How can a brokerage be so ignorant to not know that THEY have to be the ones to initiate an ACH. Amps chat help is useless. They have no idea what to do. All the banks will tell that Amp has to initiate the ach transfer. How can AMP offer ACH when they cannot figure out they have to initiate it. What incompetence. Makes me wonder if the rest of their services is filled with such incompetence.
Few notes on AMP Global
- Thread starter zenlot
- Start date
No all the banks say AMP has to initiate the ACH request. Just like my insurance does ACH. Each month they request the funds via ACH. I have never ever had to do anything or setup anything. AMP HAS TO INITIATE THE REQUEST FOR FUNDS.
I think you are a bit confused on what ACH is, and where we are falling down here. ACH is simply a mechanism for money transfer. It is one channel through which you can transfer money from/to source and destination. A wire is the same thing, but through different "channels".
AMP cannot "initiate" a transfer from/to an account, through ACH, or check, or wire/SWIFT, or any other way, without YOUR permission. It is up to YOU, the account holder, to do that.
So what is the problem?
@AMP_Global
My car insurance initiates an ACH w/d from my bank account every month. My health insurance likewise. My prescription drup plan likewise. All I ever gave them Was my bank account number And the routing number. They initiate the ach transfer every month from their end. I do nothing but make sure there is money in the account. No bank not chase..not PNC...none of them will initiate the ACH to fund the AMP account. THEY ALL SAY as well as other banks too that AMP has to contact my bank requesting the ACH. Absolutely no bank will do what AMP says to do in their instructions for ACH.
The bank WILL follow AMPs instructions for wiring funds. (See AMP website for the wiring instructions)
But they WILL NOT follow AMPS instructions for ACH (see their website same info you sent me). They say they cannot!
Their wiring instructions are fine. It will works but it costs 30.00 on my end.
ACH is free, sending or receiving, and was one of the main attractions for me to open an AMP account but I find absolutely no bank I will do what AMP say to tell them to do. Amp says for me to go to my bank and give them the ACH instructions from their website and tell the bank to send a onetime ACH for XX dollars. The banks Responds back to me and says AMP has to initiate the ACH request not me.
I am not the first person to have this problem with AMP.
I wonder why they don’t fix this problem? Or if they know how give better instructions on their website.
The bank will not accept my permission as you call it to to send an ACH to AMP. Amp has to ask my bank to send it. I cannot tell the bank to send it. That is what my bank is telling me anyway. I went to the bank lobby and talked to them face to face. Not over phone. They insist it has to be AMP initiating the fund transfer via ACH from my bank account to AMPs bank account for further credit to my AMP account.
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A one time ACH transfer from a bank to a futures broker is not the same thing as a reciprocal agreement between your bank and a car insurance company.
You best await AMP's response to this, before further consideration. Appreciate that is it difficult to send your money to a broker in the US. If you were dealing with some Cayman Island crap, your money would have already been gone. *POOF*
Well the thing is AMP has NO response. They don’t seem to know what tell me. I have talked to at least 3 people best I remember. Nobody knows. I want my money to go “poof” right into my account at AMP but I cannot figure out a way to get it there by ACH and they don’t know either or they are keeping it a big secret. I am on the verge of giving up in frustration and go looking for another broker. It is getting ridiculous.
You know any brokers with cheap comm for the micros like MES MNQ. Anybody that comes close to AMPs .37 per side?
I went through the same thing. But I think it may depend on the bank. If you provide AMPs information some banks may be able to send funds to their numbers(AMPs) but normally that would be handled on the AMP website. Strangely outbound ACH works with AMP. I have done it. Sadly I wired twice and each time it cost me $20. Well shucks, in trading that is a rounding error but with IB or any normal broker, ACH should work both ways and it should be FREE!
EDIT; I am in the US and AMP with CQG worked really well! I only left because I am taking a break from trading futures. (secretly still miss it.) - Monaco, just pay the wire!
IB's micro commission is good but future margins are HIGH!
EDIT; I am in the US and AMP with CQG worked really well! I only left because I am taking a break from trading futures. (secretly still miss it.) - Monaco, just pay the wire!
IB's micro commission is good but future margins are HIGH!
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Onlyst thing is if they can’t get ACH right what about the rest of their service? I am having second thoughts about AMP.
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