s hard to say if the speculative demand can really sustain itself for the long run, even if the non-speculative demand for BTC to actually use the network is sustainable…. so I have a feeling the BTC price in USD is getting overvalued in these bull super cycles and is “not real”, but the underlying demand to transact on the network is real, it’s not a security, and it’s unique. Nearly every other cryptocurrency starts off seeing Bitcoin in hindsight and their founders want to get rich so they pre-mine coins, set aside large percentages of the token supply for themselves, the dev team, the foundation, Shitcoin Corp. Executive Compensation, the DAO, and on and on and yea, sounds a lot like a fucking security, especially when they hold Initial Coin Offerings (ICO) too! lulz

renok_archnmy

Mostly because bank managers are technology regarded and don’t actually know how to do that. A teller on the other hand… actually it’s not unheard of for tellers to get caught skimming the cash drawer or being involved in a robbery. Not like they get paid enough to keep the temptation of having thousands in cash in a box that only they have the key to subsided. But there should be cameras directly over the drawer with high enough resolution to watch slippery fingers move. But really audits and GL reconciliation, separation of duties. Usually a manager wouldn’t have actual privilege to log into said system and perform any sort of transaction. They might have the ability to do very basic ones and there would usually be tran limits. More often they have some ability to approve or override the tellers limits for big ass transactions like wires, or to approve a loan. Although, enough money ends up in whatever the bank calls the rando oops someone pressed the wrong button GL (suspense GL I think) each month to maybe buy a few sandwiches on the house. Now, a programmer at a small bank or credit union where the management refuse to acknowledge modern change control, software versioning, and code review practices and only have one developer anyways… Nothing stopping that person besides the threat of being caught by accounting, maybe. Thing is, they could more easily materialize just enough in their interest gaining account ahead of accrual and posting, take a few pennies, then drop it out of existence. Even 1 cent of interest would throw off the books though. That whole scheme of rounding transactions down and skimming doesn’t really work anymore. They might be able to sneak a few lines out in an ACH file or the wire file that goes out if no one is manually reviewing those. ACH might throw an exception though. Easiest way is to just get a job as a teller and get some lowlife to rob you and split the proceeds. Never speak to that person again and don’t use your boyfriend or a family member.

ChemEngRy

"is wire/ACH fraud legal" Lmao

no_simpsons

I would use the Roth for a super aggressive leveraged ETF strategy. 60% SSO + 20%TMF + 20%TLT. In a taxable account, you can just hold SPY until you die and transfer it tax-free to your heirs. If you need to draw, look into the “buy, borrow, die” idea. Otherwise buy bonds/dividend stocks and ACH the interest to yourself when needed.

Oxianas

Use a Robinhood account for instant deposits, or if you are trading big money, use a wire transfer instead of ACH. I did this on my Fidelity account during the G\*\*\*stop mania in Jan '21, and it cleared in about 90 minutes.

bestkoreaa

Anyone play $ACH? It seems like if you do it too much you get burned for a little here and there, like -$35, but if you space it out over a couple weeks you can easily make $1000 no problem

eviaxavier

Transfer Estos son mis datos de balance en USD. Titular de la cuenta: Xavier Evia ACH and Wire routing number: 084009519 Número de cuenta: 9600005198351980 Tipo de cuenta: Corriente Dirección de Wise: 30 W. 26th Street, Sixth Floor New York NY 10010 United States

eviaxavier

Transfer me Titular de la cuenta: Global Merge ACH and Wire routing number: 084009519 Número de cuenta: 9600005198351980 Tipo de cuenta: Corriente Dirección de Wise: 30 W. 26th Street, Sixth Floor New York NY 10010 United States

nirvahnah

I only have to wait a day when I do ACH deposits. But I’ve been using them for a while. I think it gets faster once you’ve made a bunch of successful deposits.

