Citizen's First slow transfer posting and stupid low limits...

[frayedends]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

[golfing eagles]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

I don't understand that limit. I move 20 or 30K from Merrill Lynch all the time without a problem, funds are almost always there 2nd business day. Perhaps the problem is with your bank in MA????

[Joeint]

Schwab Bank has worked very well for me.

[asianthree]

We keep Citizens as an after thought. If you drop in large amounts of cash, takes them forever to let you transfer to different bank.

From the 60s PSB was sold 5 times, finally to BOA. We continue to use them since every state has multiple locations. I pay Citizens mortgage with online banking with BOA, showing next business day.

Like you thought separate account for Florida house would be easy, not so much for us.

[Bill14564]

I don't understand that limit. I move 20 or 30K from Merrill Lynch all the time without a problem, funds are almost always there 2nd business day. Perhaps the problem is with your bank in MA????

I just checked this. The External Transfer page on the citizensfb website shows limits of $2,000/day and $6,000/month for ACH transfers initiated from that website.

- Wire transfers may have different limits but would certainly be more expensive
- The same limits apply when initiating a transfer from my other bank. However, the other bank uses the same software so perhaps the limit is built into the software package.

[Dusty_Star]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

When I was considering purchasing, I made a list of banks that were both in my northern home town & in The Villages. I got a list of 4 national banks & I went with Bank of America, I remember another one was Chase. I used the BofA for my wire transfers for the purchase, plus I am able to use branches both in the north & in The Villages. I am still somewhat in transit, but I think once I am there full time, I will leave BofA for a local bank (meaning I'm not over the moon about BofA, it does the job - no complaints, but I still think I will leave it). I'm not expecting any major transfers, but if Citizens delays things, like pension or social security deposits then maybe that will not be the local bank I choose. Does anyone have anything to add about their Citizens experience?

[golfing eagles]

I just checked this. The External Transfer page on the citizensfb website shows limits of $2,000/day and $6,000/month for ACH transfers initiated from that website.

- Wire transfers may have different limits but would certainly be more expensive
- The same limits apply when initiating a transfer from my other bank. However, the other bank uses the same software so perhaps the limit is built into the software package.

Is that the limit transferring OUT OF Citizen's First??? Again, no problem moving much larger amounts by ACH TRANSFER into Citizen's. Perhaps transfers from a brokerage account are different

[frayedends]

I don't understand that limit. I move 20 or 30K from Merrill Lynch all the time without a problem, funds are almost always there 2nd business day. Perhaps the problem is with your bank in MA????

Hmm, it seems Citizen's first makes the limit, but they determine it based on where it's being transferred from. No idea how they determine that...

From the transfer page...

"To protect your accounts, we've set limits on how much money you can transfer. Limits can change with the From and To account selection."

When I put in from my bank in MA it shows this...

Standard
Remaining today
$2,000.00
Daily
$2,000.00
Per Transfer
$2,000.00
Monthly
$6,000.00

And every transfer I make gives me an email that says what's below. It would make sense if it took 3 days to come out of my bank. But, nope, it comes out immediately. Not pending, just gone. Then it take full 3 business days to post in CFB.

"We received your request on September 08, 2023. You should expect to see the funds in the destination account within 3 business days. The timing can vary, however, depending on the institution."

I guess I'll just suck it up until I move there full time in a couple years and then find a good credit union.

[golfing eagles]

When I was considering purchasing, I made a list of banks that were both in my northern home town & in The Villages. I got a list of 4 national banks & I went with Bank of America, I remember another one was Chase. I used the BofA for my wire transfers for the purchase, plus I am able to use branches both in the north & in The Villages. I am still somewhat in transit, but I think once I am there full time, I will leave BofA for a local bank (meaning I'm not over the moon about BofA, it does the job - no complaints, but I still think I will leave it). I'm not expecting any major transfers, but if Citizens delays things, like pension or social security deposits then maybe that will not be the local bank I choose. Does anyone have anything to add about their Citizens experience?

SS checks are there on the fourth Wednesday of the month without exception. My wife's pension checks are always there on the 1st of the month

[frayedends]

Is that the limit transferring OUT OF Citizen's First??? Again, no problem moving much larger amounts by ACH TRANSFER into Citizen's. Perhaps transfers from a brokerage account are different

Transferring in. I've not had any reason to transfer out. We live in MA and our direct deposits go here. So we only need to transfer in to Citizen's to pay the Florida bills. We don't really need to do that, but it's our only joint account and makes tracking our Florida expenses easy.

[golfing eagles]

Hmm, it seems Citizen's first makes the limit, but they determine it based on where it's being transferred from. No idea how they determine that...

From the transfer page...

"To protect your accounts, we've set limits on how much money you can transfer. Limits can change with the From and To account selection."

When I put in from my bank in MA it shows this...

Standard
Remaining today
$2,000.00
Daily
$2,000.00
Per Transfer
$2,000.00
Monthly
$6,000.00

And every transfer I make gives me an email that says what's below. It would make sense if it took 3 days to come out of my bank. But, nope, it comes out immediately. Not pending, just gone. Then it take full 3 business days to post in CFB.

"We received your request on September 08, 2023. You should expect to see the funds in the destination account within 3 business days. The timing can vary, however, depending on the institution."

I guess I'll just suck it up until I move there full time in a couple years and then find a good credit union.

Very interesting. When I make a transfer from Merrill all it shows is the amount, and it also shows the "within 3 business days" statement, but it is almost always sooner.

[Altavia]

They're great for closing and face to face service but not so much for online activity. I've tried three times to get paperless statements without success.

Most funds are in online banks but I keep a small amount there for local services and ATM.

Also have a Chase account.

[frayedends]

When I was considering purchasing, I made a list of banks that were both in my northern home town & in The Villages. I got a list of 4 national banks & I went with Bank of America, I remember another one was Chase. I used the BofA for my wire transfers for the purchase, plus I am able to use branches both in the north & in The Villages. I am still somewhat in transit, but I think once I am there full time, I will leave BofA for a local bank (meaning I'm not over the moon about BofA, it does the job - no complaints, but I still think I will leave it). I'm not expecting any major transfers, but if Citizens delays things, like pension or social security deposits then maybe that will not be the local bank I choose. Does anyone have anything to add about their Citizens experience?

I'm guessing Citizen's has no issues with direct deposits like pension or SS. This seems to be only an issue with external transfer between banks.

Citizen's is using the same software as my credit union up here. At least both website look basically identical on all sections/pages.

[frayedends]

They're great for closing and face to face service but not so much for online activity. I've tried three times to get paperless statements without success.

Most funds are in online banks but I keep a small amount there for local services and ATM.

Also have a Chase account.

Oh yeah, another good point. I keep getting paper statements in the mail and I read them looking for a "go paperless" option. None to be found. I have no need for the paper statements.

