topic Re: DCU transferring funds out in Personal Finance

DCU transferring funds out

Rogue46 — Thu, 06 Apr 2023 19:46:22 GMT

So I opened a checking account with Chase and transferred apparently the maximum amount from DCU to Chase on Tuesday ($500) and wanted to make another transfer today but I keep getting the error "Exceeds the maximum transfer amount". I cannot find anything that indicates what that limit is or how often I can make a transfer.. Anyone who banks with DCU have that answer?

Thanks

Re: DCU transferring funds out

SouthJamaica — Thu, 06 Apr 2023 20:23:04 GMT

@Rogue46 wrote:
So I opened a checking account with Chase and transferred apparently the maximum amount from DCU to Chase on Tuesday ($500) and wanted to make another transfer today but I keep getting the error "Exceeds the maximum transfer amount". I cannot find anything that indicates what that limit is or how often I can make a transfer.. Anyone who banks with DCU have that answer?

Thanks

What a useless credit union it is.

I assume you are trying to push the transfer from DCU. I would imagine that if you pull the transfer from Chase, DCU's limits will not be an issue.

Re: DCU transferring funds out

SouthJamaica — Thu, 06 Apr 2023 21:46:23 GMT

@Rogue46 wrote:
So I opened a checking account with Chase and transferred apparently the maximum amount from DCU to Chase on Tuesday ($500) and wanted to make another transfer today but I keep getting the error "Exceeds the maximum transfer amount". I cannot find anything that indicates what that limit is or how often I can make a transfer.. Anyone who banks with DCU have that answer?

Thanks

Apparently the only way to find out your limits is to ask them. I.e. you can send them a secure message, and they will tell you what your limits are.

Re: DCU transferring funds out

Rogue46 — Thu, 06 Apr 2023 23:16:09 GMT

Nope cannot do that either. I tried to pull a transfer with Chase but it got flagged for fraud.. According to them you cannot initiate any transfers for the first 10 days which is why it got flagged.. I didn't think moving money around would be this difficult especially trying to fund an account I just opened.

Re: DCU transferring funds out

AndySoCal — Fri, 07 Apr 2023 00:23:59 GMT

@Rogue46 How are making the transfer by using a debit card or account number and routing number or some other method?

Re: DCU transferring funds out

Rogue46 — Fri, 07 Apr 2023 17:53:05 GMT

@AndySoCal

I'm using the transfer money option in each respective app.

Re: DCU transferring funds out

AndySoCal — Fri, 07 Apr 2023 18:55:37 GMT

@Rogue46 I would suggest you set up an external account either on the Chase or the DCU side. The external account you need to provide the account number and routing number of the other bank. This will be followed by two micro deposits into that account which you will verify. After that is completed you can transfer the desired amount of money. The transfer will take a couple of days or so to complete. The amount that can transfer sounds like the debit card is involved in the process.

Re: DCU transferring funds out

Rogue46 — Fri, 07 Apr 2023 19:22:21 GMT

I will try that thank you

Re: DCU transferring funds out

iced — Mon, 10 Apr 2023 16:33:49 GMT

@Rogue46 wrote:
So I opened a checking account with Chase and transferred apparently the maximum amount from DCU to Chase on Tuesday ($500) and wanted to make another transfer today but I keep getting the error "Exceeds the maximum transfer amount". I cannot find anything that indicates what that limit is or how often I can make a transfer.. Anyone who banks with DCU have that answer?

Thanks

I've never had a transfer get blocked by DCU going out, with the largest being around $200,000. Based on your experience, I have to think limits are per-account and something about your account has made them decide to put an unusually low limit on it.

You should be able to go into a branch (or call) and ask a teller to initiate a transfer for you.

Re: DCU transferring funds out

Rogue46 — Mon, 10 Apr 2023 20:35:05 GMT

Still no go, I setup an external account with each bank using the account and routing numbers and still cannot move more then $500 at a time, I can go to a Chase branch to figure it out but the closest DCU branch is 2 hours away. I have just under $10k I want to transfer over so it's going to take some time..

I'm getting very frustrated with Chase in particular. I deposited a payroll check via the mobile app last Thursday and they put a hold on it for 10 days, They told me this is normal and for the first month or so the 10 day hold would be in place each time I deposit a check??? So I wait 7 days to get paid then another 10 days for it to clear? I've never heard of anything like that..

Re: DCU transferring funds out

ZackAttack — Mon, 10 Apr 2023 20:52:59 GMT

@Rogue46 wrote:
Still no go, I setup an external account with each bank using the account and routing numbers and still cannot move more then $500 at a time, I can go to a Chase branch to figure it out but the closest DCU branch is 2 hours away. I have just under $10k I want to transfer over so it's going to take some time..