EyeAteGlue

The custodial accounts works very similarly to a brokerage account in terms of fund transfers. Think about what ways you get money into your brokerage, it will work the same. ACH, wire, etc are typically the normal ways to transfer into a brokerage. If you need more consumer to consumer friendly means you can always open a normal checking with Zelle or equivalent for your kid, and then transfer from that checking to the custodial.

greytoc

Google - first hit - [https://robinhood.com/us/en/support/articles/move-money/](https://robinhood.com/us/en/support/articles/move-money/) "The routing number identifies the financial institution. You can find your ACH account number and routing number in your app by tapping the Transfer button under the Cash tab." \_\_\_ Your post has been removed because it is a beginner topic. We get too many of these topics every day and to prevent them from swamping the front page, we are removing main threads of this kind. You are welcome to repost your question in the \[daily discussion thread\](https://www.reddit.com/r/investing/about/sticky?num=1). If you have any issue with this removal, please contact the moderators via modmail. Thank you.

mindhunter65

zelle is saying that it does not apply to them as they are simply a transaction or something like that. They are basically arguing that since they do not "hold" any money and only facilitate the transaction like an ACH that they do not need to send it out

Flynn_Kevin

Blockchain and NFTs will replace TradFi settlement systems like title companies, SWIFT, ACH, and debit/credit networks. Visa is well aware and integrating. Infrastructure needs upkeep & keep up with innovation.

Tek_Support_Guru

i withdraw like every day and use the ACH for uber and shit.

Standard_Confusion99

Many large FIs like Vanguard and Fidelity allow you to wire money out in 5 minutes. Or ACH overnight. I have done if before for $100K+ at a moment's notice. But you need to have the cash liquid in your account. If you are selling stocks/funds to cover it delays the process.

Prismagraphist

It sounds like you’re referring to a CTR report (Currency Transaction Report), that’s for cash only. Banks “don’t care” if it’s ACH/check/wire. Those have the paper trail needed. Source: I work in banking.

mr_sew

The interest rates are APR. So, $10K at 4% would yield $400 for a whole year. If it is for a 4 week T-bill, then divide that by 12 to get a single month's payout. I use the website [treasurydirect.gov](https://treasurydirect.gov). Notice that it is .gov and NOT .com. There are no fees. Using this website you can **only** do non-competitive bids. If you want competitive bids you have to use a broker. From what I have seen the difference is about 20 basis points (0.2) or less. Unless you are doing millions of dollars that little difference didn't matter to me in order to keep it simple. You will have to make an account with them. Get you a notebook and write down, in neat handwriting, your account number, and password and the URL to the site. You will need it later. When you first login they will email you a secret code to authenticate you every login, but you can get a web cookie on your computer to do that part only once if you want when you login. Just read through the instructions. Their instructions are good. They have salient instructions without wordiness or marketing. Just go slow and take notes if you have to. I took a good solid hour reading everything because I knew nothing at first. For starters just do one 4-week T-bill to see how it works. You'll get the hang of it real quick. T-bills do not have a coupon, but instead use a discounted price. For example, if you want $10K in a 1 year T-bill and it yields 4% they will only charge you $9,600.00. At maturity they will pay you $10K. Or that math might not be right. It might be they will charge you "X" amount where X \* 1.04 = 10K. I think the minimum T-bill amount is $100.00 **Note:** Do not use the back button on the browser, and don't open multiple tabs on the site. It does not like that at all. Just use the tab they give you and click the links on the screen and the site will work fine. It's government, it's cheap, but it works fine if you follow the rules. I looked at using a broker to buy T-bills, but they wanted to charge me $50 fee per bill. That was more than I was going to earn in a single month on some of the T-bills. The way the auctions work is this: First they post an "announcement" about 3 days before the auction. Which means they post on their website when the day of the auction is. Let's say that the auction is to be on Monday. If you want a T-bill, then have your request to purchase in on their website before 11am Eastern time on Monday. I do it at least the day before. On Monday after 11am they will email you and let you know you "won" a bid. You can login to the website and see the details. After the auction there is the "issue date", which in this example would probably be Wednesday. The issue date is the day they take the money out of your account. So, you have from the auction date, until the issue date to fund your bank account so they can do an ACH withdrawal. The night before you can see that there is a pending ACH withdrawal from the US Treasury on your bank account if you do online banking with your bank. On the maturity date, they will ACH the total amount back to your bank account, unless you have told them before maturity to renew it. Usually the maturity date coincides with an auction date, so that if you renew you will buy a new one the same day as the old one matures. If there is money left over when it gets renewed, they will ACH the excess back to you bank account. If the renewal is going to cost more than the payout, then they will ACH the difference from your bank account. Let me know if you have any other questions and I will tell you what I know.

