topic Re: DCU - How do I get my money out of savings? in Personal Finance

DCU - How do I get my money out of savings?

DeeBee78 — Tue, 20 Feb 2018 23:27:05 GMT

I have a savings account, a Visa card and until recently an auto loan with DCU. I traded in the vehicle that had a DCU car loan attached to it, and today the loan finally reflected a payoff. During the 16 days from selling it until the payoff, I had to make a car payment, which wasn't a problem. Once the loan was paid, DCU put the overage into my Share Savings account.

The issue is that the Share Savings account is really only good for $1,000, (5.12% APY on the first $1,000, but only .05% on anything over that) so I want to move everything in there over $1,000 to my Discover Savings account (1.45% APY). I went onto DCU's website, and when I attempt to move money out of savings, the only option it gives me is to my DCU Visa. How do I transfer money out of the Share Savings account?

Edit: Guess I should mention I tried calling DCU, but after being on hold for 45 minutes, I was disconnected.

Re: DCU - How do I get my money out of savings?

DaveInAZ — Tue, 20 Feb 2018 23:47:38 GMT

Well, if you want to transfer balance over $1k to Disco savings, you'll need to add Disco as an external account, and it is confusing, I had to call in the first time. Logged in, click Transfers at top menu, then select Payment Center Add/Manage. Then Add Remote Account.

Put in Disco routing & account numbers. They'll send 2 trial deposits in 1 day, after 5pm there now, so figure Thurs. for seeing in Disco. Log into DCU & confirm deposits and then you'll be good to go.

Re: DCU - How do I get my money out of savings?

DeeBee78 — Wed, 21 Feb 2018 00:09:51 GMT

@DaveInAZwrote:
Well, if you want to transfer balance over $1k to Disco savings, you'll need to add Disco as an external account, and it is confusing, I had to call in the first time. Logged in, click Transfers at top menu, then select Payment Center Add/Manage. Then Add Remote Account.
Put in Disco routing & account numbers. They'll send 2 trial deposits in 1 day, after 5pm there now, so figure Thurs. for seeing in Disco. Log into DCU & confirm deposits and then you'll be good to go.

Thanks, but that's not going to work. I've had my BoA account listed as an active Remote Account since March of 2017, but it doesn't show up as an option when trying to transfer out of savings. If you look at the screenshot in my original post, you can see as soon as I change the PAY FROM to Savings, a little blurb pops up that says, "Please note that if you choose a DCU share account as the source, you can only transfer to a DCU Visa loan."

I have no idea how I'm supposed to transfer money out of savings. I don't need to send it to my DCU Visa

Re: DCU - How do I get my money out of savings?

DaveInAZ — Wed, 21 Feb 2018 01:12:04 GMT

Hmm, I saw that in screenshot but thought you hadn't setup an external account. Charge on dcu visa & pay from savings or call & ask for check?

Re: DCU - How do I get my money out of savings?

DeeBee78 — Wed, 21 Feb 2018 01:41:10 GMT

@DaveInAZwrote:
Hmm, I saw that in screenshot but thought you hadn't setup an external account. Charge on dcu visa & pay from savings or call & ask for check?

I spent way too long on hold this afternoon to want to deal with that again today, maybe tomorrow.

I can pay from my savings to the DCU Visa, and from the DCU Visa into savings, but I don't see any way to go from either of those to an external account. It's not listed when I choose Make a Payment, or under Make/Schedule a Transfer.

As far as I can tell, there is no way for me to move money out of this savings account online. This is the first time I've attempted to, and a pretty big oversight in my opinion.

Re: DCU - How do I get my money out of savings?

Ardecko — Wed, 21 Feb 2018 02:29:44 GMT

You may have to pull the funds (via ACH) from another bank. I seem to recall someone saying USAA was good for this. Go to your other bank accounts online and look for the same features there. (I know some banks don't offer this feature.)

Downside to DCU is even if you opened a checking account with them, they'd charge you 5 or 10 dollars to push the funds out.

Re: DCU - How do I get my money out of savings?

Anonymous — Wed, 21 Feb 2018 02:42:51 GMT

Use Discover to ACH it. Only thing I don't like is that discover puts a 5 day hold on funds. But for savings, I guess it isn't a big killer.

Re: DCU - How do I get my money out of savings?

Anonymous — Wed, 21 Feb 2018 03:01:23 GMT

Reverse the procedure, add DCU to your Discover as an external account then ACH pull.

Re: DCU - How do I get my money out of savings?

