TDAmeritrade ACH connection to Bangkok Bank

[djeetyet]

I am having trouble establishing an ACH connection between TDAmeritrade and Bangkok Bank via there NY branch. Account names are exactly the same. TDAmeritrade says there is some problem with the test deposits (micro-deposits) even though these appeared in my Thai bank account. I know the procedure as I set up an identical ACH transfer with another bank and it works perfectly. Has any one else had similar problems? Solutions?

I have contacted TDAmeritrade but am not sure I want to draw unnecessary unwarranted attention as there have been reports regarding the Patriot Act triggering problems with ex-pats financial institutions.

Thanks,

Mr B.

[lopburi3]

They may be trying to get them returned which can not be done.  This needs to be set up as one way (push/send only) from the US bank facility.  

 

That assumes you did contact Bangkok Bank (or had SMS) and obtained the exact USD value sent down to cent.  You can not use the baht deposit to get an exact amount.  You need to actually call bank and get that amount prior to conversion to be sure.  

[djeetyet]

1 hour ago, lopburi3 said:

They may be trying to get them returned which can not be done.  This needs to be set up as one way (push/send only) from the US bank facility.  

 

That assumes you did contact Bangkok Bank (or had SMS) and obtained the exact USD value sent down to cent.  You can not use the baht deposit to get an exact amount.  You need to actually call bank and get that amount prior to conversion to be sure.  

Yes, I called Bangkok Bank here in Thailand and got the micro-deposit in US cents. I validated the ACH connection on TDAmeritrade's Web site, but when I went to make an actual money transfer it was rejected by Bangkok Bank NY.

I did NOT see the micro-deposits returned/withdrawn from my Thai bank account. Did you have this problem, too? Was TDAmeritrade able to do a "push/send only"?

Thanks

[lopburi3]

I do not have that account but my bank did not do deposits as set up as one-way.  You mentioned another account so you know to use BBL NY routing and your Thai account number so that would not seem the problem.  Perhaps if an issue and you do not want to talk too much it would be better to just ACH transfer to your other account and use that account to transfer here?

[Pib]

The problem is all on the TDAmeritrade end as it sounds like they really did not completely approve setup of the funds transfer link probably because they could not pull/withdraw the two test deposits they sent. 

 

When they attempted the pull the trial deposit amounts from Bangkok Bank rejected the requests since you can not do ACH pulls from Bangkok Bank (you can only Send) as they state on their website. 

 

When TDAmeritrade got that rejection from Bangkok Bank the transfer link was deactivated/suspended in some way by TDAmeritrade even though they may say it's Bangkok Bank blocking the transfer which is not true....Bangkok Bank loves to receive money as do all Thai  banks....but Bank of Thailand regulations make it hard to flow funds out of Thailand to include even an ACH pull attempts for amounts under $1.  TIT

 

If you can set the transfer link up as Send/Deposit Only versus Send and Withdraw then TDAmeritrade will not do trial transfers.  Whether TDAmertrade offers a Send Only transfer link is purely up to them. 

 

Some financial companies/banks do; some don't.   Some will only do the trial deposit method as it does a more thorough job in confirming you own the account at the other bank.   For the Send Only method they are pretty much just taking your word for it and doing some confirmation of the routing number and not the account number.  All depends on the bank in what transfer link setup methods they offer.

 

 

[djeetyet]

Pib - Thank you for such a full and helpful explanation. I will contact TDAmeritrade and see if there is alternative method of setting up an ACH connection to Bangkok Bank.

[Pib]

2 minutes ago, djeetyet said:

Pib - Thank you for such a full and helpful explanation. I will contact TDAmeritrade and see if there is alternative method of setting up an ACH connection to Bangkok Bank.

You are welcome.  But I expect if they do offer the non-trial deposit "online setup method" that method would have been offered when you first began to setup the link.   

 

But maybe they will still setup the link for you if you submit a paper form to them.   Some banks/financial companies have some strange funds transfer setup rules...some are still heavily in requiring paper forms at least for the initial setup of something.

 

For example: when I opened my Schwab Brokerage account years back you could setup online transfer links to/from external banks by just doing it all online...no forms required.  However, for the Schwab checking account you had to complete a form, mail it in, and once they approved it then the transfer link would appear online for your use.  And for their Savings account you had to mail in the form just like for the checking account and once it was approved it would not be available for use from online but you had to call-in to initiate the transfer.  Not sure if it's still that way because I haven't had the need to change the transfer links I setup years ago.   

