tl;dr (udpated August 25th, 2019)
Two issues
- RBFCU "transfer funds" system does not save account and routing numbers when doing transfers.
- The transfer request just sits there and is not processed until the 3rd day.
Solution
Go to RBFCU "payments and bills" section. Select the "popmoney" feature to set up external bank accounts. Account and routing numbers can be saved for future use. Rush (next day) and standard (3 day) processing is available. Daily and monthly limits apply. There are no fees for this service.
Closing thoughts
Avoid using RBFCU in house "transfer funds" feature to push or pull funds.
Use their "popmoney" feature to transfer funds to external accounts.
Always push funds from external accounts to RBFCU.
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I joined RBFCU last week. I did NOT get a HP to join. I am debating on getting there 2% cash back card and wanted to get the membership all set up. As I was getting familiar with there website I noticed there checking account ACH transfer policy: All Electronic Funds Transfer requests require advance notification of a minimum of 3 business days. That seems excessive to me. ACH transfers processed by Fidelity CMA, Chase and NFCU that are submitted before the cutoff time is at the external bank the next business day in the morning.
I asked if this was a temporary restriction and was told no it is not. They seem to deliberately delay ACH processing. I do not need another checking account but I thought this might be useful for someone who is considering banking with them. I am only interested in there 2% cash back credit card at this time.
From Transfer screen
All Electronic Funds Transfer requests require advance notification of a minimum of 3 business days. Business days are Monday - Friday.
Any request with a transfer date that falls on a weekend or holiday will be transmitted on the next business day.
From FAQ
Can I transfer from other accounts outside RBFCU to my RBFCU account?
Not at this time, however, you can transfer in from another financial institution to an RBFCU loan.
Other ways suggested to deposit money to your account.
Although incoming electronic transfers are limited to loan payments, these options can help you access funds from another financial institution.
- Depositing a check, including through mobile deposits.
- Originating the funds transfer from your other financial institution.
- Visiting a branch or contacting us at 1-800-580-3300 to conduct your transaction.
@DaveInAZ wrote:Well, I'm not sure if they're awkwardly phrasing the ACH transfer terms. If they mean by "3 day advance notification" that they won't even initiate the transfer until after 3 days that's really poor. But what I think they mean is 3 days to complete the transfer, meaning crediting the funds to your account. Most banks take 3 days to complete a ACH transfer. For example I initiated a $1100 ACH transfer from my Chase account to Memory Bank on 2/27, and they said it would be credited to my account on 3/4, 3 business days. If that's what RBFCU means then that's pretty standard.
What's strange is that they only allow incoming transfer to loan accounts, not to checking or saving accounts. But that's easily worked around as they state, by mobile check deposit or originating the transfer at another bank.
I hate the way it is worded. All of it is odd to me. I called and inquired about the wording and the csr agent said what is listed on the website is correct. All the ACH transfers from all of my other banks lists a cutoff time for the transfers to be processed same day. The transfer then posts to my external banks within 24 hours of me pushing the funds. The funds are credited the next day in the external account and are available for use. All within 24 hours. RBFCU also does not allow you to set up external bank account for ACH transfers. You have to enter routing and account number each time you what to do an external ACH transfer. They make it as inconvenient as possible.
I am guess I am spoiled with the banks that I have (Fidelity CMA, Chase, NFCU). None of them delay the outgoing ACH transfer and there is no delay in crediting incoming ACH transfers. The money is in the external bank in the morning. RBFCU does not even list what the cut off time is for the ACH transfer to be sent. They go by " advance notification of a minimum of 3 business days". Odd wording indeed. I usually will not sign up for a checking account with any bank that can not process a simple ACH within 24 hours. I am spoiled in that regard.
@creditfan wrote:SDFCU also gives you 2% card with chip & pin priority
SUB $200 currently, ways better than RBFCU
SDFCU: people love-em or hate-em. I will pass on them as I am over a 1,000 miles away from a branch. They sometimes require a visit to a branch if there is an issue (verify identity). Who knows what else may cause them to tell you to come to a branch to clear up an issue. Nice card though.
To be fair the RBFCU 2% credit card is ok for my needs and is almost identical in features to the SDFCU card.
The card and that feature is one of the reasons I want it. Do you know if RBFCU is sensitive to too much available credit? Or do they not care about that? It is probably best I close the cards in my sock drawer prior to applying. My TU is over 800. AAoA 4 years.
Thanks