bobdevnul

With $500K you should split it between 2-3. FDIC insurance basically only covers $250K per bank. Someone else may be able to explain how to get around that. I don't know My Savings Direct. With traditional HYSAs like Ally and Capital One you can withdraw a lot at a time. You have to look at their details. IIRC, they have provisions about how much you can withdraw without advance notice. They generally do no enforce those provisions - only when they need to. Ally and Cap One do have limits on how much you can ACH transfer per day, per month, etc. If you need a bunch all at once you may have to do it as a wire transfer for a small fee, like $25. Ally has a MMF high yield account that pays the same as plain HY savings. The MMF can have paper checks and a debit card. That makes getting money out of it quick and easy, probably only in moderate amounts.

WhyDoISmellToast

It's highly illegal and against Robinhood TOS, but they do indeed allow it to happen. It's not traditional margin the way you're thinking though. What you do is use their instant deposit and your buying power goes up immediately, while the ACH transaction takes a few days to get bounced. Then buy options with the unsettled funds. If you're lucky, you can make enough cash to return the initial deposit to your account that same day, avoiding anybody finding out about any of these shenanigans.

jmlinden7

A normal savings account is way more liquid. You can constantly add money in and out through convenient ACH transfers. Brokered CDs are way more hassle

hyperinflationUSA

coinbase unlinked all their customers bank accounts that had the ACH deposit method. They did this to force people to use Plaid, a platform run by Visa, that requires users to give up the password to their bank account. Many of us took this as a why not switch to another exchange and realized the other exchanges, such as Strike with 0 fee & 0 withdrawal fee are much better. Had they not force unlinked my bank account i would have never left.

thewhiteflame1987

> If you not aware that fiat currencies have failed throughout history maybe you didn’t go to college. You can find this information a multitude of places. Sorry for telling you to do your own research I know you don’t like that. What that really means is you have no idea what you're talking about and consequently can't find any information to support your arguments. "Do your own research" is the common refrain of the ignorant. I've done plenty of research and know what you're saying is untrue, as do you, which is why you're telegraphing it by being unable to support your conclusions. >Other countries print money too. And? Are they doing so in excess of the U.S.? Are literally all countries experiencing inflation doing so because of loose fiscal policy? Worldwide inflation has nothing to do with worldwide phenomena like once in a century plagues and the first massive ground war in Europe since WWII? You've got a lot of heavy lifting to do answering those questions and proving your points here, which given your track record, I'm not confident you're up to. >If you don’t know that 31 trillion dollars in debt and counting is a problem because you have no frame of reference that is very telling of your level of knowledge and critical thinking abilities. If you don't understand that any sum of money is only meaningful with a frame of reference, you're in no position to question anyone's critical thinking skills. Critical thinking would tell you any debt figure is only substantial or not so in reference to a country's ability to pay that debt, which is dependent on frames of reference such as tax receipts and the size of the economy. Once again, you're missing crucial pieces of information. This is an evident pattern you display. >I’m glad your dad sold a condo and thought he got the money they same day. If you knew anything about how money transfers worked you would realize the ridiculous statement you made. No money is actually moved it just appears to you that way. The banks settle batches of transactions worth millions at a time but it appears to you that the money moved but it all numbers on a screen. This is not surprising from someone who can't tell the difference between Fed Wire and ACH. What you're referring to is ACH. Fed Wire payments are in [real time],(https://en.wikipedia.org/wiki/Fedwire) which means they are not [subject to any waiting period].(https://en.wikipedia.org/wiki/Real-time_gross_settlement) You're just accumulating inaccuracies at this point. >With crypto currency the money would actually be moved instantaneously. It's funny you should say this, because you previous said it would take "minutes", which is different from "instantly". You can't even keep your own points straight, can you? >You really shouldn’t even be arguing with such a narrow amount of knowledge on this subject. Hahaha, as they say in GoT, "The crow doth call the raven black." >If you don’t want to believe in crypto thats obviously your choice Except it's not a choice, but the fact that you frame it as such shows you are *choosing* your perspective on the matter rather than being influenced by the evidence, which is a weak minded thought process not conducive to understanding reality. >but don’t pretend information doesn’t exist just because you want it spoon fed to you by someone else. Information about the merits of crypto doesn't exist, which is further evidence by your stark inability to provide any. >If you wanted to find a use case for crypto you could but you don’t want to. >If *you* wanted to find an actual use case for crypto you could, but you don't because there aren't any. I've tried, as have all sensible people. The fact that one hasn't been discerned even by its die hard adherents such as yourself is very telling. The closest you've come is faster payments while ignoring the fact faster payment settling exists, mechanisms that do slow payments are created specifically to do so to retard criminality, and if crypto were to become mainstream those mechanisms would still exist and crypto offers nothing since the tech isn't any more advanced. Basically, your one potential use case is shite. >My first post literally says “ there is a huge difference between crypto and CBDC’s. And yet you equate the two repeatedly. >So you obviously on see/remember what you want and can’t have a civilized argument with calling someone “butthurt” shows your level of thinking which I’m sure is reflected in you everyday life. This coming from someone who believes what he wants in spite of not having a shred of evidence he says is in abundance and peppering their unsupported diatribe with "this has 'I went to college vibes and didn't learn anything' vibes." I *know* the blatant hypocrisy is reflected in your daily life, given you're prone to obvious patterns. >Have a good one and try to be a little more open minded. Try to be a lot less disingenuous and a lot less zealous and ignorant.

