Over the past decade, many banks have added a feature to their websites allowing customers to transfer money to and from accounts at other banks. This feature, called Online ACH Transfers, is especially prevalent among online banks with no branches, and in some cases is the only way to get money in and out of a savings account.
Although it’s not generally advertised, many banks set limits on the amount of money that can be withdrawn on a daily or monthly basis from an account via an online ACH transaction. So despite money being supposedly accessible at all times, your ability to withdraw large amounts all at once could be thwarted by these transfer limits.
Transfer limits can vary dramatically. Below is a sample of online ACH withdrawal limits for savings accounts at a few of the more popular banks:
You can view online ACH transfer limits for other accounts on BankFox by going to our lists of the top savings accounts and checking accounts, and clicking on the link for the particular account.
Very helpful, but you should note whether these limits are absolute or whether they are only limits if you use the bank's system.
Many credit unions limit you to $10,000 per day deposit or withdrawal if you use their system, but do not have limits if you push or pull your money using the ACH system of another financial institution.
Posted by anne_froste -- Sep 18, 2009 9:23 PM
Rates and accounts may differ by geography so enter your zip code for better information.