@core wrote:I've been using Penfed as an ACH hub for years and have always had a $5k daily limit. But today when I logged in I had some screwy-low limit for incoming transfers, and also an odd lower number than usual for outgoing transfers. It no longer lists amount processed for the day like it used to. The worst part is I didn't immediately get an available balance credit for my incoming transfer that I put in. That's the whole point of using Penfed... they float you the cash and you can immediately transfer it elsewhere without waiting for it to clear.
Has anyone else noticed these changes? It's Sunday so maybe stuff is just shut down for maintenance or something? But maybe they've placed me in the penalty box because I do quite a few transfers per month via that account and never leave much cash in there. So I'm starting to get worried. I know there are other institutions I can use but few of them will let me maintain so many linked accounts. Alliant, for example, starts to have issues after you've linked up 25 external accounts.
Good thread! Noticed that I had a similar situation that still hasn't transferred and it is a whole $66.00. Did it the end of April and it still is somewhere in never never land? The originating bank shows it processed. Glad this subject came up as maybe financials are changing the way they handle funds transferred due to the times we are in? Sure would like to know if that is the case. 
@CivalV wrote:I should add that my Daily limit is $5k, which is odd because I don't use the account often and have never even put $5k into the account.
My Limit on my share savings with a balance of $3 is still $5k but its the Access America that's been slashed to $2.5k.
Funny thing is that I use them a lot to settle most of my credit card payments, not because they settle ACH quickly, which they don't but because of the instant availability of cash I pull from external accounts. (I can't be convinced to put all my household income in any one bank no matter what FDIC says).
Usually, we send like $3k monthly of DW's paycheck via DD, while we send the rest of her's to another bank and split mine between 2 banks and do our business transactions with other banks. So the fact that I could pull on any of those funds almost immediately was my greatest incentive for keeping my Penfed relationship even when I had no credit product with them. So this is sort of a big deal to me.
Will definitely have to slash the DD to just the $500 required to keep the account free, if this change is permanent and put more in say a BOA or Chase where the ACH from card companies are settled way faster than Penfed.
@DaveInAZ wrote:
@Credit_Flavours wrote:
@CivalV wrote:I should add that my Daily limit is $5k, which is odd because I don't use the account often and have never even put $5k into the account.
My Limit on my share savings with a balance of $3 is still $5k but its the Access America that's been slashed to $2.5k.
Funny thing is that I use them a lot to settle most of my credit card payments, not because they settle ACH quickly, which they don't but because of the instant availability of cash I pull from external accounts. (I can't be convinced to put all my household income in any one bank no matter what FDIC says).
Usually, we send like $3k monthly of DW's paycheck via DD, while we send the rest of her's to another bank and split mine between 2 banks and do our business transactions with other banks. So the fact that I could pull on any of those funds almost immediately was my greatest incentive for keeping my Penfed relationship even when I had no credit product with them. So this is sort of a big deal to me.
Will definitely have to slash the DD to just the $500 required to keep the account free, if this change is permanent and put more in say a BOA or Chase where the ACH from card companies are settled way faster than Penfed.
Just to be clear, Penfed doesn't put any limit or hold on payroll direct deposits? It's just the reduced limits & holds on ACH transfers into Penfed you don't like?
And I DO think it's very unprofessional for Penfed to place these limits & holds with no announcement to members, you just find out when you try to place a new ACH transfer. They should have sent out an announcement to all members: "Dear valued member, due to (whatever lame excuse they want to use), effective xx/xx/xx, you will have a new limit of $Xxx.00 on ACH transfer from external bank accounts into your Penfed account'.
Exactly, in response to the bolded.
I know several gurus here have more cards than newbies like us, but having almost 30 credit accounts between us, its was just way simpler to use Penfed as the hub knowing I could pull whatever shortfall I have from any of the other external accounts within seconds. Obviously, it could still be done by manually pulling cash from the ATMs and depositing with Penfed for instant access which is what I ended up doing the last time but it's just so inconvenient.
To be fair to them, I had always thought of this benefit as being very risky on their part, as if just 10,000 members had their ACH with an average of $2k returned unpaid in 1 year, that will be a pretty chum change and shareholders won't be too happy.
Actually Reg D is waived right now... you should be able to transfer in or out of savings or MM with no 6 transaction limit right or penalty right now
Just to update this thread, while doing my daily check-up on accounts, I tried to make a transfer through DW's account and her ACH limit had been reverted back to $5k for both her share savings and Access America. Logged out of it, to check mine and to my surprise, the limit had now been increased to $10k. I tried a transfer and the "5 days hold" language was gone.
Did a little transfer of $7.15 from DCU and I got instant availability. So I guess all is well that ends well. I guess they must have gotten more than a handful of unpleasant feedback or maybe it was just a glitch.