CardinalNumber

Unlikely. Even with Nacha's very slow rollout (they started phase one in 2016 and are still working on it) of 'same day ACH,' transfers are processed in batches. At 1p for transfers initiated before 10:30a; 5p for transfers made before 2:45p. ACH is not instant.

CardinalNumber

Uh. Your oldest transfer was initiated just 3 days ago. 2 were one day ago, and your last one was made today. How quick do you think ACH moves?

po-handz

alot of non-Americans read click-bait articles and think they're fact. sadly not /s I've never been charged fees for ACH transfer

Worth-Reputation3450

Yea, I don't understand why this "Otherwise" has to come. He just listed two most used and convenient instant transfer options, but "Otherwise" and then listed ACH and wire to make it look like people in the US have to either pay $20 or do transactions over 5 days.

DigitalSheikh

We actually do not! If you want to send money to someone else in the US, you have to use either Venmo or Zelle, which is a bank-affiliated Venmo knockoff. Otherwise, you have to use an ACH transfer, which requires you to pre-link accounts over 5 days or so, or use a wire transfer, which costs at least $20. I miss the days of living in Germany with their Iban numbers and easy transfers

bobdevnul

I would not keep any significant amount of money in a BofA savings account at 0.0000000000001% when I can easily get 3% in an online high yield savings account. If it is a few hundred dollars, it's not worth bothering with. HYSA Pros: They are easy to open and transfer funds to and from. They consistently pay higher yield than B&M banks and credit unions. Getting your EF out of your regular bank can help psychologically with temptation to use it for non-emergencies. The HYSA is a bit less accessible. It's segregated. This is a case where segregation is good. HYSA Cons: There are no branches. You have to do everything online or with their app. I don't recommend financial account apps on phones. There is phone customer support. Transferring money to your BAC account to use is not instant. They do it by ACH. That can take 1-3 business days during business hours. If it is a three day transfer that you initiate Friday after COB going into a three day weekend, it would be seven calendar days before the money gets to the destination and off hold to use. You can do same day wire transfers, but they cost \~$25. You can get around some of this transfer time issue. Ally has a HYSA MMF that you can get with paper check and a debit card. That gives you instant access. I've had an online HYSA for years. They work fine for me. I still have a B&M bank where I can have a safe deposit box and deposit cash and checks, notary service, etc. There's only enough money there to pay bills.

ankole_watusi

OMG get it earning some interest while it is sitting there. Short term US treasuries from 4 week to one year maturities currently earn 4-5% and you can buy them fee and commission-free at Treasury Direct. They ACH from/to your bank account.

