EFT Transfer

wilcharl

Veteran Member
Joined
Aug 21, 2010
Location
Northern Virginia
TDI
2010 Jetta TDI BOUGHT BACK 23 NOV 16. Now owner of 2016 Jeep Cherokee
Has anyone received instructions on setting up your EFT?

I saw someone mention something about Chase.

My buyback turn-in is set for a week from this Wednesday and I have seen nothing about setting up EFT

Glad they are using a bank to handle the $$$ xfer
 

theseus12

Active member
Joined
Jun 28, 2016
Location
Lutherville, MD
TDI
2013 Jetta TDI
I have not heard anything but I doubt it would be very complicated. You probably just need to provide your routing number and account number.
 

skinnyb

Veteran Member
Joined
Sep 19, 2009
Location
Western, NC
TDI
2013 JSW TDI
Yes they are using chase quick pay... They sent me a welcome email (Chase) and prompted me to setup an account... Once logged in I was told my balance I had available and it allowed me to setup a bank account to transfer to... Because I don't use Chase bank they told me it would most likely be 2-3 business days to transfer to my bank account.... Very PayPal like... Completed the process on Friday but it being veterans day I hope to have it by Wednesday next week...


Disclaimer.... I am only an eligible seller for this transaction... I don't have a car to turn in... Now when I do my JSW I presume they will not process eft till after it is turned in...

Sent from my SAMSUNG-SGH-I467 using Tapatalk
 

nucklehead

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Joined
Jan 30, 2014
Location
Ephrata Washington
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2013 Golf TDI W/DSG
The federal government regulates the transfer of money inside the country - looking for money laundering operations. The same reason why PayPal funds are held 2-3 days - even small amounts. In this day and age of fast computers it seems like it could be done nearly instantaneously - but this is government/big brother peering into our lives.
 

Dr. D

Veteran Member
Joined
Dec 31, 2014
Location
NJ
TDI
2014 Passat TDI SEL
Yes they are using chase quick pay... They sent me a welcome email (Chase) and prompted me to setup an account... Once logged in I was told my balance I had available and it allowed me to setup a bank account to transfer to... Because I don't use Chase bank they told me it would most likely be 2-3 business days to transfer to my bank account.... Very PayPal like... Completed the process on Friday but it being veterans day I hope to have it by Wednesday next week...


Disclaimer.... I am only an eligible seller for this transaction... I don't have a car to turn in... Now when I do my JSW I presume they will not process eft till after it is turned in...

Sent from my SAMSUNG-SGH-I467 using Tapatalk
Any idea if one can draw a cashiers check from this account? That would save me time as I can take the check to my new car dealer.
 

BuyMeBackSoon

Veteran Member
Joined
Jun 3, 2016
Location
Or
TDI
2013 golf
The federal government regulates the transfer of money inside the country - looking for money laundering operations. The same reason why PayPal funds are held 2-3 days - even small amounts. In this day and age of fast computers it seems like it could be done nearly instantaneously - but this is government/big brother peering into our lives.
And after someone defrauds you how fast will you be complaining of the lack of a hold on funds? You can be instantly wiped out, no thanks Id rather wait a few days.
 

chadbag

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Jul 8, 2013
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Utah
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2x 2013 JSW (1 manual BOUGHT BACK 12/20/16, 1 DSG BOUGHT BACK 1/14/17), Audi A3 e-tron gas-plugin-hybrid, gas Volvo V60
The federal government regulates the transfer of money inside the country - looking for money laundering operations. The same reason why PayPal funds are held 2-3 days - even small amounts. In this day and age of fast computers it seems like it could be done nearly instantaneously - but this is government/big brother peering into our lives.
No, that s not why it takes 2-3 days.

I worked at a money payment company doing mobile based payments and e-wallet services. The issue is they use the ACH system. The ACH system is an old and ponderous beast. In general, one side will initiate payments to payees. These are uploaded through their ACH partner. The ACH partner typically submits them to the Federal Reserve once a day at the end of the day. The Federal Reserve processes them in the middle of the night and send updates to the recipient banks. That can happen a few times a day. Due to the store and forward nature, it can take a couple days. They say 2-3 (or even 2-5) business days to give them wiggle room if deadlines are missed, but in reality most are done in 1-2 days. But even then, it depends on your bank, as the recipient bank usually just gets a "promise" that the money is coming through (I forget the term, but that is the idea). The actually money follows a couple days later.

The government is not checking on the transactions. There are too many of them for it to happen. However, banks on both sides ARE checking the transactions against their AML processes (all internal to the banks), but in most cases those are just electronic checks done when someone creates an account, etc. not on the actual transaction, though individual banks have individual rules and some rules could affect each transaction.

The real culprit is the ancient ACH system for clearing payments.

ETA: PayPal payments are not held 2-3 days. I received a PP payment from someone on Friday. I did not realize that I had received it until Saturday as for some reason the email notification did not arrive. I did an immediate withdraw on Saturday night to my bank account. Monday morning it is already in my bank account. Any delays on moving money with PP are also directly related to the ACH system, which PP uses in most cases to move money in and out of bank accounts.
 
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Mike91326

Veteran Member
Joined
May 27, 2010
Location
Los Angeles, CA
TDI
2009 Jetta TDI
Yes they are using chase quick pay... They sent me a welcome email (Chase) and prompted me to setup an account... Once logged in I was told my balance I had available and it allowed me to setup a bank account to transfer to... Because I don't use Chase bank they told me it would most likely be 2-3 business days to transfer to my bank account.... Very PayPal like... Completed the process on Friday but it being veterans day I hope to have it by Wednesday next week...


