Northpointe Bank Ultimate Money Market 1.50%
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Northpointe Bank Ultimate Money Market 1.50% $25k to $1m to earn rate
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Looks like a great rate but $2000 a week external transfer limit is no good.
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I guess you can always initiate ACH transfers out from any bank of your choice and for any amounts since $2K limit applies if you initiate transfers out from them.
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$2K applies to all transfers.
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Does this mean if I initiate a $5K transfer in from, say, Fidelity, it will fail and not go through?
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That’s how I understand what the CSR said. Otherwise I would have opened the account today. Give them a call and report back what they tell you.
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BBVA had a similar policy but I was able to freely move money out from Fidelity.
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I read this poor review on depositaccounts.com. Not sure of its accuracy:
A Bank Without The Ability To Handle ACH?!
Posted by: SillyValley | Dec 1, 2017This is the worst HYSA I’ve had the displeasure to work with. My plan was to take advantage of the 1.5% interest rate. Opening the account was the usual process - went just fine. After my initial $1k deposit I went to transfer a sizable amount and discovered that this bank does not allow ACH transfers between banks - they can only accept wire transfers or check deposit at a limit of $10k/day. To withdrawl funds, the same process.
I tried calling in to discuss with them and guess what - their phone lines were down. I had to talk via chat and ask for them to call us. I told them I was shocked at their lack of ability to handle ACH transfers and wish to close the account. Because I’m closing before 120 days - a $10 fee and now I get to wait for my $990 check. Costly mistake of time and money.
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Another review of this deal, a reply from Bill C, Northpointe Bank and my comment at the end:
Posted by: Jarlath | Dec 7, 2017 | depositaccounts.com
Only $10,000 / Day Transfer To/From External Banks.
I was impressed with the 1.5% rate and was about to open an account. However, I then chatted with them regarding the dollar amount maximum transfer allowed to/from external linked banks. It is only $10,000. That is absurd considering most banks like this allow much more, like 100K to 250K.
So, only use this bank if you are willing to slowly deposit and withdrawal amounts under 10K.
Reply by Bill C, Northpointe Bank:
NorthpointeBank | Dec 7, 2017
Hi Jarlath,
I wasn’t able to locate the chat you reference but it sounds like there was a disconnect here. It is not correct that we cap external bank-to-bank transfers at $10k per day. If initiated by an outside bank Northpointe places no limit on the transaction amount.
Thank you,
Bill C, Northpointe Bank
My comment: This is exactly what I suspected from the beginning and commented in my BBVA experience (example) above. CSRs are frequently clueless.
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