[CoachKandSportsguy]

In MA as well, we did all our banking through BOA, considered First Citizens' but only did the mortgage. Since BOA exists in MA and FL, and does very well internationally, and links to fidelity very easily, we just kept BOA. we don't use credit unions any more as one account does everything. Wife has Citizens (not First Citizens) to keep different bank options available and we have needed the duality at times.


Attention Required! | Cloudflare (https://mypaymentsavvy.com/ach-transfer-limit/)
//mypaymentsavvy.com/ach-transfer-limit/
within the web page:
KEY TAKEAWAYS

ACH Transfer Limits and Fees: Banks set their own transfer limits and transaction fees, which can vary by bank and account type.
Importance of Transfer Limits.
ACH Transfer Rules: Banks have their own rules regarding ACH transfers, including transfer limits, processing fees, cutoff times, and penalties.


YOUR RELATIONSHIP MATTERS
Many may not know this, but as we noted earlier, many banks have the daily and monthly ACH transfers mentioned in the fine print. However, people who have been loyal customers of the bank for several years, and have a positive bank balance while following the guidelines set by the bank, should be able to up their transfer limit.

People with accounts that have often dipped to negative and are relatively new customers, or have frequently racked up a lot of fees, may find that the banks are less inclined to increase their transfer limits. So, as with everything, it is essential to manage your account, knowing that this will affect how your bank does business with you.

-----------------------------------------------

you might want to inquire if there are any conditions which can increase the transfer limit by account type or balance level or customer age.

[golfing eagles]

I'm guessing Citizen's has no issues with direct deposits like pension or SS. This seems to be only an issue with external transfer between banks.

Citizen's is using the same software as my credit union up here. At least both website look basically identical on all sections/pages.

I just logged into my Citizen's First accounts; my outgoing transfer limit is the entire balance of the accounts. (well over the $6000 limit). I would have to re-verify my Merrill cash management account to check the limit, which I don't need to do, but as I've said, I've transferred 20K twice and 30K twice last year without any issues.

[golfing eagles]

Attention Required! | Cloudflare (https://mypaymentsavvy.com/ach-transfer-limit/)

within the web page:
KEY TAKEAWAYS

ACH Transfer Limits and Fees: Banks set their own transfer limits and transaction fees, which can vary by bank and account type.
Importance of Transfer Limits.
ACH Transfer Rules: Banks have their own rules regarding ACH transfers, including transfer limits, processing fees, cutoff times, and penalties.


YOUR RELATIONSHIP MATTERS
Many may not know this, but as we noted earlier, many banks have the daily and monthly ACH transfers mentioned in the fine print. However, people who have been loyal customers of the bank for several years, and have a positive bank balance while following the guidelines set by the bank, should be able to up their transfer limit.

People with accounts that have often dipped to negative and are relatively new customers, or have frequently racked up a lot of fees, may find that the banks are less inclined to increase their transfer limits. So, as with everything, it is essential to manage your account, knowing that this will affect how your bank does business with you.

-----------------------------------------------

you might want to inquire if there are any conditions which can increase the transfer limit by account type or balance level or customer age.

Very good point. Perhaps since I've had an account for over 10 years, have a history of making transfers of the amounts stated, and a credit rating of 850 they allow me a higher limit.

[Bill14564]

Oh yeah, another good point. I keep getting paper statements in the mail and I read them looking for a "go paperless" option. None to be found. I have no need for the paper statements.

On paperless....

Both of the banks I use have the same software. As you mentioned above, the websites look very similar other than the bank logo.

Both have an option for electronic statements: Additional Services -> eStatements for one and Additional Services -> Online Statements for the other. The disclosure for Citizensfb says you *may* stop receiving paper statements while my other bank says you *will* stop receiving paper statements. I have not elected this option at either bank so I don't know what actually happens.

[CoachKandSportsguy]

Very good point. Perhaps since I've had an account for over 10 years, have a history of making transfers of the amounts stated, and a credit rating of 850 they allow me a higher limit.

same with me in BOA, since 1991 through their various acquisitions in MA. started using electronic banking with Bank of Boston or their prior bank acquisition as it was the best in the country when it was created. . :blahblahblah: :blahblahblah:

[Dotneko]

We finally dumped Citizens. I used them for the closing on the house 3 years ago and just kept a small amount there. I got tired of them trying to charge me a fee if there was no activity for a year so i got rid of them.
We used TD Bank in Massachusetts for SS stuff. They just opened a branch near Texas Road House. No fees. I use them for electronic stuff.
We also have a MidFlorida account for cash needs - they are golf cart accessible and closer by. No fees and easy to deal with.

[golfing eagles]

We finally dumped Citizens. I used them for the closing on the house 3 years ago and just kept a small amount there. I got tired of them trying to charge me a fee if there was no activity for a year so i got rid of them.
We used TD Bank in Massachusetts for SS stuff. They just opened a branch near Texas Road House. No fees. I use them for electronic stuff.
We also have a MidFlorida account for cash needs - they are golf cart accessible and closer by. No fees and easy to deal with.

I would suggest you made the correct decision in "dumping" them----NOT because of a fee, but because you weren't using the account for a year or more and had 2 other banks.

[biker1]

We have banked with BoA (and the banks they acquired) for over 40 years and have never had an issue. We have transferred large sums of money in and out with never an issue. Their on-line banking has been flawless. There are a few things I don't like about them (their policy on notarizing documents, for one) but as a national bank they are everywhere, including multiple locations in The Villages. They would have to do something egregious for us to spend time switching to another bank. They are an "appliance"; they just work.


When I was considering purchasing, I made a list of banks that were both in my northern home town & in The Villages. I got a list of 4 national banks & I went with Bank of America, I remember another one was Chase. I used the BofA for my wire transfers for the purchase, plus I am able to use branches both in the north & in The Villages. I am still somewhat in transit, but I think once I am there full time, I will leave BofA for a local bank (meaning I'm not over the moon about BofA, it does the job - no complaints, but I still think I will leave it). I'm not expecting any major transfers, but if Citizens delays things, like pension or social security deposits then maybe that will not be the local bank I choose. Does anyone have anything to add about their Citizens experience?

[LuvNH]

I had a problem with a check for 11K for a roofer, a well known local family roofer. I could not get them to release the money - the reason they gave me was to protect us elderly people from being scammed. When I called the company and told them I was having problems they got the money out of the bank the same day and I still have no idea how they did it.

I do still use them. I have money deposited from Europe every month, I have a very small pension deposited there and a couple of other smaller monthly payments go in there. I use it as Christmas gifts for my grandchildren with no problem. But, I do not use them for "real" banking any more, I bank in Massachusetts with no problem.

