Banks with same-day ACH?

[ptatohed]

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@Outbackexplorer wrote:

Curious if anyone has datapoints for wealthfront or primis bank, they both seem like good fidelity alternatives

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I have nothing but good things to say about primis.  

[Outbackexplorer]

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@ptatohed wrote:

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@Outbackexplorer wrote:

Curious if anyone has datapoints for wealthfront or primis bank, they both seem like good fidelity alternatives

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I have nothing but good things to say about primis.  

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Oh yeah you had mentioned that before, everyone I've asked about it has had a positive experience! I meant more specifically datapoints on whether they send ACH pushes on the same day that you initiate them. Or how long they typically take otherwise.

[ptatohed]

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@Outbackexplorer wrote:

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@ptatohed wrote:

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@Outbackexplorer wrote:

Curious if anyone has datapoints for wealthfront or primis bank, they both seem like good fidelity alternatives

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I have nothing but good things to say about primis.  

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Oh yeah you had mentioned that before, everyone I've asked about it has had a positive experience! I meant more specifically datapoints on whether they send ACH pushes on the same day that you initiate them. Or how long they typically take otherwise.

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I don't recall how long it takes but it is not same day for sure.  A few business days.  

[fm92555]

I appreciate the list. But why the concern over same day ACH?  It isn't wildly adopted yet, approved but not adopted.

wouldn't it just be best to use Zelle until then?

[Outbackexplorer]

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@fm92555 wrote:

I appreciate the list. But why the concern over same day ACH?  It isn't wildly adopted yet, approved but not adopted.

wouldn't it just be best to use Zelle until then?

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Some banks don't offer Zelle, so that isn't an option for them. Also technically you're not supposed to send money to yourself with Zelle, and I've seen some examples of people getting banned from Zelle for doing it too much.

[Credit4Growth]

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@TyrannicalDuncery3 wrote:

I was trying to come up with two lists:

• banks with same-day ACH push that report to EWS;
• banks with same-day ACH push that do not report to EWS.

Here is my attempt to make a list. I will add some citations later. Thoughts?

Maybe:

• Alliant: some people say they have same-day ACH; I think they do report to EWS
• CIT: some people say they have same-day ACH; I don't know whether they report to EWS
• Hanscom: DoC says they have one-day ACH, they are weird so I put them in the list
• Marcus: some people say they have same-day ACH; I think they don't report to EWS, some people say they are nosy
• SoFi: some people say they have same-day ACH; I think they don't report to EWS
• USAA: some people say they have same-day ACH; I think they do report to EWS

Same-day ACH, no EWS:

• Bask

Same-day ACH, yes EWS:

• Ally
• Amex
• Fidelity (also free wire transfers)
• Schwab
• US Bank

some references:

• https://www.bogleheads.org/forum/viewtopic.php?t=440488
• https://www.doctorofcredit.com/hub-a...l-institutions
• https://www.doctorofcredit.com/banks...ning-services/
• maybe there is some relationship between who is in NACHA and who has same-day ACH pushes? I'm not sure https://www.nacha.org/

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I can barely recall that I've ever read an EWS or CheckSystems report.   I browsed through the provided links, thank you for that!   Way back in the yesterday years I had no idea of the level of tracking capabilities and detailed information sharing the banks and their partner organizations had at heir fingertips.   This possibly allows additional clarity as to why USBank opened and closed a combination of  a checkings & savings account twice in the span of 2 hours.   This was during August of 2018 when I believe I had opened 5 or 6 demand deposit accounts at other institutions. 

Aside from that, depending on a FI policy of acknowledgement, in the past I have performed ACH pushes to qualify as a monthly Direct Deposit at a receiving institution.

Now as my preference, having grown insensitive to wanting to remember which institutions do or do not acknowledge the above, for most situations related to personal accounts I have reverted back to utilizing domestic wire transfers at comparatively low cost & sometimes at no cost - dependent on the products/relationship I have at other institutions.   It does have limitations but suits my personal need fairly well.    See below:

I am anxious to read replies from members...

Are most utilizing ACH payment orders for personal transactions or for both personal & business purposes?

[Varsity_Lu]

I have been very pleased with AmEx's same day transfer service. And I pushed some cash from my Fidelity CMA a week or so ago and was very pleased that it transfered and cleared the destination Bank in just a few hours.