NoRace5075

I don't, it's possible we were talking about different things. When I had a vanguard cash account I would set low-ball offers and see if any filled. If anything filled, it would immediately show as a pending debit but not actually process for 3 days. If I deposited cash 3 days by later, it would immediately cancel out that debit (as soon as I hit submit, before the ACH went through). From my POV, the purchase took 3 days to settle and the deposit was instant.

bobdevnul

You can add or change bank accounts at TD with a phone call to 844-284-2676. This is a fairly recent feature that started a few months ago. Before that you had to mail a paper form with a bank signature guarantee. I did this a few weeks ago and it was easy, other than having to wait on hold for 45 minutes. Their hours for phone support are M-F, 8-5. Yeah, get out of a bank that charges wire transfer fees to pay bills. Most banks do it by ACH for free. Maybe also talk to your insurance company and bank to see if there is another way to do this without wire fees.

ConsiderationRoyal87

A money market fund in your brokerage account, like [SPRXX](https://fundresearch.fidelity.com/mutual-funds/summary/31617H201) at Fidelity, would be the easiest imo. The money will settle the day after you sell shares, and you can ACH or wire it back to your bank account. Right now money market funds are returning around 3%.

Z08Z28

How about money transfers? Why should it take 5 days for funds to be fully settled via and ACH transfer or up to two days with a wire transfer that you have to pay for? That's absurd and extremely outdated. Crypto can run it and settle it in less than a secod.

ButtBlock

This is anecdotal so take it with a grain a salt, but I think this company is trash and has nothing special going for it. My wife and I bent over backwards to try to get a mortgage with this company. Heard about them online, heard the hype. We were excited to not get taken for a ride by traditional lenders. So we surmised. We are both physicians, super good credit, looking for a loan that was 40% our combined annual salaries. These clowns wouldn’t even return our phone calls, emails. They sent us promotional material and they never even got back to us. Despite 5 or 6 attempts to do so. Then almost a year later they start sending us stuff saying we should refinance for 3x interest we’re paying now. Lol. When you get first hand experience with a company and it seems amateurish, well that’s anecdotal, but if it’s a shitshow that definitely says something. Because they weren’t just doing that to us, they were doing that to perhaps most of their potential clients. It was like that company didn’t know it’s ass from its head. No thanks lol. When you look at their other products, they’re lacking too. Traditional banks offer higher interest rates for current accounts, cool. Meanwhile other fintech companies offer more flexible, novel things, that traditional banks lack. Like Revolut offering bank transfers to most countries, or free ACH in the US. All of this bullshit with plaid and Zelle and whatever. Shit with Revolut you give me a routing and account number and it’ll send it, settled in 2-3 days. Not like it’s in your PayPal “wallet” but like actually settled funds. Why more traditional banks don’t offer this (versus just expensive wires) is beyond me, but it’s something that distinguishes these start ups from all of the rest. As far as I can tell SoFi’s entire business model is built on being a bank for “millennials” but I can say as a millennial they’re about as exciting as a credit union. The hype is totally out of proportion to the actual products offered. Kind of like a company saying they’re going to disrupt the market for toothbrushes or whatever. When credit tightens, this company’s valuation has to go back to earth.

VisualMod

**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|0|**First Seen In WSB**|1 month ago **Total Comments**|3|**Previous Best DD**| **Account Age**|4 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.) **Vote Spam**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_spam&message=z2wgjw)|**Vote Approve**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_approve&message=z2wgjw) **Check out the new [wallstreetbets discord](https://discord.gg/Y6Zw9ZKYdx)** >TL;DR: Coinbase removed my ability to use my bank account(ACH) as a payment method with no warning and now wants me to use some Plaid company to verify my bank. I'm out.

PbkacHelpDesk

Wait so just just got on Webull and started trading like a mad man and didn’t ACH or verify anything?

prettyboibeau

Just needed to verify ownership of my bank. They already verified it. Shouldn’t have problem to withdraw Monday. Was also trying to wire it out. ACH should have even less of a problem. Will see/will update on Monday if I have any other issues or if it’s smoothe

RBnumberTwenty

It’s a form of kiting/ACH fraud. It’s certainly illegal.