[golfing eagles]

I had a problem with a check for 11K for a roofer, a well known local family roofer. I could not get them to release the money - the reason they gave me was to protect us elderly people from being scammed. When I called the company and told them I was having problems they got the money out of the bank the same day and I still have no idea how they did it.

I do still use them. I have money deposited from Europe every month, I have a very small pension deposited there and a couple of other smaller monthly payments go in there. I use it as Christmas gifts for my grandchildren with no problem. But, I do not use them for "real" banking any more.

On the surface it sounds ridiculous---smacks of the "nanny state" as well as self-serving for the bank. But on the other hand, if you were scammed out of 11K, you'd probably be screaming at the bank as to how they allowed it to happen......

[frayedends]

I digress a bit, but I will never use BoA for anything. They held my mortgage years ago and tried to foreclose on me for underpayment. The underpayment was an increase in escrow amount by $20. They had never sent me anything informing me of the increase. My fault was that we didn't look at our mortgage statements because it was paid automatically.

Long story, but the principal and interest amounts were easily covered with our payments. Then a series of misinformation on what was owed happened (BoA was behind in their info). I was never actually over 30 days behind and never more than $20 but they started foreclosure proceedings anyhow.

Eventually it was all cleared up, including my credit report. But the hell they put me through to get it fixed I will never forget.

[Bill14564]

On the surface it sounds ridiculous---smacks of the "nanny state" as well as self-serving for the bank. But on the other hand, if you were scammed out of 11K, you'd probably be screaming at the bank as to how they allowed it to happen......

Someone I know almost lost $4K to a phone scammer. The bank teller who was helping him to withdraw the money started asking questions and was able to convince him to stop and think about what he was doing. I don't know if they would have flat refused to continue the transaction if he had insisted but fortunately, he did not.

Not quite the same as refusing to release the money for a check but another example of a bank at least trying to protect a customer from himself.

[Dusty_Star]

Hmm, it seems Citizen's first makes the limit, but they determine it based on where it's being transferred from. No idea how they determine that...

From the transfer page...

"To protect your accounts, we've set limits on how much money you can transfer. Limits can change with the From and To account selection."

When I put in from my bank in MA it shows this...

Standard
Remaining today
$2,000.00
Daily
$2,000.00
Per Transfer
$2,000.00
Monthly
$6,000.00

And every transfer I make gives me an email that says what's below. It would make sense if it took 3 days to come out of my bank. But, nope, it comes out immediately. Not pending, just gone. Then it take full 3 business days to post in CFB.

"We received your request on September 08, 2023. You should expect to see the funds in the destination account within 3 business days. The timing can vary, however, depending on the institution."

I guess I'll just suck it up until I move there full time in a couple years and then find a good credit union.

RE: the daily limit & the monthly limit: is your Citizens account a Money Market account? When Banks were allowed to offer these accounts, (which were able to pay a higher rate of interest than savings account & have check writing & immediate withdrawals unlike CDs), the government put restrictions on them ie: how many transfers/withdrawals were permitted. While regulations may have been loosened, perhaps Citizens kept the restrictions.

[OrangeBlossomBaby]

We use BoA for almost everything. Even my CC is a BoA card. I also use Citizens First for my SS deposits. That's my "spending" money to cover travel expenses to my dad's, dinners, groceries, gas, anything I need to buy online, and our health and dental insurance premiums. The bigger bills - utilities, taxes, home insurance, amenity fee, all that comes out of BoA.

Getting used to a delay in bill-paying with Citizens was a learning curve. But then I learned that the FIRST time you pay a certain person/company, there's a long delay of a few weeks. After that first payment, subsequent payments to the same place is much quicker - usually just a matter of days. So now I know that I need to request the bill payment as soon as the bill comes in, rather than waiting a few days before it's due. I'm okay with that, it's just part of my routine now.

[JRcorvette]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

We still have an account there mostly for auto deposits and bill paying but we have move 90% of our funds to Mid Florida CU where we get 3% as compared to less that 1% at CF.

We are able to move as much money as we want out of CF to various banks so I have not idea what the $2,000 limit is all about or how your are doing it. The Villages has no shortages of Banks and CU. I would avoid the big ones like Wells Fargo, BofA and Chase though.

[Dusty_Star]

I digress a bit, but I will never use BoA for anything. They held my mortgage years ago and tried to foreclose on me for underpayment. The underpayment was an increase in escrow amount by $20. They had never sent me anything informing me of the increase. My fault was that we didn't look at our mortgage statements because it was paid automatically.

Long story, but the principal and interest amounts were easily covered with our payments. Then a series of misinformation on what was owed happened (BoA was behind in their info). I was never actually over 30 days behind and never more than $20 but they started foreclosure proceedings anyhow.

Eventually it was all cleared up, including my credit report. But the hell they put me through to get it fixed I will never forget.

I wasn't trying to sell BofA, in my case (my Connecticut & The Villages houses), I found 4 suitable banks that I could use in either place. I went with BofA because it had the closest locations to both houses. YMMV.

[metoo21]

Oh yeah, another good point. I keep getting paper statements in the mail and I read them looking for a "go paperless" option. None to be found. I have no need for the paper statements.

Log in online and click on Additional Services. There should be a "Online Statements" option. If you aren't already signed up, I believe that is where the option is to sign up. It may take 1 cycle before it is available.

[JRcorvette]

I digress a bit, but I will never use BoA for anything. They held my mortgage years ago and tried to foreclose on me for underpayment. The underpayment was an increase in escrow amount by $20. They had never sent me anything informing me of the increase. My fault was that we didn't look at our mortgage statements because it was paid automatically.

Long story, but the principal and interest amounts were easily covered with our payments. Then a series of misinformation on what was owed happened (BoA was behind in their info). I was never actually over 30 days behind and never more than $20 but they started foreclosure proceedings anyhow.

Eventually it was all cleared up, including my credit report. But the hell they put me through to get it fixed I will never forget.

I hate that bank and will never do business with them! We had a similar issue with a Closed HELOC account when we went to sell a house. It took us 4 F’in months to get anyone to release the lien on an account that was never even used! Every time you called you got a different idiot and a different story! I get mad just thinking about BofA

[bilcon]

When I was considering purchasing, I made a list of banks that were both in my northern home town & in The Villages. I got a list of 4 national banks & I went with Bank of America, I remember another one was Chase. I used the BofA for my wire transfers for the purchase, plus I am able to use branches both in the north & in The Villages. I am still somewhat in transit, but I think once I am there full time, I will leave BofA for a local bank (meaning I'm not over the moon about BofA, it does the job - no complaints, but I still think I will leave it). I'm not expecting any major transfers, but if Citizens delays things, like pension or social security deposits then maybe that will not be the local bank I choose. Does anyone have anything to add about their Citizens experience?
I have never had a problem with Citizens. My pension is always in my account the same day it was transferred.

