Discover online savings 1.75%

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:I pulled from Discover for a loan payment, not to transfer to a checking account.. But it still goes over ACH. 

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But all that tells you is that Navy does not hold your ACH pulled funds.

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@Anonymous wrote:

I said USAA and Penfed are instant ACH pull, not next day. 

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Instant ACH pulls would be impressive indeed, I have had PenFed for a year and never knew this because their deposit rates are meh, I just initiated $1 pull and see if this is indeed true tomorrow, it always takes 2-3 days to sent my PCR rewards to one of my other accounts.

You didn't address the 2 day push claim against my example.

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Did you send your money in the evening? It has to be done early enough in the day to process the original send date as a "business day." 

[Anonymous]

Are you talking about the $1 PenFed test or Discover push?

1. PenFed, I understand it's late and Sunday, that's why I said we'll see tomorrow, instant pull means the money should be in the account tomorrow if pulled tomorrow Morning.

2. Discover, of course it was initiated during earlier in the day, or else Discover would have moved the initiation/sent date to the next day. Give me some credit, I'm not new at this.

[Anonymous]

First test result in, bravo to PenFed with its instant ACH pull!

That said, it's pretty much worthless because their deposit rates/products is still average at best even with the 1.6% savings account they added recently, my plan to dump their checking and PCR in September is still firmly in place.

[Anonymous]

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@Anonymous wrote:
Furthermore, the 25k requirement is cumulative (ie deposit 5k, withdraw 5k, redeposit the same 5k, rinse and repeat) so even if you don't have 25k you can still make this happen, just make sure 25k total deposit is posted before 20 days after account opening.

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I just recently opened a Discover savings for the $150 bonus, and am wondering how much you can transfer at any one time before it has to be reported or fill out forms? I recently took out a loan and plan to park it there until I actually need it for intended purpose, but am curious if moving $15K at one time would raise any flags?

[Anonymous]

1.75 is nothing special, there are a number of banks at 1.8 - 1.9 now.  They all compete, so as long as you're with a bank that has a good rate, chances are they'll adjust the rate in lockstep wit the competition.  Trying to grind out an extra 0.1 isn't worth it.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Furthermore, the 25k requirement is cumulative (ie deposit 5k, withdraw 5k, redeposit the same 5k, rinse and repeat) so even if you don't have 25k you can still make this happen, just make sure 25k total deposit is posted before 20 days after account opening.

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I just recently opened a Discover savings for the $150 bonus, and am wondering how much you can transfer at any one time before it has to be reported or fill out forms? I recently took out a loan and plan to park it there until I actually need it for intended purpose, but am curious if moving $15K at one time would raise any flags?

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I don't think you have anything to worry about, I have moved more than that in and out of new accounts with no issues.

[DaveInAZ]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Furthermore, the 25k requirement is cumulative (ie deposit 5k, withdraw 5k, redeposit the same 5k, rinse and repeat) so even if you don't have 25k you can still make this happen, just make sure 25k total deposit is posted before 20 days after account opening.

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I just recently opened a Discover savings for the $150 bonus, and am wondering how much you can transfer at any one time before it has to be reported or fill out forms? I recently took out a loan and plan to park it there until I actually need it for intended purpose, but am curious if moving $15K at one time would raise any flags?

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I don't think you have anything to worry about, I have moved more than that in and out of new accounts with no issues.

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Yes, there's no limit requiring reporting for electronic deposits, because the source & destination is documented. It's any cash deposit or withdrawal over $10k that banks have to report to the IRS, to combat money laundering or tax evasion.

[Anonymous]

Ah, okay. Thanks for the clarification, the articles I've read didn't make that distinction. Just that multiples under ten were considered suspicious and, anything over ten was repoerted. I didnt really want my assets frozen like the stories they mentioned. 

[Anonymous]

Got an email today saying that I have qulified for the bonus, and would receive it within 2 business days. That's pretty quick! 

I thought that I would have to wait at least until after the deadline, or maybe one statement period.

[Anonymous]

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@Anonymous wrote:

Got an email today saying that I have qulified for the bonus, and would receive it within 2 business days. That's pretty quick! 

I thought that I would have to wait at least until after the deadline, or maybe one statement period.

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Yep, it posts few days after the required deposit posts, you're free to move your money out after the bonus if you wish.