Tha_Sly_Fox

But dude it’s like all decentralized and shit…. It’s like having currency, except it isn’t currency…. And you can transfer it, like an ACH except it’s not an ACH….. it’s going to revolutionize things dude…… you’re just too stupid to understand dude

nothing-serious-58

This is correct. When you set-up a Treasury Direct account you have to specify what Bank account is to be used for funding Treasury purchases, (FWIW I use a HYSA at Barclay's U.S., and it works fine with TD). All of my purchases come from that account on the day of issue, and maturing securities also are credited to that account on maturity date, (also semi-annual interest payments for Notes). Unlike other transfers into this HYSA, Treasury Direct payments are Immediately available, (after all, transfers directly from the US Treasury Department are not like ACH or wire transfers from financial institutions). One word of advice, if you do set up a TD account be VERY careful to make no mistakes, (because it's not very easy to make changes later). Also, for this reason make sure the account you choose to link is one you plan to have or keep for a long time. The method you're proposing to purchase Treasury Securities via a 3rd party like E-Trade means you have to comply with that brokerage's available funds policy.

ClassicKrova

> As for the delay in transferring funds to your brokerage(Fidelity in this case), if you use a wire and not ACH, then it can transfer same day. There is still an of 5 days regardless of what you do with Etrade. For example, Tomorrow is an Auction for 1-Month TBILLS that will be issued on the 22nd, which is 5 days AFTER the Auction. This means even if I am efficient in timing, I still lock up funds in "dead state" for 5 days before they activate.

ZettyGreen

Ah. Yes there can be delay, and that delay could cost you money. One easy/lazy solution is to use an ETF like STIP or SGOV or even ICSH which are all short term bond funds, and will keep you invested through maturity of individual bonds. Many brokerages will let you set up a bond ladder, Fidelity's Bond Ladder system is pretty good, and will keep you invested auto-buying from maturity on the same day. As for the delay in transferring funds to your brokerage(Fidelity in this case), if you use a wire and not ACH, then it can transfer same day. If your bank and brokerage are the same place(Schwab and Merrill both have their own banks) then you can transfer between them, with basically no delay. But mostly I'd say unless we are talking about reasonable large amounts of money(1M+), a day or two of interest won't be enough to really care about.

bobdevnul

If you pay bills online from your checking account, ACH is how the money gets transferred. It works the same from one of your banks to another of your banks, or back and forth to TD.

Embarrassed_Ask_2927

Thanks all for sharing these options; I was unfamiliar with ACH so I will do some research on it.

dragontamer5788

Yeah, good points. All of these things are "obvious" to anyone who uses the ACH system so I forget to tell beginners about these details.

bobdevnul

Keep in mind that ACH days are business days. If you initiate an ACH on a Friday after business hours on a holiday weekend, it can take six calendar days before the money is deposited and off hold in the receiving bank. As slightly inconvenient as that is, it is a major improvement over no ACH. Before ACH you had to do wires which are a PITA and frequently costs $25 or so. BTDT.

greytoc

I personally prefer to use a brokerage account than a HYSA. There are more investment options in a brokerage account for increasing yield. As for access - decent retail brokers support ACH and fedwire transfers. ACH is usually free. And some brokers like Fidelity don't even charge wire fees. There are also brokers with cash management features like ATM and check access if you need that sort of quick withdrawal.

dragontamer5788

Capital One is 3% right now, my sister uses it. Ally bank is 2.75%. > and how quickly the money can be withdrawn. I mean, wire transfers are instant but $25 IIRC. Same-day ACH transfers take a day but is $0. Traditional ACH is 3-days and also $0. It kinda depends on who you're transferring to. A lot of banks support same-day ACH, but some do not. You might be forced to use 3-day ACH depending on which banks you're sending to.

qwertyaas

Does that mean we can finally ACH money and not take 2-5 days? Like welcome to 2001?

