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

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????

Schwab Bank has worked very well for me.

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.

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.

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?

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

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.

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

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.

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.

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.

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.

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.

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.


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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.

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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.