[Dusty_Star]

SS checks are there on the fourth Wednesday of the month without exception. My wife's pension checks are always there on the 1st of the month

Thanks, sounds like mine. Pension on the 1st, SS on the fourth Wednesday (I guess your birthday is in the later part of the month too :smiley:). Actually the December pension payment showed up on the 29th, but that was the payer accounting for the weekend & Holiday, not the receiving bank.

[Altavia]

Log in online and click on Additional Services. There should be a "Online Statements" option. If you aren't already signed up, I believe that is where the option is to sign up. It may take 1 cycle before it is available.

Are you able to get "Paperless" statements?

[LuvNH]

I have never had a problem with Citizens. My pension is always in my account the same day it was transferred.

There does not seem to be any problem with money going into the Citizens Bank, it's getting large amounts out. In my case I gave a Local Roofer a check to pay for the roof and Citizens would not honor it. Someone at the roofing company twisted an arm and got their money out of the bank.

[metoo21]

Are you able to get "Paperless" statements?

Yes. I get an email when it is available (usually on the 10th of the month). I log in and go to the same place on the website and it lists the statement.

[frayedends]

I do have online statements turned on but continue to get paper in the mail.

[golfing eagles]

There does not seem to be any problem with money going into the Citizens Bank, it's getting large amounts out. In my case I gave a Local Roofer a check to pay for the roof and Citizens would not honor it. Someone at the roofing company twisted an arm and got their money out of the bank.

A lot of assumption going on there. And I doubt a payee, such as "someone at the roofing company" could "twist an arm" at a bank to get their money. At least I hope not, otherwise it would be open season for scammers.

[dtennent]

I have had two problems with Citizens First. 1) when we closed on our second house ; I asked the bank how long a check takes to clear so that I could have the money for the purchase of my house. Was told 5 business days. (My CU up north does not do wire transfers). I deposited the check 10 business days before closing. On the day before closing, I checked my CF account but the money was not there. I showed the clerk a print off of my account saying the money was taken the next day. It took some pointed discussion including offering to have a three way conversation with my CU before they agreed to release the money for my closing.
2) When I lost my wallet when overseas, CF did not respond to my phone calls to cancel my debit card. I had to wait until I came back to the US to cancel the card.

As a result, almost all our banking is done electronically through our CU up north.

[biker1]

Hard to say what happened. I would guess they demonstrated that they were a real business and were bonded ??

There does not seem to be any problem with money going into the Citizens Bank, it's getting large amounts out. In my case I gave a Local Roofer a check to pay for the roof and Citizens would not honor it. Someone at the roofing company twisted an arm and got their money out of the bank.

[Marathon Man]

I do have online statements turned on but continue to get paper in the mail.

I had the same problem. I stopped into a branch and had them make me paperless. That worked.

[Boomer]

………..

[MrFlorida]

Have used Bank of America for many years, works for me.

[LuvNH]

Hard to say what happened. I would guess they demonstrated that they were a real business and were bonded ??

I agree with you. This was not a gypsy roofing outfit, it was a long time local business and I think that helped them to get their money. However, it was extremely embarrassing for me to hear that the bank would not honor my check even with plenty of money to cover the amount. As I said earlier, their answer to me was that they were taking care of elderly customers from being scammed.

If someone there had commonsense, they could have called my home and spoken to me and I would have even gone to the bank to present myself and my I.D. I see it as lack of customer care.

[Keefelane66]

When transferring my RMD from Fidelity there routing number for our bank is different than routing number provided for checking account
Electronic Transfer appears within minutes.
Using the routing number on checking account takes hours.

[dblwyr]

Oh yeah, another good point. I keep getting paper statements in the mail and I read them looking for a "go paperless" option. None to be found. I have no need for the paper statements.

SS Checks must be made available no later than one day after deposit, so they cannot delay federal checks.

[retiredguy123]

When transferring my RMD from Fidelity there routing number for our bank is different than routing number provided for checking account
Electronic Transfer appears within minutes.
Using the routing number on checking account takes hours.
Something doesn't sound correct. If you are transferring money into your bank, the bank has one routing number for all incoming electronic transfers. When I log in to Fidelity, and click on "manage bank accounts" it shows my bank account numbers and the single routing number for the bank. You can link bank accounts to Fidelity and make electronic transfers to the bank, but those transfers should all use the same bank routing number for all accounts within that bank. Another bank will have a different routing number.

[CoachKandSportsguy]

I agree with you. This was not a gypsy roofing outfit, it was a long time local business and I think that helped them to get their money. However, it was extremely embarrassing for me to hear that the bank would not honor my check even with plenty of money to cover the amount. As I said earlier, their answer to me was that they were taking care of elderly customers from being scammed.

If someone there had commonsense, they could have called my home and spoken to me and I would have even gone to the bank to present myself and my I.D. I see it as lack of customer care.

This is why I don't do business with small local banks, they want just regular everyday business so that they don't have to pay for all the extras and complications and digital security for abnormal business above the average daily value of daily local business.

Totally agree with that conclusion and solution!

[CoachKandSportsguy]

Something doesn't sound correct. If you are transferring money into your bank, the bank has one routing number for all incoming electronic transfers. When I log in to Fidelity, and click on "manage bank accounts" it shows my bank account numbers and the single routing number for the bank. You can link bank accounts to Fidelity and make electronic transfers to the bank, but those transfers should all use the same bank routing number for all accounts within that bank. Another bank will have a different routing number.

Hmmm, . . . not sure why a bank CAN'T have more than one routing number based upon business needs.. .

There is an implied one to one relationship between the routing number to a bank, in which case, a bank should be able to have a different routing number for a different legal entity of the holding company, which still conforms to one legal entity bank to one routing number.

[retiredguy123]

Hmmm, . . . not sure why a bank CAN'T have more than one routing number based upon business needs.. .

There is an implied one to one relationship between the routing number to a bank, in which case, a bank should be able to have a different routing number for a different legal entity of the holding company, which still conforms to one legal entity bank to one routing number.
I agree, but if you are transferring money from Fidelity to your checking account, the routing number on your checks should be the most direct route. That is the number that Fidelity tells you to enter when you link an account.

[CoachKandSportsguy]

I agree, but if you are transferring money from Fidelity to your checking account, the routing number on your checks should be the most direct route. That is the number that Fidelity tells you to enter when you link an account.

Fidelity is not the receiving bank. If the receiving bank has a better routing number, you can override fidelity's suggestion and directions. There are always exceptions to standardized instructions applicable to 99.99% of transactions, which is how most operational processes are created..

the most direct route may not be the fastest route, don't confuse the two concepts

[Chi-Town]

Thinking about moving my accounts to the Bank of Dave.

[golfing eagles]

Thinking about moving my accounts to the Bank of Dave.

