My Banking Direct is a service of Flagstar Bank N.A. The parent company is NY Community Bank which is having financial difficulties. You can Google it. But all funds up to $250K is FDIC insured.
A: In the unlikely event of a bank failure, the FDIC responds in two capacities.
First, as the insurer of the bank's deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank.
I had bit on a credit karma ad for a 5.3% via Raisin, which is just a broker for banks, mine was with Consumer Bank. this was ~6mo ago. It's fallen 2x since to 4.76%. Thinking of making the leap now that it's below 5%. The nice thing about raisin is they have a list of banks and rates, and you can list them by APY and transfer in without having to go through the account creation process. The downside is you can't transfer direct between raisin accounts. You have to transfer from your raisin account to your "external" bank account, then back in to the new one, each of which can take 2-3 days.
I had bit on a credit karma ad for a 5.3% via Raisin, which is just a broker for banks, mine was with Consumer Bank. this was ~6mo ago. It's fallen 2x since to 4.76%. Thinking of making the leap now that it's below 5%. The nice thing about raisin is they have a list of banks and rates, and you can list them by APY and transfer in without having to go through the account creation process. The downside is you can't transfer direct between raisin accounts. You have to transfer from your raisin account to your "external" bank account, then back in to the new one, each of which can take 2-3 days.
I also used Raisin for a little while. It was annoying the rates would lower and even though Raisin had new banks with higher rates, the money had to be transferred to my external account and then back to Raisin. I signed up for this deal last month due to this hassle. Current highest rate on Raisin for savings is 5.26% so hopefully this 5.55% stays around for awhile. Even if it dips a little still will probably be higher than Raisin.
TLDR all of the posts. Any confirmation on daily/monthly transfer limits? I don't want to move money in, find out rate dropped and then find out it will take me a year to get all my money out.
TLDR all of the posts. Any confirmation on daily/monthly transfer limits? I don't want to move money in, find out rate dropped and then find out it will take me a year to get all my money out.
I think any transfer limit would only apply to using this account to SEND money to another account—don't believe they can limit the amount you can PULL/REQUEST using another bank
I think any transfer limit would only apply to using this account to SEND money to another account—don't believe they can limit the amount you can PULL/REQUEST using another bank
Interesting observation. Makes sense, when I try to currently transfer from Bank A to Bank B, there is a limit, but if I initiate the transfer from Bank B and request to pull from Bank A, I don't seem to have a limit. Thanks.
TLDR all of the posts. Any confirmation on daily/monthly transfer limits? I don't want to move money in, find out rate dropped and then find out it will take me a year to get all my money out.
I have had my account for about 45 days. I just went into the transfer screen and it says:
Transfer Limits:
Remaining today $50,000.00
Daily $50,000.00
Per Transfer $50,000.00
Monthly $200,000.00
This is for sending from My Banking Direct to external checking account.
It blows my mind that people use these random outdated banks they've never heard of...
Betterment has been around since 2009, and has a native online experience. They have a 5.5% intro APR, and 5.00% standard APR with NO MINIMUM balance and $2M FDIC Insurance. Not to mention quick ACH transfers (24H)...
Along with a comprehensive online interface, and one of the originators of Robo-advisor Retirement/Wealth Management....
It blows my mind that people use these random outdated banks they've never heard of...
Betterment has been around since 2009, and has a native online experience. They have a 5.5% intro APR, and 5.00% standard APR with NO MINIMUM balance and $2M FDIC Insurance. Not to mention quick ACH transfers (24H)...
Along with a comprehensive online interface, and one of the originators of Robo-advisor Retirement/Wealth Management....
Why use these shitty random banks?
How long does the "Intro" rate last? I'm already getting 5.0% at CIT Bank.
It blows my mind that people use these random outdated banks they've never heard of...
Betterment has been around since 2009, and has a native online experience. They have a 5.5% intro APR, and 5.00% standard APR with NO MINIMUM balance and $2M FDIC Insurance. Not to mention quick ACH transfers (24H)...
Along with a comprehensive online interface, and one of the originators of Robo-advisor Retirement/Wealth Management....
Why use these shitty random banks?
Wouldn't it be funny if your Betterment ends up putting a chunk of your money into *THIS* "sh!tty random outdated bank"?
Just a heads-up: Scrutinize the transaction history on your accounts (specifically Checking accounts): I just discovered a $25 "Maintenance Service Charge" on my long-established checking account. I am yet to talk to customer service, but I can guarantee that there is no no legitimate reason for it.
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A: In the unlikely event of a bank failure, the FDIC responds in two capacities.
First, as the insurer of the bank's deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank.
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I think any transfer limit would only apply to using this account to SEND money to another account—don't believe they can limit the amount you can PULL/REQUEST using another bank
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Transfer Limits:
Remaining today $50,000.00
Daily $50,000.00
Per Transfer $50,000.00
Monthly $200,000.00
This is for sending from My Banking Direct to external checking account.
Betterment has been around since 2009, and has a native online experience. They have a 5.5% intro APR, and 5.00% standard APR with NO MINIMUM balance and $2M FDIC Insurance. Not to mention quick ACH transfers (24H)...
Along with a comprehensive online interface, and one of the originators of Robo-advisor Retirement/Wealth Management....
Why use these shitty random banks?
Same but I noticed it was a sum larger than 50k. For me
Betterment has been around since 2009, and has a native online experience. They have a 5.5% intro APR, and 5.00% standard APR with NO MINIMUM balance and $2M FDIC Insurance. Not to mention quick ACH transfers (24H)...
Along with a comprehensive online interface, and one of the originators of Robo-advisor Retirement/Wealth Management....
Why use these shitty random banks?
Edit - found it, Intro rate lasts for 3 months. https://www.betterment.
Betterment has been around since 2009, and has a native online experience. They have a 5.5% intro APR, and 5.00% standard APR with NO MINIMUM balance and $2M FDIC Insurance. Not to mention quick ACH transfers (24H)...
Along with a comprehensive online interface, and one of the originators of Robo-advisor Retirement/Wealth Management....
Why use these shitty random banks?