I'm getting very frustrated with Chase in particular. I deposited a payroll check via the mobile app last Thursday and they put a hold on it for 10 days, They told me this is normal and for the first month or so the 10 day hold would be in place each time I deposit a check??? So I wait 7 days to get paid then another 10 days for it to clear? I've never heard of anything like that..

If you are tying to do an ACH transfer on Chase's portal, well there are going to be some restrictions in play because they don't want to get involved with money laundering. Even a check does have official channels to go through. I personally don't know what the payroll check has, but the dollar amount or routing/bank number could be flagged when moving funds over.

When SoFi was still fintech, the routing number they used was flagged by Chase and had to wait 10 business days.

If both Chase's portal (because of new account status) and DCU's portal aren't giving you the transfer, go on to DCU and set up Bill Pay. Put down your name and address and the Bill Pay Processor will send you a check in the mail (assuming you don't have DCU's personal checks from ordering a stack).

Other option is to see if a CO-OP Branch will withdraw that money for you in cash or by cashier check.

Re: DCU transferring funds out

AndySoCal — Tue, 11 Apr 2023 01:06:55 GMT

@Rogue46

For DCU did you do this ?

https://www.dcu.org/dcu-support-center/external-transfers.html

for Chase

https://www.chase.com/digital/customer-service/helpful-tips/personal-banking/mobile/external-account

Re: DCU transferring funds out

Rogue46 — Tue, 11 Apr 2023 18:03:16 GMT

@AndySoCal

Yes everything is setup correctly it just won't let me pull more then $500

Re: DCU transferring funds out

AndySoCal — Tue, 11 Apr 2023 18:15:35 GMT

@Rogue46 Talk with DCU

Re: DCU transferring funds out

Rogue46 — Tue, 11 Apr 2023 19:17:14 GMT

@AndySoCal

Just got off the phone with DCU. The CSR was able to give me a limit of $2500 per day which according to her is the max anyone is allowed to transfer per day so something must have changed as others have mentioned transferring much more then that.

Re: DCU transferring funds out

Rogue46 — Tue, 11 Apr 2023 20:27:00 GMT

Re: DCU transferring funds out

Kforce — Tue, 11 Apr 2023 20:21:53 GMT

I do not have DCU, however many CU's put restrictions on new accounts.

The reason many old time account users do not have a problem

Some are for a month or two and others about 6 months.

Restrictions are almost always on transfers, (ACH, Check's and Mobil Deposits).

Some are limit as to amount, some are extra time to post for being available to move/spend.

Problem is you never know the limits, or time frames until you are a member and can't do what you want/need.

I have learned to go slow, and expect the worst with new accounts at any Bank or CU

Always keep an aged well working account until the new account is working for you needs.

I fully understand, often one opens an account for a purpose, and find that it is useless until you have a year under your belt.

Re: DCU transferring funds out

iced — Tue, 11 Apr 2023 21:27:14 GMT

@Rogue46 wrote:
@AndySoCal

Just got off the phone with DCU. The CSR was able to give me a limit of $2500 per day which according to her is the max anyone is allowed to transfer per day so something must have changed as others have mentioned transferring much more then that.

I've definitely moved more than that -- are you doing an ACH, (presumably not) wire, or a P2P transfer (People Pay)? Heck, can you move $2,501 from checking to savings or vice versa? I will say I do not remember doing a P2P transfer of more than $2,500, but I also can't imagine you'd use that (terrible) interface to move money to another bank. Just use ACH.

I'd provide screenshots though it seems DCU has lost all information from 5/2020 to 1/2022 when my largest transactions took place:

When those months re-appear I'll show some output.

Re: DCU transferring funds out

Rogue46 — Tue, 11 Apr 2023 22:33:15 GMT

What I'm doing is I added Chase via an external account linking with routing number etc. I go into the DCU app and click on savings account ---> transfer out and choose the externally linked Chase account. I'm able to transfer whatever dollar amount between my checking and savings within DCU so that's not a problem.

Re: DCU transferring funds out

iced — Tue, 11 Apr 2023 23:24:22 GMT

@Rogue46 wrote:
What I'm doing is I added Chase via an external account linking with routing number etc. I go into the DCU app and click on savings account ---> transfer out and choose the externally linked Chase account. I'm able to transfer whatever dollar amount between my checking and savings within DCU so that's not a problem.

I'm going to try to duplicate your situation to see if anything's changed since that big update they did a year ago (which is at least how long it's been since I've moved a sum over $2,500 initiated at DCU). I just linked my Chase account and will move some amount greater than $2,500 in the coming weeks (I'd do a transfer to DCU now and then an immediate one to Chase, but that doesn't look suspicious at all)