You should consider the Village of Stu as well :1rotfl::1rotfl::1rotfl:

[Pugchief]

Can someone explain why you think you need a "local" bank in 2024? Unless you have a need to deposit cash frequently, you can literally do the other 99.9% of your banking online. I used to use Schwab, now Fidelity. Free ATM including reimbursement of fees, free wire transfers, free bill pay, no fees for most basic needs.

All of my bills are auto-debited using the routing number on the checks (Fidelity uses UMB Bank as their checking back-end, and the rep told me to use that routing number). You can transfer $100,000 per day in or out electronically via ACH. If you need to send more, you can wire it for free. Easy to use online interface. And balance earns 5% currently (that's why I switched from Schwab). And if you really need to do something in person, there is a branch in LSL.

The only thing more unnecessary than a local bank is one of the too-big-to-fail megabanks that rape you on fees and have nearly destroyed the US economy on more than one occasion. They don't deserve your business IMHO.

[Pugchief]

Thinking about moving my accounts to the Bank of Dave.

If only that were an option....

[New Englander]

Can someone explain why you think you need a "local" bank in 2024?

Yes, Citizens First gives me free popcorn. :popcorn:

[CoachKandSportsguy]

And if you really need to do something in person, there is a branch in LSL.

Fidelity in LSL is only for planning, can't do anything else there, i just tried to do a transaction there, and was told no transactions here.

Fidelity's visa card department is worthless. They didn't flag phony transactions, they had extensive paperwork to fill out and send in snail mail to dispute obviously fraudulent transactions. Cancelled that card as soon as the person explained to me how to do it.

[photo1902]

Yes, Citizens First gives me free popcorn. :popcorn:

Best post of the day :)

[kingofbeer]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?
Suggest that you put your cash in Discover Bank. Savings rate is 4.35%. They do not charge to print checks. External transfers are very quick with them too.

[Bill14564]

Can someone explain why you think you need a "local" bank in 2024? Unless you have a need to deposit cash frequently, you can literally do the other 99.9% of your banking online. I used to use Schwab, now Fidelity. Free ATM including reimbursement of fees, free wire transfers, free bill pay, no fees for most basic needs.

All of my bills are auto-debited using the routing number on the checks (Fidelity uses UMB Bank as their checking back-end, and the rep told me to use that routing number). You can transfer $100,000 per day in or out electronically via ACH. If you need to send more, you can wire it for free. Easy to use online interface. And balance earns 5% currently (that's why I switched from Schwab). And if you really need to do something in person, there is a branch in LSL.

The only thing more unnecessary than a local bank is one of the too-big-to-fail megabanks that rape you on fees and have nearly destroyed the US economy on more than one occasion. They don't deserve your business IMHO.

99.9% doesn't help much when you really need that 0.1%:
1. I was able to pick up my golf cart the same day with a bank check from the local citizens first bank. Otherwise, I would have waited a week for the personal check to clear.
2. I was able to deposit a very large check with a trip to the local branch. I don't know what limits the online banks have but I'm skeptical that they would have accepted it via mobile deposit.
3. I dislike paying ATM fees to get cash. A local bank gives me free ATM plus the option of stopping in person.

[CoachKandSportsguy]

Can someone explain why you think you need a "local" bank in 2024?

I get dividend checks which have such high security on them that ATM machines don't accept them. But that's because the shares are in my possession, and not at fidelity.

I also went to a Citizens bank (not first citizens) for a new debit card. They printed a new MasterCard debit card for me on the spot. . . We have had mail issues with Citibank Visa card, in that the card has taken more than the allotted time to arrive, which indicates that its been opened and used, and then sealed up and continued on its mail journey

[Pugchief]

Yes, Citizens First gives me free popcorn. :popcorn:

:a20:

[Pugchief]

Fidelity in LSL is only for planning, can't do anything else there, i just tried to do a transaction there, and was told no transactions here.

Fidelity's visa card department is worthless. They didn't flag phony transactions, they had extensive paperwork to fill out and send in snail mail to dispute obviously fraudulent transactions. Cancelled that card as soon as the person explained to me how to do it.

What did you want to do at LSL that you can't do online or over the phone? They have always been very accommodating to me and the wife.

I have had Fidelity's credit card for years and have never had an issue, which is more than I can say for some cards issued by the megabanks. It is also standard procedure to have to fill out a dispute form and snail mail it. I have had to do that with the megabanks on multiple occasions, so that is not unique to Fidelity.

I have nothing but good things to say about both my investing and banking experiences at both Fidelity and Schwab. Obviously, YMMV.

[Pugchief]

99.9% doesn't help much when you really need that 0.1%:
1. I was able to pick up my golf cart the same day with a bank check from the local citizens first bank. Otherwise, I would have waited a week for the personal check to clear.
2. I was able to deposit a very large check with a trip to the local branch. I don't know what limits the online banks have but I'm skeptical that they would have accepted it via mobile deposit.
3. I dislike paying ATM fees to get cash. A local bank gives me free ATM plus the option of stopping in person.

1. That's fair, but you could have done a free wire transfer to the dealer, same day.
2. As I said in my previous post, I can deposit up to $100,000/day. That includes ACH and remote check deposits.
3. Both Fidelity and Schwab not only don't charge a fee to use ATMs, the also REIMBURSE the ATM owner's fee. Even internationally. I haven't paid an ATM fee in close to 20 years.

Literally the only thing that I can't do (that I am aware of) is deposit cash. And since I can't remember the last time I have had that need, not an issue for me.

[Bill14564]

1. That's fair, but you could have done a free wire transfer to the dealer, same day.
2. As I said in my previous post, I can deposit up to $100,000/day. That includes ACH and remote check deposits.
3. Both Fidelity and Schwab not only don't charge a fee to use ATMs, the also REIMBURSE the ATM owner's fee. Even internationally. I haven't paid an ATM fee in close to 20 years.

Literally the only thing that I can't do (that I am aware of) is deposit cash. And since I can't remember the last time I have had that need, not an issue for me.


But you didn't ask why I thought Pugchief would need a local bank, you asked why I thought I would need a local bank. Apparently, you don't need one, I still do.

[CoachKandSportsguy]

What did you want to do at LSL that you can't do online or over the phone? They have always been very accommodating to me and the wife.

I have had Fidelity's credit card for years and have never had an issue, which is more than I can say for some cards issued by the megabanks. It is also standard procedure to have to fill out a dispute form and snail mail it. I have had to do that with the megabanks on multiple occasions, so that is not unique to Fidelity.

I have nothing but good things to say about both my investing and banking experiences at both Fidelity and Schwab. Obviously, YMMV.

