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This rate is not for a CD, this is a standard savings account rate. So the big difference is having complete liquidity versus putting your money into a CD which typically will have an early withdrawal penalty if you need to access your funds before maturity. Also, if you lock yourself into a CD and rates continue to go higher, you may lose out on some additional interest at other banks as they increase their rates. Once I see rates start to come down, I'll probably put some money into a CD that matures in a few years to continue to earn high interest even as rates start to decline.
They are jumping the gun by a week, counting on a 1/2 percent increase by the Fed in the next meeting. Assuming that happens, by the end of the month other online savings accounts will be in the 4.5% to 5% range. Solid rate tho.
And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
Nah takes like a day. They just sit on our money and earn on their end for a week then allow it to post so we start earning. LOL
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I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.
Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.
I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
Nah takes like a day. They just sit on our money and earn on their end for a week then allow it to post so we start earning. LOL
I signed up with them and deposited 5 days (ACH) before the end of the month, and they posted the 5 days of 5% APY interests before the principal (initial funding) was posted (turned into available balance). In other words, the interests are immediately available for withdrawal and they didn't cheat you on the interests while the funds are in limbo. It was a pleasant surprise.
I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.
Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.
I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
??? I wired money into my account and it went very smoothly. I linked my Wells Fargo account to my UFB account with no trouble though it took a few days. I initiated this link from Wells Fargo who made two deposits and one withdrawal which I then verified. I then transferred $10 just to test it. No problems.
I'll add that although UFB said they would charge me $35 to wire into the account, I haven't been charged that fee yet and it's been a couple of weeks. WF charged me $30.
I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.
Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.
I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
I signed up with them and deposited 5 days (ACH) before the end of the month, and they posted the 5 days of 5% APY interests before the principal (initial funding) was posted (turned into available balance). In other words, the interests are immediately available for withdrawal and they didn't cheat you on the interests while the funds are in limbo. It was a pleasant surprise.
Same experience. I was really surprised that they gave interesting even before the fund was settled.
The only options I have are:
1) using an external app called Yodlee where you give them your other Bank's login credentials (not happening)
2) Wire (fees)
3) Deposit a Check (pictures of front and back of a paper check, limited to $50k per transfer)
4) Mail a Physical Check
How exactly are you getting the option to do an ACH transfer?
I liked my non-UFB account on UFB webpage. Refreshed. And I was given the option to make a transfer. It took almost 8 days to settle though. But I was given interest for the 8 or 7 days. Kinda interesting.
I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.
Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.
I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
It's not 2001 anymore.. the bank to bank connection/verification is instant.
ACH transfers worked fine for me. Incoming and outgoing.
Basically, if you need a no frills bank and don't expect any average service, this bank is for you.
The only options I have are:
1) using an external app called Yodlee where you give them your other Bank's login credentials (not happening)
2) Wire (fees)
3) Deposit a Check (pictures of front and back of a paper check, limited to $50k per transfer)
4) Mail a Physical Check
How exactly are you getting the option to do an ACH transfer?
After you link a bank account to your UFB account.
Whether you use the instant option or manual verification…
The only options I have are:
1) using an external app called Yodlee where you give them your other Bank's login credentials (not happening)
2) Wire (fees)
3) Deposit a Check (pictures of front and back of a paper check, limited to $50k per transfer)
4) Mail a Physical Check
How exactly are you getting the option to do an ACH transfer?
I did it through the website (not app) by adding an EXTERNAL account then transfer between accounts.
Its probably wire but its better to confirm with them before making the transfer. I usually refrain from entering my bank account credentials on a third party app or bank site. I opened one with Marcus and all i had to do was provide account and routing number.
How do you like using Marcus? I opened an account with them the other day but haven't funded it yet.
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And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
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It was definitely 5.02. It went from 4.55 straight to 5.02 before the last Fed rate hike
I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.
Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.
I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.
Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.
I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
??? I wired money into my account and it went very smoothly. I linked my Wells Fargo account to my UFB account with no trouble though it took a few days. I initiated this link from Wells Fargo who made two deposits and one withdrawal which I then verified. I then transferred $10 just to test it. No problems.
I'll add that although UFB said they would charge me $35 to wire into the account, I haven't been charged that fee yet and it's been a couple of weeks. WF charged me $30.
I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.
Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.
I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
Absolutely not true.
Same experience. I was really surprised that they gave interesting even before the fund was settled.
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1) using an external app called Yodlee where you give them your other Bank's login credentials (not happening)
2) Wire (fees)
3) Deposit a Check (pictures of front and back of a paper check, limited to $50k per transfer)
4) Mail a Physical Check
How exactly are you getting the option to do an ACH transfer?
I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.
Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.
I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
ACH transfers worked fine for me. Incoming and outgoing.
Basically, if you need a no frills bank and don't expect any average service, this bank is for you.
1) using an external app called Yodlee where you give them your other Bank's login credentials (not happening)
2) Wire (fees)
3) Deposit a Check (pictures of front and back of a paper check, limited to $50k per transfer)
4) Mail a Physical Check
How exactly are you getting the option to do an ACH transfer?
Whether you use the instant option or manual verification…
1) using an external app called Yodlee where you give them your other Bank's login credentials (not happening)
2) Wire (fees)
3) Deposit a Check (pictures of front and back of a paper check, limited to $50k per transfer)
4) Mail a Physical Check
How exactly are you getting the option to do an ACH transfer?
right now iam in robinhood which is is 4.4 right now
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