Presidential Bank Launches Online Funds Transfer

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It looks like Presidential Bank’s promise of online funds transfer capability has come to fruition. I see that it is a CashEdge-based funds transfer system, the same system used by Bank of America and HSBC. See the FAQ. Similar to BofA, only incoming transfers are free, outgoing transfers will cost $3.50. This makes me happy though, my two main everyday-use accounts are BofA and Presidential, and now I don’t have to use an intermediary to transfer money between them either way. I need to update my Presidential Checking Review, which is getting dated.

I just added a bunch of external accounts, so I’ll also earn a few bucks for all those 50 cent deposit verifications. Here is a screenshot of the announcement page I get after logging in:

Presidential Screenshot

There is a daily transfer limit of $2,000 per day and $5,000 per rolling 30-day period. After you satisfy some more requirements and at least 3 months later, the limits get raised to a daily limit of $15,000.00 and a monthly limit of $25,000.00.

As also noted in the image, they also are offering a way to sending money online to people via e-mail. Sounds okay… not bad if you want to save your recipient some PayPal fees if you’re paying online via checking account anyways. Update: Sounds pretty useless, actually, due to the $3.50 fee.

Update
After verifying accounts and looking at the actual transfer schedule, it looks like Presidential also has the same 3-day transfer time that HSBC Direct has, where your money is out of your outgoing account and not in your ingoing account for 2+ days and you don’t get interest on the transferred amount in either place. Disappointing!

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Comments

  1. There is a $3.50 fee per transaction for the “Pay by email” feature, so depending on the amount you are sending, Paypal could be cheaper.

  2. Ack, you’re right Steve, I missed that in the fee schedule. Also “Pay People transfers have a daily limit of $500.00 and a monthly limit of $1,000.00.” Ah well.

  3. Jonathan, have you opened an Everbank account? If so, can you give us a little review of it. Thanks either way.

  4. is this just an ACH transfer? If they charge 3.50 I think that’s horrible, I do transfers from everbank to all different accounts and it’s always free and I am not sure about a limit, but I do quit a bit. Some are scheduled transfer and others I just put them in mannually both in and out and it’s always been free.

  5. I think you said you still bank at BOA, not sure if you’ve been keeping up with the case, but here’s from clark howard’s board:

    By now, you?ve probably heard the story of the San Francisco man who was arrested and jailed when he tried to verify the validity of a check at Bank of America branch. Clark found out about this story and talked with the man, Matthew Shinnick, who has spent about $14,000 in legal fees to clear his name. It all started when Shinnick posted two bicycles for sale on Cragislist and received a check from a man for more than the cost of the bicycles. He went into his bank to see if the check was legitimate and verify that there was money in the person?s account. He was told it was a valid account and so he cashed the check. At that point, BOA employees called the police and Shinnick was arrested on fraud charges because the check was actually a phony. He had no idea that the real criminal had used the name of a legitimate company to fake a check. So, Matthew sat in the bank branch for hours while police figured out what to do and then spent the night in jail. Once he got out, he wanted to clear his name legally so the arrest would not come back to haunt him. He had to hire attorneys to do this and it cost him nearly $14,000. He then went to Bank of America and asked that the bank cover his fees because it was the bank?s error. But so far BOA has refused. This kind of treatment sends the message that banks only care about their bottom line and nothing about their customers. It’s unacceptable and it’s time to fight back.

    Bank of America saga continues
    Clark talked again about Bank of America and the case of Matthew Shinnick, who was falsely accused of fraud when he tried to verify and cash a check at his BOA branch that turned out to be a fake So far, BOA has done nothing to help Matthew, who incurred about $14,000 in legal fees. That was even after Clark offered to pay for half of the amount if BOA paid the other half. In a conversation with Clark off the air, they refused. Therefore, Clark is asking all BOA customers to close their accounts and take their money out of BOA. Currently, the BOA ?Money Loss Meter? is up to $12 million and it continues to go up. Clark also sent out a special appeal to ?Clark Said? subscribers today, asking them to forward the story to friends and family who may not listen or know about what Bank of America has done. Hopefully, those people will forward it on to many more people. We need to spread this story so others have a chance to hear about it and do their part. If you want give BOA executives a piece of your mind, e-mail Kenneth Lewis, the CEO of Bank of America. Good luck

  6. Presidential is one of my favorite account which I liked for free bill pay service but now most of my payees schedule
    payments at their site thus avoiding any need for a bill payment service at all.
    The interest rate at Presidential checking has also lagged behind at 4.5% and you need a minimun balance of $1000.
    With this dismal transfer service costing $3.50, I may just as well close my account at Presidential and use only UFB or HSBC.

  7. Inbound transfers are free to your presidential checking or savings. Outbound transfers are $3.50 as well as “Pay People” transfers.

  8. Jonathan, what kind of accounts do you have with BofA? I have a standard checking account, and I routinely move money in and out to EmigrantDirect without any fees. Are the transfers that you are talking about here different from ACH? Thanks.

  9. I’m talking about transfers actually initiated via BofA, not another online account like Emigrant Direct. That way, I ave the flexibility to withdraw into BofA from any sort of bank account, even if that external account does not support online transfers.

  10. Guess what kids, if you are in possession of a fraudulent check, being arrested and then released is the least of your concerns. If Shinnick had deposited that check into his bank account may have had his entire set of bank assets frozen and his account forced closed. I work for a bank and will let you know that check fraud is rampant and banks need to engage in protective measures to mitigate fraud. Not to mention that it was unnecessary for Mr. Shinnick to spend $14000 to clear his name, he was a defendant for crying out loud. This means that the burden of proof is on the DA’s office. The only thing he would have had to pay for was bail. He could have gotten a public defender and paid nothing, and the DA’s case would have still fallen on it’s face on it’s own merits. I don’t blame BOA for not paying the legal fees, this dumb schmuck shouldn’t have hired an expensive attorney, duh!

  11. And by the way JBO, you mentioned that the bank doesn’t care about it’s customers… this statement isn’t relevant. Shinnick wasn’t a Bank of America customer!

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