I stopped into the Fidelity Center LSL because I could and meet the people and find out about their office, in case i needed anything. I did have to call in a shareholder action selection though for that reason Over at my local Fidelity center in MA, 10 miles away right next to my Citizens account, I walked a $500,000 check from Citizens to Fidelity for elapsed time of 45 minutes from requesting a bank check at that amount to depositing the check at Fidelity, not having to spend any money or time setting up electronic transfers, etc. after spending time on the phone with several Fidelity departments setting up trust accounts in an unusual situation. Family lawyer didn't agree with what Fidelity and I agreed to do from a legal point of view, but was done in person and over the phone combined. I tend to want to hand deliver signed paperwork at the Fidelity office, even though I have a scanner and have uploaded forms, etc. . The review time is cut down to minutes versus up loading and waiting in line for reviews.

Do not have to snail mail disputes to all banks, with Citi, the dispute was taken over the phone right there, no snail mail needed. The was verified recently with a few fraudulent transactions.

With the fidelity Visa dispute, we got a new card, but due to fidelity telling the fraudulently purchased subscription vendors the new card number to continue monthly billing with a new card to prevent service interruption, I had to cancel the card before I even used the card again. They were just not proactive enough and very slow with the dispute resolution, ie the forms and snail mail reduces the amount of dispute time.

As with everything else in life, it works until it doesn't, and when it doesn't its a pain in the a$$! and since i tend to get involved in very out of the ordinary scenarios, not everyday issues, I tend to fall into a lot of rat holes. . I have caused two banks to rewrite software as i have found bugs. . .

[mtdjed]

SS checks are there on the fourth Wednesday of the month without exception. My wife's pension checks are always there on the 1st of the month

My experience also. Whatever works for you. We live a simple life. Bank for convenience of money in and money out. Pension and SS in, Bills and withdrawals out. When I pay a large bill, it is paid when I say. When I need cash, local ATMs free. No foreign transfers, No CDs or any investment expectations.

[OrangeBlossomBaby]

I just want a brick and mortar bank. Bank of America has a branch near me by car, and at a reasonable distance away by golf cart. Citizens First has branches all over the place, and there's a Chase bank in walking distance to my house, if I had decided to go with them instead of Citizens First.

I want to know that if there's a problem, or I have questions, I don't have to press 7 for this, then 3 for that, then 1 for that, then wait on hold for 20 minutes, only to be disconnected and have to start over again. Or worse - go online, search for a FAQ, not be able to find it, then use their "chat with an associate" feature only to discover that it's not a person, it's a bot, and they can't answer my question and won't set up a call with a real person. OR - they will, but that person is in Pakistan. I can instead go to the bank, talk to an actual person, IN person, within 10 minutes of my decision to talk to someone.

[dhdallas]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

We have had Citizen's for 4 years now and have never had a problem with their service.

[sdeikenberry]

CHASE Bank...all the problems of Citizens solved...and they are available all over the USA.

[Eebnhab]

We closed our accounts at Citizens after they started charging us monthly “dormant account” fees on our savings account because we hadn’t moved any money into or out of the account for a period of time. When we questioned this, we were told Federal regulation required them to do it. Did our research and Federal regulation “allows” dormant account fees after a certain time, but does not require them. This is a Citizens Bank policy, not a Federal regulatory requirement. We were done.

[westernrider75]

When I was considering purchasing, I made a list of banks that were both in my northern home town & in The Villages. I got a list of 4 national banks & I went with Bank of America, I remember another one was Chase. I used the BofA for my wire transfers for the purchase, plus I am able to use branches both in the north & in The Villages. I am still somewhat in transit, but I think once I am there full time, I will leave BofA for a local bank (meaning I'm not over the moon about BofA, it does the job - no complaints, but I still think I will leave it). I'm not expecting any major transfers, but if Citizens delays things, like pension or social security deposits then maybe that will not be the local bank I choose. Does anyone have anything to add about their Citizens experience?

We use Citizens First primarily and have zero problems. My only gripe is they are not open on Saturdays, so if we both have to be present for a transaction we have to rush after work to get there.

[jim@jedward.com]

Chase

[frayedends]

Chase

I'm boycotting Chase. I forget why. Some political or anti-gun owner stance. :D

[GizmoWhiskers]

Working with T V Sales office via Citizen's First makes paying your $$ for house purchase closings super easy but the reverse, getting paid not so much.

When I bought my 2nd house my escrow agent never sent me any final closing numbers to transfer the $$ until the morning of closing. I went into the branch to transfer the $$. I didn't have to fill anything out to pay the escrow acct to T V Sales office. Simple and quick.

T V and Citizen's First seems to be an "all in the family business". Loved how simple that was. Just a stamp the cashier put on my hand written check and I was out the door, no i d or signature needed. Money instantly went next door.

Selling my 1st house in T V, yeah, T V uses Citizen's First and had to wait for snail mail check even using the account I just used to pay T V escrow.

Money makes them interest for days while waiting for old fashioned check to arrive via snail mail.

A family member was the seller on my current second house in T V. They had to wait about 5 business days to get their old fashioned check via snail mail.

T V, a well oiled machine. Makes good business cents to hold on to $$ as long as they can. What's one to do about that frustration?

Get in your golf cart and enjoy the ride of the day.

(I'm with Pugchief, love the popcorn.)

[TomPerry]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?
I love Citizens First Bank! MANY branches and probably 100 ATMs in The Villages, free checking for Veterans, and free Popcorn! The staff is alway friendly and helpful! There is a simple solution to your problem! Do this:

1. Download and install their APP on your cell phone.
2. Write yourself a check from your MA bank.
3. Login into your APP
4. Make a Mobile Deposit (follow the simple instructions).
5. If your MA account has a sufficient balance, the check will be accepted and you can use the money the next business day. The Limit is $5,000 per check.
6. Da.

[geosits]

Ever think about calling the bank and asking them, just saying.

[mambeg]

Use a bank that has branches in both states. Just start a new account for the Florida branch

[ldj1938]

You are doing the wrong type of transfer.
You need to connect your accounts. If you can't figure it out the bank will help.
When you connect your accounts the xfer is almost immediate. I do it all the time for my investments. I'm also connected to my daughters account in Wisconsin, easy peasy.
Just need your routing number and account number off a check.


We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

[frayedends]

Ever think about calling the bank and asking them, just saying.

Asking them what?

[CCristella]

Wells Fargo

[frayedends]

I love Citizens First Bank! MANY branches and probably 100 ATMs in The Villages, free checking for Veterans, and free Popcorn! The staff is alway friendly and helpful! There is a simple solution to your problem! Do this:

1. Download and install their APP on your cell phone.
2. Write yourself a check from your MA bank.
3. Login into your APP
4. Make a Mobile Deposit (follow the simple instructions).
5. If your MA account has a sufficient balance, the check will be accepted and you can use the money the next business day. The Limit is $5,000 per check.
6. Da.

Write a check? What is it 1980? LOL

[retiredguy123]

Working with T V Sales office via Citizen's First makes paying your $$ for house purchase closings super easy but the reverse, getting paid not so much.