greytoc

Fidelity is not an investment bank. Investment banking is commonly a corporate finance activity related to raising capital for companies. For example - an investment bank's clients are companies seeking to IPO, raise capital, issue debt, acquire or sell a business. Fidelity is a broker-dealer and also an investment adviser. They have some other businesses such as providing RIA custody services, market making, employee sponsored plan management, etc. But generally speaking - Fidelity operates in the investment management sector - not investment banking which is something else entirely. Not sure what you mean by "benefit of retail banks" - Fidelity does not offer any substantial banking products like loans, mortgages, etc. afaik. Fidelity is not a depository - so FDIC insurance is not available on deposits. However - a Fidelity customer may choose to have their funds swept into a bank deposit if desired. That product is provided by Fidelity's bank deposit sweep program by the banks in the list that I provided. Depositories - I.e. a bank pays a fee to brokers for those deposits which is one reason why a broker can offer the services. The depositories are willing to pay a fee because it increases their deposits which means they can generate more loans. Many brokers that are not banks will provide some bank like services through a bank - for example - to funds transfer using ACH, only banks can be ACH. Fidelity provides funds transfer through UMB Bank in Kansas City.

ankole_watusi

Treasury Direct. If you can deal with the UI. ACH from/to your bank account. No fees. Automatic reinvestment if you want that. Can’t be used with retirement accounts though. But can be used with entities.

canada_in_texas

I'm switching banks to an online only bank and finding that ACH transfers in the US, while free, usually top out at around $2k/day with a max allowable transfer of $5k or $10k/month. At least that's what I'm finding from my banks. In trying to move more than that, I am finding the new destination bank also sets a max limit on incoming ACH transfer amounts. I suggested that I just write a check "for deposit" and upload it via the app. But they won't even allow that right now. It turns out that they limit a lot of what you can do within 30 days of opening the account. Once my 30 days are up, they say they will allow me to do a "for deposit" check via the mobile app but I will have to also physically mail a copy of the check and my ID to support the deposit. I'll mull it over for the next few weeks but, honestly, then I'll probably just eat the $20 fee and wire it.

SirGlass

ACH transfers are almost always free I have never seen a bank that charges for ACH transfers .

Equal_Pumpkin8808

Does it need to be a wire? ACH transfers are free

phooonix

> am curious if they just ACH’d it from your checking account at those amounts. that's exactly what they did for me

habitualtroller

Gotcha. If you ACH via treasury direct it’s “pending” the day before and will show you up on the date of issue.

habitualtroller

I’m nowhere near that cash position but am curious if they just ACH’d it from your checking account at those amounts. I did buy $10K of the 8 weeks and it hit like I was buying candy at the gas station.

RescueRacing

Gotcha. Do a little research and see about opening either a Roth IRA (investment is post taxable income but it grows tax-free even when you begin making withdrawals) or a regular IRA through a company like Fidelity, etc. (where the money is ACH’d pre-tax and you only pay tax on it at retirement when you dip into it). Every little bit helps…Cheers!

DaemonTargaryen2024

Might take 2-3 extra days to get money in hand if you ever needed it ASAP. Otherwise, yeah no real reason not to move to a HYSA. A lot of people here have checking at one bank and their HYSA at another, and they're linked for easy ACH transactions.

VisualMod

>No, I don't think so. The reason why stock transactions currently take two days to settle is because of the way the system is set up. When FedNow launches and ACH transactions are finalized in seconds, there will still be a need for some kind of clearinghouse to ensure that all trades are settled correctly. This clearinghouse will likely take a few days to process all of the information and confirm that everything is correct before finalizing the trade.

UnwantedGeneticTrash

/u/VisualMod, when FedNow would be launched & ACH transactions would be finalized in seconds, do you think stock transactions would take less than 2 days to settle?

Disheremyswag

I wish I was a stripper but I pay Uncle Sam bro. It all comes through check or ACH😭

bobdevnul

Good for you that your normal is one day. Mine are not, and I do several a month between several places. One of the intuitions I dealt with would do same-day ACH. Maybe they have to pay more for that. All the others have been 2-3 business days. Yeah, three business days can turn into six calendar days if you initiate one on the Friday before a holiday. A 2-3 day ACH is still a lot better than none or having to pay $30 for a wire.

zxc123zxc123

Back in my day (not that long ago actually) ACH is usually 3-5 days whereas the more expensive wires were 1-2 days. Personally, I always suspected it is because banks just created that gap time so they can charge for expedited movement because I'm barely old enough to remember they did these things by paper back in the day. Seriously speaking, banks really need to improve on this ACH/Wire BS since crypto and many other P2P payment services paypal/venmo/cashapp work instantly as opposed to days. Sure they have Zelle to quickly send funds between banks, but it's not nearly as good to use and you have to give up your email/phone.

