[golfing eagles]

Originally Posted by frayedends

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]

Originally Posted by CoachKandSportsguy

Attention Required! | Cloudflare

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]

Originally Posted by frayedends

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]

Originally Posted by golfing eagles

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. .

[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]

Originally Posted by 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.

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.

Originally Posted by Dusty_Star

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]

Originally Posted by 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.

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]

Originally Posted by golfing eagles

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]

Originally Posted by frayedends

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]

Originally Posted by 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?

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]

Originally Posted by 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.

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.