When I bought my 2nd house my escrow agent never sent me any final closing numbers to transfer the $$ until the morning of closing. I went into the branch to transfer the $$. I didn't have to fill anything out to pay the escrow acct to T V Sales office. Simple and quick.

T V and Citizen's First seems to be an "all in the family business". Loved how simple that was. Just a stamp the cashier put on my hand written check and I was out the door, no i d or signature needed. Money instantly went next door.

Selling my 1st house in T V, yeah, T V uses Citizen's First and had to wait for snail mail check even using the account I just used to pay T V escrow.

Money makes them interest for days while waiting for old fashioned check to arrive via snail mail.

A family member was the seller on my current second house in T V. They had to wait about 5 business days to get their old fashioned check via snail mail.

T V, a well oiled machine. Makes good business cents to hold on to $$ as long as they can. What's one to do about that frustration?

Get in your golf cart and enjoy the ride of the day.

(I'm with Pugchief, love the popcorn.)
As a buyer, one thing you can do is to demand to receive the settlement statement at least a day before the closing. When I buy a house, I always tell the seller's agent and the closing company that, if I don't receive the statement a day in advance, they will need to reschedule the closing. They have always complied.

[mickey100]

We opted not to use Citizens just as a matter of principle. The "family" has their fingers in the finances of many local businesses including Citizens. When we shopped for mortgages Citizens was charging more than other banks, for example. It's good business for them, but not for the consumers. We use Chase bank and Schwab.

[Gunny2403]

Contact the Branch Manager and request that the limit be increased. I did this with my Pittsburgh Bank. I have a $10,000 limit.

[Sandy and Ed]

the question is where money is recorded during these two or three day lapse. It is not recorded in either of your accounts but it must be recorded somewhere. There is “float” available to either bank or perhaps some interim account?? Just wondering.

[JGibson]

I love Citizens First Bank! MANY branches and probably 100 ATMs in The Villages, free checking for Veterans, and free Popcorn! The staff is alway friendly and helpful! There is a simple solution to your problem! Do this:

1. Download and install their APP on your cell phone.
2. Write yourself a check from your MA bank.
3. Login into your APP
4. Make a Mobile Deposit (follow the simple instructions).
5. If your MA account has a sufficient balance, the check will be accepted and you can use the money the next business day. The Limit is $5,000 per check.
6. Da.

Or just go to the bank with your MA check and there is no $5k limit.

[splashes]

If you transfer from your MA bank to citizens there should be no limit. If you request cb to transfer from your ma bank there is a limit

[JGibson]

If you do get scammed good luck at those corporate banks.

First Citizen is very good at recovering stolen money.

The only knock I have is if you use their debit card you don't get a notification until a day or so later unlike immediately with corporate banks.

I feel more like a person at First Citizens than just a number.

[Kjbatl]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

CampusUSA credit union is a good local CU. Not great for national use, but better than Citizens

[Black Beauty]

We like many Bank in both TV/Citizens and our 'back home' bank that pays all ATM charges

[RobertScott]

All the other banks I have been in, and Capital One, provide nearly instantaneous notification of any money moving, but CFB takes many hours, rendering it of little use in reacting to fraud.

[CoachKandSportsguy]

As a buyer, one thing you can do is to demand to receive the settlement statement at least a day before the closing. When I buy a house, I always tell the seller's agent and the closing company that, if I don't receive the statement a day in advance, they will need to reschedule the closing. They have always complied.

Very, very good tip! I like that pro active approach.

Keep up the great tips!

[MisterPratt]

We thought the same. We dumped them. Since Chase is here and where we live up north, we opened a separate florida account, check book, debit and Freedom credit card.

[LucyP]

Not only bank doing this practice, Bank of America too.

[frayedends]

If you transfer from your MA bank to citizens there should be no limit. If you request cb to transfer from your ma bank there is a limit

Good point. I’ll try setting it up from my MA bank.

[frayedends]

Or just go to the bank with your MA check and there is no $5k limit.

I can try but it’s gonna be a long drive to the bank from Massachusetts.

[Pugchief]

But you didn't ask why I thought Pugchief would need a local bank, you asked why I thought I would need a local bank. Apparently, you don't need one, I still do.

:D Touché.
Now I know why you THINK you need a local bank.

[denniskathyb]

I use Citizens bank for money transfer. I use their Zelle option. Instant.

[Ramone]

Back in 2016, when we financed our house with the citizens bank because they would not let us pay cash for the transaction being Villages Contractor owned We decided to stay with them too for the Florida account. What a mess they are on several fronts. My credit union does a better job in checking and savings along with 5-7% CD’s.


;2288366]We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?[/QUOTE]

[Bill14564]

Back in 2016, when we financed our house with the citizens bank because they would not let us pay cash for the transaction being Villages Contractor owned We decided to stay with them too for the Florida account. What a mess they are on several fronts. My credit union does a better job in checking and savings along with 5-7% CD’s.


Which credit union is that? A 7% CD is about 2% above the highest I've been able to find. I'd like to see if I qualify for that credit union so I could get in on that?

[Pxsnod]

Try transferring the money through your bank’s electronic bill pay system. Set yourself up as the payee.

[retiredguy123]

Try transferring the money through your bank’s electronic bill pay system. Set yourself up as the payee.
I'm confused. If you made a bill payment to yourself, the money would come you as a paper check, not to the bank.

[Arl]

When I was considering purchasing, I made a list of banks that were both in my northern home town & in The Villages. I got a list of 4 national banks & I went with Bank of America, I remember another one was Chase. I used the BofA for my wire transfers for the purchase, plus I am able to use branches both in the north & in The Villages. I am still somewhat in transit, but I think once I am there full time, I will leave BofA for a local bank (meaning I'm not over the moon about BofA, it does the job - no complaints, but I still think I will leave it). I'm not expecting any major transfers, but if Citizens delays things, like pension or social security deposits then maybe that will not be the local bank I choose. Does anyone have anything to add about their Citizens experience?
I have automatic deposits with no problem.

[Pugchief]

I'm confused. If you made a bill payment to yourself, the money would come you as a paper check, not to the bank.

Not necessarily. Some banks' BillPay allow routing and account numbers in lieu of an address, which results in an electronic transfer via ACH rather than a paper check. Money is generally in the recipient's account on the next business day, although I imagine that depends on the banks involved.

[Frank Hamister]

When you getting ready to leave The Villages to go back up north for the summer write a check against your MA account and take it in person with a Citizens deposit slip and deposit enough into the account to cover your Florida expenses until you get back in the fall. Easy/Peasy.

[DAVES]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

We have an account at Citizens First and are happy with the service. Banking, any bank follows procedure. If, you are in MA or Florida I would stop by the bank and politely discuss what your complaint is and SOLUTIONS.

