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Yup Bread has 5k daily and 30k monthly limit on ach transfers. It's low but there are other banks who have similar ach limits if not lower like Valley Direct Bank and BMO Alto. The part that bothers me is that Bread doesn't list it anywhere on there website but they are not the only ones, so it's not fair to pick on Bread. The main reason is due to security, but the downside is that customers who went to transfer more out are limited and will be blocked.
Heard of success stories of others requesting for a ach increase upto 100k daily but that is not always guaranteed. I guess most people just make the low ach limits work somehow? Either through planning ahead and making multiple transfers or getting an increase or just going with another bank with higher ach limits.
For me, ach limits has never been a problem because I hardly ever transfer out. -
Easy to open, took maybe 15 minutes for a joint account. Easy to access, easy to transfer $ in and out. Don't know why the negative reviewers experiences were so different, but maybe it's not the bank???
Rad | Aug 13, 2023
A lot of people are complainging about the low ach rate limits 5k daily, other banks offer 100k+ daily so what gives?
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Closed the account after one year. These folks are killing lots of trees to send out cross-selling info on credit cards, home equities, personal loans. It seems like the savings is just to bring people in the door. Only Wells is worse with the cross-selling.
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don't even try. although the rate is attractive, you will spend/waste a couple hours going through the application and connecting a bank account through PLAID, only for them to reject your application and not tell you why. absolute waste of time. Learn from me.
Bob | Dec 22, 2022
Exact the same thing happened with me.
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closed account and won't be back. three reasons. 1. very late in raising rates after each fed move. they do eventually become competitive but after two or three weeks when they need cash. long term depositors lose in an environment when the bank isn't immediately responsive (although the rate never fell below marcus or synchrony or ally), 2. $10,000 outbound transaction limit is a killer. even worse, they blocked ach transfers initiated from chase and never let me link through plaid to any other bank or online broker, 3. the chat feature is a joke - you get back a note that someone may respond in 5 days and they don't. See ya.
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They locked my account for no reason. I spend more than 2 hours, trying 4 times to call their customer service (Sept. 26). The representative promised me to submit request to unlock my account right away but I still needed to call back 3 times to get it done. I will move my money to another bank.
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Am thinking of opening an account with them but as a business man, I need atleast a $50,000 daily transfer limit....is that possible??
easy peezy | Oct 2, 2023
sure it's possible, i dont know why people are making this an issue, shouldnt be, just initiate the transfer from your external account. easy peezy...
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Too many hassles, too much cross promotions, insulting emails. I opened the account but wish I had chosen a different name from the top of the chart. Or that I had just waited with the bank I was with because all of these rates are going up. These guys may be two or three weeks faster but they are all going up.
Rad | Aug 13, 2023
To fair other banks do cross-selling as well, I receive mails from Chase and FCU all the time.
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Also, another point. I accessed my account from overseas recently (just checking to make sure a transfer I had made went thru) and they contacted me via various means as a security issue. They needed to confirm that it was me that accessed it before releasing it from a security hold. I was impressed.
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Agreed the $5000 transfer limit is ridiculous. So I called them and found out that the $5000 is their default. If you request a higher limit, they can arrange it. Mine is now $50,000 per day. And agree that the website does not inspire a lot of confidence, but I've used them for years as Comenity and never had a problem.
Rad | Aug 13, 2023
They don't always approve of the request. They should just make 50/100k the default.
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Does anyone there even check these banks before listing them on this site? This one won't let you move more than $5,000 a day, even rejecting external transfers over that amount (which in the past is the best way to defeat these types of limitations).
ElrodTX | Jun 7, 2022
I opened an account a week ago and did not encounter this limitation at all. Maybe it has been fixed?
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I opened an account there about 4 weeks ago and put in the FDIC limit. They raised he rate. Now I am getting 1% on my cash. That is the good. The bad is that I am absolutely inundated by emails and letters from something called Bread which wants me to consolidate my debt or remortgage or get a car loan or whatever. The cross selling is absurd. Do they really think I would be keeping this kind of cash earning 1% if I still had high interest debt?
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Terrible service- wish I had read the reviews before opening an account. They won't let me have a joint account with my wife (married 30+ years, never been a problem with other banks) and REFUSE to tell me why. They even said that I could get $500k FDIC coverage by designating my wife as POD. I pointed out to them that the FDIC training information for banks specifically mentions this as erroneous. You'd think their lawyers would stop them from making false claims. They may have good rates, but beware the incompetence and terrible customer service.
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I just opened a new High Yield Savings account at Bread Bank (their new name) and can verify that there is a $5000/day transfer limit even if initiated by an EXTERNAL bank. This is ridiculous!
Rad | Aug 19, 2023
Have you verified this with Bread regarding the external bank? I've read from others that there is no limit from Bread from external banks, so now it's a conflicting account.
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Why change the name to Bread? I had been very happy with Comenity through the virus crisis, but this rebrand makes me want to throw in the towel as soon as I can find a higher rate.
lt23 | May 5, 2022
They can call it whatever they want. It is the best rate around and service is excellent.
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Comenity Direct is a fine account that consistently pays more interest, but you need to set it up with a correspondent account from which you can begin a transfer. Unlike the better known places, you cannot do it on their website. I am using the Chase mobile app with no problems. Well worth the extra 1/4 percent.
Rad
Aug 13, 2023 |