 

Yea, Schwab had/has some strange funds setup transfer policies and the policies favor use of the brokerage account over the banking accounts....can make a person just want to use the brokerage account to setup transfer links.   You could still keep the bulk of you money in the Schwab checking/savings account, do an internal transfer over the brokerage account, and then a second later do an external transfer from the brokerage acct to an external bank.

 

Some financial companies/banks just have strange/somewhat restrictive transfer rules and sometimes a person is just better off initiating a push or pull of money to/from those restrictive banks versus trying to use that restrictive bank's online system.   Sometimes a person might have an account with a restrictive type bank/credit union say just for a high interest savings account purposes...a good place to park a lot of money....but for funds transfer purposes and other banking products/services that restrictive bank may have a lot to desire.

 

Usually a person really needs accounts with 3 or more financial companies/banks/credit unions to get all the products/services at the lowest fees that you your want/need.  Banksters they are.

[djeetyet]

UPDATE: TDAmeritrade so far has not addressed the micro-deposit question. If I can confirm that the inability for Bangkok Bank here in Thailand to return the micro-deposits is the problem, I think I'll start a separate thread asking if other forum members have/have not been able to recently establish an ACH connection from their respective financial institution. I think it'd be useful to know who can make this connection and who cannot. I was able to establish an ACH connection via Citibank, but that was back in early 2010!
 

[Pib]

42 minutes ago, djeetyet said:

UPDATE: TDAmeritrade so far has not addressed the micro-deposit question. If I can confirm that the inability for Bangkok Bank here in Thailand to return the micro-deposits is the problem, I think I'll start a separate thread asking if other forum members have/have not been able to recently establish an ACH connection from their respective financial institution. I think it'd be useful to know who can make this connection and who cannot. I was able to establish an ACH connection via Citibank, but that was back in early 2010!
 

Waste of time to ask.  You'll find some have no problem with their banks when setting up a Send & Receive transfer link with Bangkok Bank (like I haven't with my banks such as USAA and others the last time I setup a link a year or so ago) and others will say they have.  It all depends on how your U.S. bank/financial company responds to the rejection from Bangkok Bank in attempting to pull back the ACH trial deposits.

 

Over the years in setting up such links to Bangkok Bank I have never seen any of the trial deposits pulled back....and I have setup quite a few transfer links over the years....the trial deposits arrived no problem but no withdrawal ever occurred.  I fully expect my U.S. banks tried but of course were  unsuccessful, but the fact I validated the amount of the trial deposits was enough to satisfy them.   Or in those cases where I had to mail in a form to setup the link that form satisfied them enough.

 

As stated on the Bangkok Bank website, do not attempt an ACH pull (withdrawal) because it will be rejected.  It's rejected by Bangkok Bank although their wording below tries to deflect the cause to the U.S. bank initiating the pull but it's purely Bangkok Bank rejecting the pull attempt because that is a flow out of Thailand which Bank of Thailand regulations tightly control/restrict.  Even the small trial deposits can't be pulled back.    Thailand: Land of Smiles for incoming money; Land of Frowns for outgoing money.

 

 

[djeetyet]

22 hours ago, Pib said:

Waste of time to ask.  You'll find some have no problem with their banks when setting up a Send & Receive transfer link with Bangkok Bank (like I haven't with my banks such as USAA and others the last time I setup a link a year or so ago) and others will say they have.  It all depends on how your U.S. bank/financial company responds to the rejection from Bangkok Bank in attempting to pull back the ACH trial deposits.

 

 

PIB,

Points well taken. I've given up on establishing an ACH connection electronically from TDAmeritrade -> BKK Bank. If it can't happen - it can't happen. Their tech support are friendly, but not overly helpful. LOL! TDAmeritrade have an ACH application form, and I inquired if that could be used. I'll report back on that.

I set up an ACH connection from my Citi account to BKK Bank back in 2010 and it's been working fine ever since. I just thought it would be nice to have a backup, and hopefully delete a step (i.e. from TDAmeritrade -> C) . I'm thinking of creating a Transferwise account to use as an alternative solution.

Again, thanks everybody for your helpful responses. Anymore ACH connection stories out there?

Edited January 26, 2018 by djeetyet
clarification