DaveInAZ — Wed, 21 Feb 2018 18:05:13 GMT

@Anonymouswrote:
Reverse the procedure, add DCU to your Discover as an external account then ACH pull.

Duh! Of course, why didn't I think of that? Long day.

Interesting. I have a DCU checking, savings & car loan, but have never tried an external transfer from savings. Just checked, and I get the same message - Please note that if you choose a DCU share account as the source, you can only transfer to a DCU Visa loan.

I don't have a DCU Visa, and don't want one, love their car loan rates & 5% saving to $1k, but think their credit cards are pretty meh.

I keep $999.xx in my savings, and when the monthly 5.xx% interest puts me over $1k I just move $$$ to my checking from the main accounts page to bring savings back under $1k.

Re: DCU - How do I get my money out of savings?

DeeBee78 — Wed, 21 Feb 2018 18:11:00 GMT

Thanks all,

I went to Discover's site this morning and added DCU savings to my list of external accounts. I tried to immediately verify using my DCU credentials, but Discover's system isn't setup to handle DCU's two-factor authentication, so I have to wait for my trial deposits to post.

I still find it incredibly backwards that DCU doesn't allow you to move money out of your savings account, unless it's to your credit card. But like you guys said, if they did allow a push, they'd charge me for the convenience.

Re: DCU - How do I get my money out of savings?

iced — Wed, 21 Feb 2018 22:07:36 GMT

The way I pull money out is the other way around - I have an external savings account with Barclays that is linked to my DCU account and I can just pull funds directly into Barclays from DCU that way. Your member number is your account number and the routing number is public, so you can google it or ask DCU.

You can also instantly transfer to DCU checking and then move it out that way, too.

Re: DCU - How do I get my money out of savings?

Anonymous — Thu, 08 Mar 2018 21:50:45 GMT

i want to guess first add the other external account (discover checking) and then pull and see if it says the same thing.

Very important for new account openers to learn of this feature if true. Its valuable information.

Re: DCU - How do I get my money out of savings?

DaveInAZ — Wed, 04 Apr 2018 13:27:59 GMT

@DeeBee78wrote:
I have a savings account, a Visa card and until recently an auto loan with DCU. I traded in the vehicle that had a DCU car loan attached to it, and today the loan finally reflected a payoff. During the 16 days from selling it until the payoff, I had to make a car payment, which wasn't a problem. Once the loan was paid, DCU put the overage into my Share Savings account.

The issue is that the Share Savings account is really only good for $1,000, (5.12% APY on the first $1,000, but only .05% on anything over that) so I want to move everything in there over $1,000 to my Discover Savings account (1.45% APY). I went onto DCU's website, and when I attempt to move money out of savings, the only option it gives me is to my DCU Visa. How do I transfer money out of the Share Savings account?

Edit: Guess I should mention I tried calling DCU, but after being on hold for 45 minutes, I was disconnected.

As a follow up on this, I recently found out that DCU won't let you do an external transfer 'push' from their checking account either. When I selected my DCU free checking account as the From account I got this same message with no To accounts listed as I don't have a CC with them. I do have external checking accounts on file with DCU, but can only Pull from them to DCU.

The solution/easy work around is to Pull from DCU via external accounts, but pretty krappy of DCU in my opinion. I've never encountered this limitation before with any bank/CU.

Re: DCU - How do I get my money out of savings?

DeeBee78 — Wed, 04 Apr 2018 18:33:19 GMT

@DaveInAZwrote:
@DeeBee78wrote:
I have a savings account, a Visa card and until recently an auto loan with DCU. I traded in the vehicle that had a DCU car loan attached to it, and today the loan finally reflected a payoff. During the 16 days from selling it until the payoff, I had to make a car payment, which wasn't a problem. Once the loan was paid, DCU put the overage into my Share Savings account.

The issue is that the Share Savings account is really only good for $1,000, (5.12% APY on the first $1,000, but only .05% on anything over that) so I want to move everything in there over $1,000 to my Discover Savings account (1.45% APY). I went onto DCU's website, and when I attempt to move money out of savings, the only option it gives me is to my DCU Visa. How do I transfer money out of the Share Savings account?

Edit: Guess I should mention I tried calling DCU, but after being on hold for 45 minutes, I was disconnected.

As a follow up on this, I recently found out that DCU won't let you do an external transfer 'push' from their checking account either. When I selected my DCU free checking account as the From account I got this same message with no To accounts listed as I don't have a CC with them. I do have external checking accounts on file with DCU, but can only Pull from them to DCU.