A 2000 limit sounds like an issue with your MA account. ???? Perhaps it is not a bank account but a stock brokerage account-just a guess.

Interest of three days on 2,000-no one is getting rich on that. Most problems have easy SOLUTIONS.

[conman5652@aol.com]

Usaa if ur a vet

[MSGirl]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?
Call the bank!

[justjim]

OP, we use Truist (formerly BB&T). No problems. A couple of times I have checked with Citizens and other area banks and found Citizens CD rates to be significantly lower. Go figure.

[justjim]

We have an account at Citizens First and are happy with the service. Banking, any bank follows procedure. If, you are in MA or Florida I would stop by the bank and politely discuss what your complaint is and SOLUTIONS.

A 2000 limit sounds like an issue with your MA account. ???? Perhaps it is not a bank account but a stock brokerage account-just a guess.

Interest of three days on 2,000-no one is getting rich on that. Most problems have easy SOLUTIONS.

My local bank is Truist and if you transfer money using Zell there is a $2,000 a day limit. As I understand, that is typical.

[Glewellen]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?
As someone mentioned, we LOVE Schwab Investor Checking. See rep in Lake Sumter. Checking account is totally FREE; all little incidental fees are reimbursed. No foreign transaction fees on Debit Card withdrawals. 24/7 American English speaking folks to talk with at 800 #. Needed $3,000 for an auto purchase deposit - easy from a local bank machine. Instant wire transfers - FREE. Wire transfer - 2 or 3 a month FREE. Checks FREE.

[Parteeinga]

Using the Citizens First app, you can deposit a check electronically up to $5000. Write a check to yourself from your northern account and deposit in to Citizens First electronically.

[Atamasco]

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

I ran into the same thing when I wanted to transfer funds to BarclayUS, an online bank. What I do now is go to Barclay and have them withdraw the funds from Citizens First, rather than asking Citizens to do the transferring. No problem.

[JGibson]

I can try but it’s gonna be a long drive to the bank from Massachusetts.

Silly bird, write a personal paper check and deposit it into CB physical bank.

[Bill14564]

I can try but it’s gonna be a long drive to the bank from Massachusetts.

Silly bird, write a personal paper check and deposit it into CB physical bank.

Since the OP is in MA, the closest CB physical bank is at least 1,250 miles away.

[CoachKandSportsguy]

I ran into the same thing when I wanted to transfer funds to BarclayUS, an online bank. What I do now is go to Barclay and have them withdraw the funds from Citizens First, rather than asking Citizens to do the transferring. No problem.

PUSH versus PULL transaction. .

notice the speed difference

In my experience the PULL transactions are FASTER than the PUSH transactions, because of the PUSHING bank wants to hold onto the funds longer, whereas PULL bank wants the funds sooner. . .

in all financial transactions, look to see who has the financial incentive and who doesn't and that usually gives you the best information on the structure of the transaction.

[Skmxy1]

I digress a bit, but I will never use BoA for anything. They held my mortgage years ago and tried to foreclose on me for underpayment. The underpayment was an increase in escrow amount by $20. They had never sent me anything informing me of the increase. My fault was that we didn't look at our mortgage statements because it was paid automatically.

Long story, but the principal and interest amounts were easily covered with our payments. Then a series of misinformation on what was owed happened (BoA was behind in their info). I was never actually over 30 days behind and never more than $20 but they started foreclosure proceedings anyhow.

Eventually it was all cleared up, including my credit report. But the hell they put me through to get it fixed I will never forget.
I had a very similar problem with Chase some years back. They lost a payment, I proved they got it many times. It took them over 9 months to figure it out and they cleaned up MOST but not all on my credit report. I will never use a giant bank conglomerate again.
That said, Citizen’s First is technologically in the dark ages. (ie their notifications take a full day where as my IL bank happens while I am still at the register!). They have told me they are aware and “working in it”. But that was 2 years ago already.

[barbara828]

I've xfered from cap1 TO Citizen's then TO IRA No problem. 3 days is not abnormal. They worry about drug money too.

[GizmoWhiskers]

As a buyer, one thing you can do is to demand to receive the settlement statement at least a day before the closing. When I buy a house, I always tell the seller's agent and the closing company that, if I don't receive the statement a day in advance, they will need to reschedule the closing. They have always complied.

Yes, great word. Apparently the agent was out of town up to that morning. It was a stand in that dropped the ball. It was actually a good thing I had a C F account so money went to escrow in an instant. It avoided a lot of potential delay.

[DAVES]

Very good point. Perhaps since I've had an account for over 10 years, have a history of making transfers of the amounts stated, and a credit rating of 850 they allow me a higher limit.

I have no idea why the OP asks here. They should be asking Citizens First or their other bank.
The issue maybe the balance they keep i the account or so many other things. Typically when you call any business you call is answered by a person who can only read you policy. Braking RULES is not appreciated. Wise is to ask for a manager. There is an art to getting things resolved.

[frayedends]

I have no idea why the OP asks here. They should be asking Citizens First or their other bank.
The issue maybe the balance they keep i the account or so many other things. Typically when you call any business you call is answered by a person who can only read you policy. Braking RULES is not appreciated. Wise is to ask for a manager. There is an art to getting things resolved.

If I'm reading the OP correctly, and I think I am, he didn't ask what the issue was with the bank. He posted a gripe and asked for recommendations on other banks people prefer. ;)

[retiredguy123]

If I'm reading the OP correctly, and I think I am, he didn't ask what the issue was with the bank. He posted a gripe and asked for recommendations on other banks people prefer. ;)
Wait a minute. Aren't you the OP? I don't think your issues with Citizens First are serious enough to change banks. The 3-day wait for incoming money is pretty typical, and the $2K limit on transfers can be solved with a little creativity. One way would be to just have money transferred directly into Citizens First initially instead of into the MA bank.

I use Truist Bank because they offer a VISA credit card, so I can make payments by just transferring money from one Truist account to another. I don't use banks for investments, just for cash flow.

[frayedends]

Wait a minute. Aren't you the OP? I don't think your issues with Citizens First are serious enough to change banks. The 3-day wait for incoming money is pretty typical, and the $2K limit on transfers can be solved with a little creativity. One way would be to just have money transferred directly into Citizens First initially instead of into the MA bank.

I use Truist Bank because they offer a VISA credit card, so I can make payments by just transferring money from one Truist account to another. I don't use banks for investments, just for cash flow.

Yes I’m the OP. I was just being sarcastic if not funny. I’ve seen 3 day waits with other banks but the wait included both banks. In Citizens First they take the money immediately and hold it for 3 days. So my money is in neither account for 3 days. That’s bogus. Doesn’t mean much to one person but they are making 3 days interest on every similar transaction.

Most options have been covered in the 7 pages. I’m just not a fan of the way they handle transfers. Will I change banks? Maybe. Will see how it goes. I usually prefer credit unions.