External Transfers by the Numbers: 2015 Update

Michelle Ammirati by on Nov 30, 2015

external_transfers.pngThe October Bank Monitor Report on P2P payments and the November Bank Monitor Report on external ACH transfers both offer insight into the external transfers systems currently in our coverage group. Person to person payments (P2P) are a more recent innovation that enable clients to send money to other people, while the comparatively older external ACH transfers facilitate the movement of client money to their own accounts at other firms.

The P2P payment report found that 12 firms (67%) in the Bank Monitor coverage group currently provide a desktop P2P platform through the company’s own software or Popmoney. The report highlights that unlike most bank platforms, competing non-bank P2P services like Google, Paypal and Venmo can deliver money instantly.

External ACH transfers are still an integral part of the online banking experience. All firms within the Bank Monitor coverage group give clients the option to make inbound and outbound external transfers, with the exception of one firm that only allows outbound transfers. Citibank stands out among competitors by offering fee-free next-day transfers.

The 2013 Bank Monitor Report on external transfers identified Citibank as a leader in all external transfer options for providing a wide range of overall transfer options and using the Popmoney network for P2P payments. Citibank emerged again as a leader in the November 2015 Bank Monitor Report on ACH transfers. Since 2013, however, the P2P payment landscape has become more popular among firms. While Citibank continues to offer Popmoney transfers, other firms have developed competitive platforms as well. Ally Bank appeared as a leader in the 2015 Bank Monitor Report on P2P payments, offering a fee-free Popmoney platform that offers live chat and lets clients make recurring and future scheduled payments.

The following is a complete list of the delivery options, fees and limits associated with the 18 banks tracked by our service by external transfer type:

External Transfers: Delivery, Fees and Daily Limits
External ACH TransfersP2P Transfers
FirmsDeliveryFeesDaily Limits (In/Out)DeliveryFeesDaily Limits
Ally BankStandard*$0$250,000/$150,0001) Standard

2) Next-day

N/A$5,000
Bank of America1) Standard

2) Next-day

3) Same-day

1) $3

2) $10

3) $30

1) $3,000

2) $2,000

1) Standard

2) Next-day

3) Same-day

1)$3.00

2) $10.00

3) $25.00

$2,500
BB&T1) Standard

2) Next-day

1) $3

2) $10

$5,000N/AN/AN/A
Capital OneStandard$0$3,000N/AN/AN/A
Capital One 360Two-day$0N/A1) Standard

2) Next-day

N/A$5,000
ChaseStandard$0$25,0001) Standard

2) Next-day

N/A$2,000
Citibank1) Standard

2) Next-day

$01) $100,000/$2,000

2) $100,000/$2,000

1) Standard

2) Next-day

N/A1) $2,000

2) $1,000

Citizens BankStandard$3$5,000StandardN/A$2,000
Fifth ThirdStandard$3$10,000/$2,0001) Standard

2) Next-day

1) $0.99

2) $2.99

$1,000
KeyBankStandard$0$2,000N/AN/AN/A
PNC BankStandard$0$2,000StandardN/A$1,000
Santander BankStandard$0$1,000N/AN/AN/A
Schwab BankTwo-day$0N/AN/AN/AN/A
SunTrust1) Standard

2) Next-day

1) $3

2) $6

1) $10,000/$2,000

2) $10,000/$2,000

1) Standard

2) Next-day

1) N/A

2) $3.00

1) $2,000

2) $1,000

TD Bank1) Standard

2) Next-day

1) $3

2) $7

1) $6,000/$4,000

2) $2,000/$1,500

1) Standard

2) Next-day

1) $1.00

2) $7.00

1) $2,000

2) $500

USAAStandard$0$5,000N/AN/AN/A
U.S. BankStandard$3$2,500/$1,2501) Standard

2) Next-day

3) Same-day

1) $2.00

2) $0.75

3) $3.50

1) $10,000

2) $500

Wells Fargo1) Standard

2) Next-day

3) Two-day

1) $0

2) $3

3) $10

1) $10,000

2) $25,000

1) Standard

2) Next-day

3) Same-day

N/A$2,500

 

*Standard = three business days