Brokerage Firms...ya get what ya pay for

[Sig]

@Sig read about the problems others are having here:

https://forum.ampfutures.com/forum/...ne-having-trouble-sending-money-via-ach/page2

So I'll just go with the first one I read where they said "I asked for the manager, who then told me credit unions are unable to perform any ACH transfers at all, and to use a bank." Pasted below the screen at my credit union that allows me to set up ACH transfers. Like I said, not all the front line people at banks are able to handle much outside their normal day to day of making deposits and withdraws and cashing checks.

 

[Monaco]

I don't know what to tell you except to hang up and try again. Maybe preface the situation differently and ask "I would like to make an ACH transfer to a company. I have their routing number and account number as well as their address", in case the person you're talking to gets freaked out by the whole brokerage account concept for some reason? Keep in mind, bank tellers are essentially minimum wage employees and while some are great (my spouse worked her way through college doing it), you don't get the cream of the intellect crop paying what they do for that job. You can also ask them to do a wire, although obviously paying the wire fee sucks.

It is crazy. It was not a bank teller. It was a loan officer. I think also maybe second in command at the PNC bank.

 

[Monaco]

So I'll just go with the first one I read where they said "I asked for the manager, who then told me credit unions are unable to perform any ACH transfers at all, and to use a bank." Pasted below the screen at my credit union that allows me to set up ACH transfers. Like I said, not all the front line people at banks are able to handle much outside their normal day to day of making deposits and withdraws and cashing checks.

View attachment 246348

Yep my pnc bank has all that transfer stuff tab In my personal account to but it WILL not accept making AMP a client that I can push funds to.

 

[Sig]

Yep my pnc bank has all that transfer stuff tab In my personal account to but it WILL not accept making AMP a client that I can push funds to.

I don't know what to tell you, like I said I just did exactly what you're talking about at BofA last week so maybe go ask them. My PNC experience is a bit older, perhaps they've changed or maybe they're balkanized by all their acquisitions and in your area they used to be United National or MBC or something and they never fully integrated it? Regardless, it's not an AMP problem, it's an issue of having a bank that will provide you ACH functionality. Like I said, I'm sure they'll accept wires and I can't image any bank that won't do those, given how lucrative they are for next to zero work.

 

[Monaco]

Apparently AMP for one reason or the other do not want to initiate an ACH to a traders personal bank account to fund the traders AMP account. So that leaves:

1) wiring 30 bucks
2) Bill paying maybe electronic or they may snail mail a check
3) I snail mail a check to AMP.

I wish AMP would not offer ACH if they are going to make it so difficult.

 

[Monaco]

I don't know what to tell you, like I said I just did exactly what you're talking about at BofA last week so maybe go ask them. My PNC experience is a bit older, perhaps they've changed or maybe they're balkanized by all their acquisitions and in your area they used to be United National or MBC or something and they never fully integrated it? Regardless, it's not an AMP problem, it's an issue of having a bank that will provide you ACH functionality. Like I said, I'm sure they'll accept wires and I can't image any bank that won't do those, given how lucrative they are for next to zero work.

Thanks for your input. However, when one reads all the complaints On the link I posted it is obvious AMP’s instructions will not work at many many banks. Banks just will not do it. So AMP should change or not advertise ACH and then not do what banks require to make ACH work. For that I say AMP is the problem. I just think they afraid of possible legal ramifications of requesting ACH transfer from a traders personal account. They don’t want to be responsible if in the event a trader claims he did not authorize AMP to initiate a funds transfer from a traders account via ACH. In other words, AMP wants the trader to initiate the ACH. That way they cannot be accused of doing something wrong. But banks want AMP to initiate it. That it the conclusions I am coming to.

 

[comagnum]

I had the same problem - unable to ACH into AMP. I snail mailed a check to them. It would be nice if they used a better ACH vendor.