VERY IMPORTANT - SOMETHING HORRIBLE COMING - See your bank's TOS 11/15/2021

I just received a change in my Terms of Service (TOS) from my bank. DO TAKE THE TIME TO READ THEM!!! As of November 15, 2021 customers will NO LONGER BE ABLE TO WIRE TRANSFER MORE THAN $1,000.00 TO A PERSON OR $5,000.00 TO A COMPANY ON A SINGLE DAY!!! MY BANK IS ONE OF THE LARGEST BANKS IN THE USA! ACH caps going into place!

Realize what this means!!! Want to buy a car? Do you actually need a paper check? The new "old" way was ACH. Want to buy a car from somebody trying to sell you a car -how much you want to bet that the car costs more than $1,000.00?

BMO Harris?

I am sorry for the wall of text do not know how to post screen shot, this is from the email



II. ACH and Wire Transfers
Section 5B of your Service Agreement will be revised so that the following limits, fees and cut-off times will apply to ACH and Wire Transfers.
Types of Transfers4,5
Sending Limits (per transaction)6
Receiving Limits (per transaction)6
Fees7
Cut-off time
Three Business Day ACH (outbound) Consumer
$1000
N/A
$3
8 PM ET
Three Business Day ACH (outbound) Small Business
$5000
N/A
$1
8 PM ET
Three Business Day ACH (inbound) Consumer
N/A
$1000
$0
8 PM ET
Next Business Day ACH (outbound) Consumer
$1000
N/A
$10
8 PM ET
Next Business Day ACH (outbound) Small Business
$5000
N/A
$5
8 PM ET
Next Business Day ACH (inbound)8 Consumer
N/A
$1000
$0
8 PM ET
Same Business Day (domestic) Wire Transfer (outbound) Consumer
$1000
N/A
$30
5 PM ET
Same Business Day (domestic) Wire Transfer (outbound) Small Business
$5000
N/A
$30
5 PM ET
International Wire Transfer (outbound) Consumer9
$1000
N/A
$45 (US Dollar transfer)
$0 (Foreign currency transfer)
5 PM ET
International Wire Transfer (outbound) Small Business5,9
$5000
N/A
$45 (US Dollar transfer)
$0 (Foreign currency transfer)
5 PM ET
Your continued use of our Mobile and Online Banking services constitutes your agreement to these changes and to our Online Banking Service Agreement.
4
For domestic transfers, funds will be debited from your account on the business day you direct us to initiate processing of the transfer, and typically will be credited to the receiving account on the same business day, next business day or third business day after the transfer is initiated, depending on your choice.
5
For Direct Payments Service, see the Business Services Addendum for details on fees and limits.
6
Daily and monthly limits may also apply. You may be eligible for higher transaction limits if you add Secured Transfer to receive a one-time passcode on your mobile device or register a USB security key. Higher transaction limits may also apply for
You will be charged $25 for each transfer trace that you ask us to execute for you. International transfers may be subject to additional fees charged by intermediary, receiving and beneficiary banks.
8
To be eligible to receive a next business-day ACH transfer, you must first have received an aggregate of $500.00 in one or more three business day ACH transfers, and the first three business day ACH transfer must have been at least 60 days prior to the first next business day ACH transfer.
9
For international outbound transfers, funds will be debited from your account on the business day you direct us to initiate processing of the transfer will send the payment out on that business day and, except for Remittance Transfers the beneficiary's bank typically receives the funds 1 to 2 business days later and the funds typically will be credited to the beneficiary within 2 business days. See Section 5.F of the Online Banking Service Agreement for special rules applicable to Remittance Transfers.
For more details, please review the full Online Banking Service Agreement which will include these updates as of November 15, 2021.
Thank you for being our client.

That's ridiculous!!

What bank are you with?

We have a small local bank, but we'll check if they're doing the same thing.

Bank of North Korea?

Seriously, local credit union is the way to go.

BMO Harris?

That's ridiculous!!

What bank are you with?

We have a small local bank, but we'll check if they're doing the same thing.