Beginning on October 1, 2024, the daily ACH withdrawal limit from MRA’s High Yield Savings account with StoneCastle, will be $25,000. The monthly limit will be $100,000 (every 30 days). Clients that have a need for withdrawals in excess of these limits, may simply choose the Fed wire option, which has no daily or monthly limit.
For existing clients that have not set up wiring instructions on their accounts, they may do so at any time by submitting a Change of Bank/Brokerage Wire Instructions Form, which is also available in the “Downloads” section of the portal, and can be emailed to [email protected].
Although these ACH transaction limits are new to StoneCastle, they are not unique to the industry, and fall in line with industry standards. All the major custodians have limits as do banks. Below are the ACH limits for some of the larger, more well-known banks and custodians.
Bank Daily ACH transactions, typically less than $25k.
- Chase: $25,000
- Bank of America: $1,000
- Wells Fargo: Varies by client type, generally $5,000
- Citizens Bank: $10,000
- Fifth Third and PNC: $2,000
Custodian Transaction Limits
- Pershing ACH Debit monthly limit of $50,000 per account
- Fidelity/Schwab daily withdrawal limit is $100,000
If you have any questions regarding this change, please reach out to your MRA Advisory Group advisor.
Advisory Services are offered through MRA Advisory Group, a Registered Investment Adviser. It is general in nature that the statements herein are not a complete statement of all information necessary for making an investment decision and is not a recommendation or a solicitation to buy or sell any security. The investments and strategies mentioned may not be suitable for all investors. Past performance is no guarantee of future results. Nothing herein, nor any attachment, shall be considered to constitute (i) an offer to sell, nor a solicitation of an offer to purchase, any security, or (ii) tax or legal advice.