The solution/easy work around is to Pull from DCU via external accounts, but pretty krappy of DCU in my opinion. I've never encountered this limitation before with any bank/CU.

I'm finding myself more and more disenchanted with DCU every day. Since I closed my car loan, I've debated whether the $4 a month in interest is worth keeping the relationship. I don't really use their credit card for anything, and I'm using my Discover Savings as an intermediary between DCU and BoA, since BoA charges fees as well.

Re: DCU - How do I get my money out of savings?

iced — Wed, 04 Apr 2018 18:48:42 GMT

@DeeBee78wrote:
@DaveInAZ
I'm finding myself more and more disenchanted with DCU every day. Since I closed my car loan, I've debated whether the $4 a month in interest is worth keeping the relationship. I don't really use their credit card for anything, and I'm using my Discover Savings as an intermediary between DCU and BoA, since BoA charges fees as well.

The part of DCU that often gets overlooked is their checking account. It's free and you get ATM reimbursements. This makes them a convenient checking bank with $1,000 kept in savings. For those who don't leverage the checking side of the account, I would agree there's not a lot to offer. The auto loan rates aren't great, though the mortgage rates seem ok.

For me personally, it's also nice to know there's branches a half hour away should I have need of a teller, but I know many on these forums don't live anywhere remotely near a DCU branch so that's a limited benefit for most.

Re: DCU - How do I get my money out of savings?

Anonymous — Wed, 04 Apr 2018 19:26:56 GMT

@icedwrote:
@DeeBee78wrote:
@DaveInAZ
I'm finding myself more and more disenchanted with DCU every day. Since I closed my car loan, I've debated whether the $4 a month in interest is worth keeping the relationship. I don't really use their credit card for anything, and I'm using my Discover Savings as an intermediary between DCU and BoA, since BoA charges fees as well.
The part of DCU that often gets overlooked is their checking account. It's free and you get ATM reimbursements. This makes them a convenient checking bank with $1,000 kept in savings. For those who don't leverage the checking side of the account, I would agree there's not a lot to offer. The auto loan rates aren't great, though the mortgage rates seem ok.

For me personally, it's also nice to know there's branches a half hour away should I have need of a teller, but I know many on these forums don't live anywhere remotely near a DCU branch so that's a limited benefit for most.

Yeah, I live right near a branch so it's great.

The other really good thing about DCU is they love and encourage and do not frown on cash advances. I use them all the time. Sometimes for thousands at a time. I usually pay it all back before the statement closes. I have the lowest rate. The purchase rate is also the cash advance rate, plus they don't charge cash advance fees.

The card is great for that and you won't get AA (as long as you pay it back) no matter how often you cash advance it.

Not to many banks encourage cash advances.

Re: DCU - How do I get my money out of savings?

minski — Wed, 04 Apr 2018 20:26:38 GMT

I've been using the People Pay method to get my money from the savings account to deposit into another account. It's cumbersome but it's free.

Re: DCU - How do I get my money out of savings?

Anonymous — Thu, 05 Apr 2018 10:43:45 GMT

Use dcu@dcu.org enter your member number & have them reply your query in the email. it works like a charm.

Secondly, use call back feature on DCU to see if you get a call and talk to them. why call & wait 40+ minutes.

They claim they have chat service but it just doesn't work when you need it.

Now if both of these dont work, you have a legitimate complaint on it & i would close the account at DCU. period.

I have heard that a large amount (eg $9000) at DCU is not put on Hold for very long once you have an established relationship with DCU. (Money has been made available within 48 hours). i like that feature about DCU checking.

Re: DCU - How do I get my money out of savings?

Anonymous — Wed, 11 Apr 2018 03:36:35 GMT

Didn't want to make another thread and saw this about DCU and I guess it answered my own question if it's worth putting more than $1,000 in their savings account. Was really confused about the blended rate.

Re: DCU - How do I get my money out of savings?

DaveInAZ — Wed, 11 Apr 2018 15:19:40 GMT

@Anonymous wrote:
Didn't want to make another thread and saw this about DCU and I guess it answered my own question if it's worth putting more than $1,000 in their savings account. Was really confused about the blended rate.

Well, it's pretty straight forward: 5% interest on savings up to $1k, only .05% over that amount. And no gimmicks, like some high interest accounts make you do xxx number of debit transactions to earn a high APR, just park $1k onto a DCU savings as a rainy day fund. Most of us transfer out $X.xx when it goes over $1k.

The gripe in this thread is that DCU doesn't let you "push"/send money out from DCU to an external account. The easy work around is to link the DCU account from an external account, and then pull the money you want out from DCU.