VisualMod

>@federalreserve announces pricing, effective January 3, 2023, for payment services the Federal Reserve Banks provide to depository institutions, such as the clearing of checks, ACH transactions, and wholesale payment and settlement services: [federalreserve.gov/newsevents/pre…](https://t.co/et8HkPC8zU) ^Federal ^Reserve ^[@federalreserve](http://twitter.com/federalreserve) ^at ^2022-11-03 ^15:35:38 ^EDT-0400

Iredditfromwork

next day ACH settlement is relatively new. it used to be 3-5 business days, but new standards are slowly falling into place. the reason for the slow settlement times is due to the network being built when internet connectivity was painfully slow and they needed days to validate things. banking, like the medical industry, is VERY slow to adopt new technologies due to the requirements for security (the reason that so many hospitals still use faxes). in all reality, ACH transactions should be instant.

KaladinLite

Ehhh next day is pretty normal. 3 full business days is a long time for an ACH in my experience.

bobdevnul

2-3 business days is typical for ACH transfers.

First-Quality5404

TWTR will replace banks and ACH, would invest if I could

godVishnu

Let me introduce you ACH where people FTP txt files to move trillions.

bobdevnul

Definitely get the $150K out of low interest checking and into high yield savings. Ally went to 2.5% today for that. It is quick and simple to transfer money from HYSA to your checking if you need it to buy/pay for something. Takes 2-3 business days by ACH. 2.5% on $150K is $3,750 a year. That is what you are losing by leaving it in low interest checking. With that much, depending on your plans to use it, you might consider some even higher interest investments - bank CDs, brokered CDs, short term T-bills. These are intended to tie the money up for a while, but can be withdrawn early. I would roll the old 401K into a rollover IRA. From there you can have full control of what you invest it in vs what is usually limited choices in 401Ks. Good luck

RSquared

As a stash for an emergency fund, MM accounts (or HYSA) are a common choice, and like CDs, pretty minimal return. It's not an investment fund, it's liquid assets that are withdrawal-limited (3x a month in most cases). Once the lock-in expires on the i-bonds, those are a 1-2 day ACH away from hitting my checking account and I can cover that with credit.

miketdavis

Ummm, we already have the most sophisticated electronic payment network right here in America. It's called ACH and it's not accessible to most bankers because banks charge exorbitant fees, even to business customers.

phatelectribe

They could send you a $1 check or Cash via recorded mail or ACH or put cash in your account. How is that different?

username156

In the way that if there's any dispute whatsoever, you're completely on your own. At least with ACH or a check or a debit card or credit (moreso credit), you have options when it comes to fraud etc.

hgreenblatt

I had a long wait on an ACH over to Tos , and also they took longer at Tasty. I was told there had been a lot of fraud during the Pandemic, and they were holding funds longer.

lordxoren666

Deposits need time to settle. Usually 3-5 days. Depends if you did ACH or other form of deposit. But usually 3-5 days.

suboxhelp1

You can easily overpay your taxes by sending a check or ACH straight to the IRS as estimated taxes to make it over $5k. Very easy.

Both-Reaction-4586

Still a 3-5 ACH tho. Not like you’d know

bobdevnul

So they ACH it to your TD associated bank account?

klingma

Stablecoin pegged to the dollar means if I send $500 the person gets $500. If I send $500 it could become worth $505 when it arrives or $480 or something else. It doesn't really make sense to tout Bitcoin as a money transfer unit when the value isn't stationary. Granted, using crypto in general vs bank wires or ACH is dumb but OP touted Bitcoin.

Omnuk

I can pull money via ACH from an investment account in a few days. I have far more than enough credit available immediately to cover that gap.