ACH Transfer - Bank -> Prepaid Debit Card (Reversal?)

[okay]

I have been transferring from GE Capital Online Savings to my registered and pre-approved prepaid debit card by Bancorp for 4 months without a problem. I did call my bank once questioning the reason a transfer did not complete around the end of March, put me on hold to 'verify some things', explaining I have exceeded the 6-per-month withdraw limit, oh okay I forgot about that. Withdrew on the last day of March so funds will be settled by April. Success.

Following that, I then successfully transferred from ppal to bank 350$ and initiated another withdraw being 300$. After 4 days I reviewed the problem on GE bank acct. and the funds were reversed by GE bank. I called GE bank asking for the reason for this and rep placed me on hold telling me she was going to ask someone then, she asked me if it was a prepaid card I was transferring to, I said yeah I and I have been doing so ever since I joined. She couldn't tell me why because a letter was sent to my address regarding the reversal. Problem is I have moved from this address just recently and the mail was probably already sent back. I am going to take a trip tonight too check for mail.

Today I attempted another withdraw this time for 280$ but too early to know it's state.

Could this be GE online savings not liking the withdraws to my prepaid debit card? Again, the status of the externally linked prepaid debit , it says 'pre-approved'. Does this mean GE wants more verification on it from me or I now have to get a second bank account? Chexsystems is reason I joined GE online savings. IS ALL this due to my similar mismatched ppal name?

[Dmshark25]

Could be because banks do not like to see withdrawal activity from savings accounts, the only movement they like is money deposited

Too much activity could be the problem but guess you will find out in the letter

[okay]

Well, this forum is where I learned about ppal and bank transfers. Savings accounts are one of the many viable options as well as checksystems friendly banks. I sure wish I could save my money but I gotta use it. If I can't get that letter what am I going to do? Change my address all of a sudden won't make it any better am I right? This is looking like I may now have to trash my only real bank account because savings accounts just is not a good solution for withdrawing? And now I have to actually use the prepaid card I setup and approved with in the past before linking GE Capital online savings to ppal. What a joke!!! I smell limitation, restriction ahead for me..

[Dmshark25]

If I understand correct, the account you have linked to paypal is a real savings account, and than you are withdraw funds from your savings to a prepaid debit card?

If the above is correct why not withdraw directly from the savings, I'm not getting why you are going from paypal to savings to prepaid

[okay]

Originally Posted by Dmshark25

If I understand correct, the account you have linked to paypal is a real savings account, and than you are withdraw funds from your savings to a prepaid debit card?

If the above is correct why not withdraw directly from the savings, I'm not getting why you are going from paypal to savings to prepaid

You are correct. My ppal has 1 letter added to my first name. Last name unchanged. The bank acct. and the Bancorp prepaid card is, of coarse, matches all my real info. GE Capital Savings is online only. Their is no direct method to withdraw (no card, no check), their are only two ways to withdraw from online savings, to a linked bank acct. and through wire transfer. I just got back from checking my just previous and, bank / ppal registered address for that letter GE Capital Savings has sent to me which was sent on the 4th and it is not there and I do not know if it has been delivered and returned to sender or hasn't came yet. I'm going to follow-up by phone to the people maintaining the place of address. If it has already been delivered then they probably sent it back to GE.

I can't remember one of our members name here on the forum, a former banker may have an idea to the reasoning besides the normally sent notice for any type of reversal for ACH transfer but, for why might they mail notice without telling me over the phone when I asked why the ACH was reversed by them (GE). I do know mail must be used in part for verification of registering during signing up and the Signature cards you must sign and return. I mentioned the Bancorp linked acct. it's status was noted with 'pre-approved' in my GE online acct. and that makes me think the definition means they want me to sign for approval to continue ACH transfers to the prepaid card.

This Bancorp was used and verified on the ppal when I signed up for ppal. No withdraws from ppal on the Bancorp. I added the GE acct. then, (I think) removed the Bancorp given sufficient time (thanks to rsot). I don't wanna have to end up adding it again to my ppal to withdraw to. I don't have an I.D. to walk into a branch, yet. I am a procrastinator and my drivers license is suspended and I work for myself. At home. When I heard of GE Savings and prepaid debit cards, that is when I BECOME procrastinator.

[okay]

Okay well, I tried to make another ACH transfer from bank to card, this time with a lower amount. The money never even moved this time, not even a error message. It was showing 'pending' for a few hours then nothing.

[rsot]

Sounds like a bad block by the bank on the transfer

[okay]

Originally Posted by rsot

Sounds like a bad block by the bank on the transfer

I don't understand why they are blocking I never heard of this petty blocking by a bank. I mean I'm not even moving that much money to and from it, maybe 2k$ in the 4 months since I joined. Feel like a kid again.

[Twocoolt]

$2,000 is a lot withdrawing from a savings account in 4 months. I don't mean to sound mean but since you reached the six withdrawal limit per month I can see why they blocked your account.

[GreenBean]

Originally Posted by okay

I don't understand why they are blocking I never heard of this petty blocking by a bank. I mean I'm not even moving that much money to and from it, maybe 2k$ in the 4 months since I joined. Feel like a kid again.

The way you are talking you are a kid.

Banks actually have strict protocols regarding how accounts are used.

Just because you managed a few transfers before, does not mean long term they will go on working. ( Well done for those, of course).

Look for posts by jeffweico on the topic of ACH & banking in general as well.

Whith careful thought banks can be used to our advantage for stealth. But we HAVE to know their rules.

Good Luck

[okay]

Originally Posted by GreenBean

The way you are talking you are a kid.

Good Luck