Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I spent an entire career in programming, almost all of it for a major money center bank, and it's correct that all platforms -ATM, teller, platform, online via home computer, phone app, back office, and overnight batch transfers (wire, ACH, push or pull transactions) all plug into and update the core master files. The weakest link is probably human error - yours or someone else's - and the logon/encryption security from your device to the banks servers.
I do everything, including deposit checks, from my computer or phone.
I only go to a branch to access my Safe Deposit Box.. maybe once or twice a year
If going in person makes you feel better have at it.
Just don't expect an old man with a green eyeshade making handwritten entries in a huge ledger.
In terms of safety, yes, absolutely. I, too, do it all the time
In terms of limit, it depends on the bank's policy, the type of transaction (i.e., how it's coded, whether it's an ACH or wire transfer, etc.), and some other factors.
I have had accounts with Ally for quite a while and I really like them. I do transfers all the time, and I also use their app on my phone to make deposits. Yes, they do allow accounts to be held in trusts (some banks don't). You will have to fill out some forms from them and upload them securely online, and also include some pages of your trust (at least this is what I had to do a few years ago with them). I like that you can get someone on the phone with them there if you need, and they are always knowledgeable.
It is very easy and convenient with them to have multiple accounts with different purposes.
I don't recall what their transfer limits are, but you can ask. If you want to transfer more than the limit, just split it into 2 transfers. Be aware that regulations (not just Ally) only allows a limited number of outgoing transfers a month, from each account.
I am having a problem with Ally. I started the application process online, but then could not log back in with my user name or password. They say call them and they will reset the user name, but now I am being told that the application user name can't be reset, and because I still have to send them docs (which I can't do because I can't access their secure email through the login), that I just have to send docs some other way (mail or fax) and then wait for approval and then they will give me another logon opportunity in which I will create another user name/password.
This all is really time-consuming and frustrating - and for an online bank, if I can't access them online, it does give cause for concern.
I will call them again today and see if there is any other thing I can do - otherwise, I will have to find another online bank that allows you to hold account in trust (and whose process is not too difficult).
A percent or two on CDs etc. is not worth remoting your money, IMVHO.
Don't worry about finding such a discrepancy in interest rates these days. The 10 largest safest banks all have their interest rates in the toilet right now. But "First Unsafe Risky Bank of Consequence New Mexico" might be offering 3 or 4% but would you want to put 250K (limit of FDIC insurance) in such a bank?????
I transferred $205K to Citi from my CU account, with no problems.
Be wary of Russian hackers who have invaded your computer with a keylogger malware who then divert your 500K transfer into their own Swiss account. I have instructions at my institutions "Never but NEVER allow wire transfer from any of my accounts except by myself at THIS particular branch and with valid photo ID and password!"
Never said it did. But I have a viewpoint hardened by far too much observation of things that rose up and bit us in the *ss because no one thought they would be a problem.
That is, I don't have the millennial attitude that Online Iz Bestest Cuz.
that isnt a millenial attitude, its generally everyone of any age that embraces new superior technology.
that isnt to say that it isnt better to have both online and physical locations and also that some situations where physical is better but most things are better when done "online." i know that doing things the old fashioned way is often a source of pride for some but its really just stubbornness and ignorance.
I have my emergency funds savings with American Express online savings. Much higher interest rate than my CU. I like it because I already have an AmEx card, so with one login I get to both accounts. Also, it is a well established, reputable financial services company. Done ACH transfers for years from my CU with no issues.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