Disclaimer.... I am only an eligible seller for this transaction... I don't have a car to turn in... Now when I do my JSW I presume they will not process eft till after it is turned in...

Sent from my SAMSUNG-SGH-I467 using Tapatalk
I checked with Chase and was told that if you are a Chase customer, the payment should hit your account within one business day.
 

Rico567

Top Post Dawg
Joined
Jun 13, 2003
Location
Central IL
TDI
2013 Passat TDI SEL Premium (Turned in 7/7/18)
I checked with Chase and was told that if you are a Chase customer, the payment should hit your account within one business day.
Yes. Internal bank processing is virtually instantaneous. When we bought real estate earlier this year, I was told that I was going to have to do a wire transfer for $25 to the title company. I went to my bank, and the lady behind the counter said "Oh, no they have their account here, no wire transfer necessary. It'll just go straight from you account to theirs. Much faster." When I asked her how fast, she said "I'm going to push Return on this keyboard, and it'll be done by the time you step away from the window." And so it went.
 

chargum

Active member
Joined
Aug 28, 2014
Location
Orange County, CA
TDI
2012
I don't mind Chase QuickPay (and actually prefer it), but I believe there are limits imposed by Chase for sending/receiving funds. From their website:
Are there limits to the amount I can send or receive?
Yes. There are different limits depending on the type of account you're using to send and receive money.
Payments from Chase and verified non-Chase accounts
  • Maximum of $2,000 per transaction, with a maximum of $2,000 total per day
  • Maximum of $8,000 in any seven-day period
  • Maximum of $16,000 in any 30-day period
Payments from Private Banking clients
  • Maximum of $5,000 per transaction, with a maximum of $5,000 total per day
  • Maximum of $8,000 in any seven-day period
  • Maximum of $16,000 in any 30-day period
Payments from Chase business accounts
  • Maximum of $5,000 per transaction, with a maximum of $5,000 total per day
  • Maximum of $20,000 in any seven-day period
  • Maximum of $40,000 in any 30-day period
Invoice payments made using Chase QuickPay
  • Maximum of $10,000 per transaction, with a maximum of $10,000 total per day
  • Maximum of $20,000 in any seven-day period
  • Maximum of $40,000 in any 30-day period
 

tgoetzman

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Joined
Aug 9, 2002
Location
WestSalem, WI
TDI
2001 Jetta TDI Silver/Black
So how hard would it be to get a claim changed from EFT to check if you've already submitted everything ? Call the claims line - again ? Am I the only person who feels like VW is making us jump through a lot of hoops for this $ ?
 

Dr. D

Veteran Member
Joined
Dec 31, 2014
Location
NJ
TDI
2014 Passat TDI SEL
I don't mind Chase QuickPay (and actually prefer it), but I believe there are limits imposed by Chase for sending/receiving funds. From their website:
So if your buyback is between 20k-30k, then You can't transfer the entire amount in 1 transaction?
Did I get this right?
 

MacBuckeye

Veteran Member
Joined
Nov 11, 2008
Location
North Carolina
TDI
2009 Jetta
There is no mention of any "fee" or "wire transfer fee" that I could find. Nor was it on any of the pages during the last step of the process. Nor was there any mention of having to have a Chase account.

This is a simple wire transfer. If you don't do it online or before the turn-in appointment, just bring a blank check with you. The check has everything you need. I'm guessing this will be discussed at the appointment. The paperwork I was instructed to print and bring with me is only for the Odometer Disclosure and the POA.

T-minus 23 days..... :D
 

Dr. D

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Dec 31, 2014
Location
NJ
TDI
2014 Passat TDI SEL
There is no mention of any "fee" or "wire transfer fee" that I could find. Nor was it on any of the pages during the last step of the process. Nor was there any mention of having to have a Chase account.
This is a simple wire transfer. If you don't do it online or before the turn-in appointment, just bring a blank check with you. The check has everything you need. I'm guessing this will be discussed at the appointment. The paperwork I was instructed to print and bring with me is only for the Odometer Disclosure and the POA.
T-minus 23 days..... :D
I believe an eligible seller in another thread already got his money and it was sent to a preconfigured chase quick pay account. I would prefer them wire the money directly to my bank.
 

ericy

Veteran Member
Joined
Aug 24, 2004
Location
Rehoboth Beach, DE
TDI
2015 Golf TDI (wife's car)
I believe an eligible seller in another thread already got his money and it was sent to a preconfigured chase quick pay account. I would prefer them wire the money directly to my bank.
The buybacks will begin in earnest in about 9 days - for me there will be more than enough time to change from EFT to check if the EFT thing turns out to be a pain in the neck.
 

Dr. D

Veteran Member
Joined
Dec 31, 2014
Location
NJ
TDI
2014 Passat TDI SEL
The buybacks will begin in earnest in about 9 days - for me there will be more than enough time to change from EFT to check if the EFT thing turns out to be a pain in the neck.
Did you schedule your appointment? IF so, how are you planning on changing it?
I would think that canceling an appt and reselecting puts you at risk of losing your slot.
 

ericy

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Joined
Aug 24, 2004
Location
Rehoboth Beach, DE
TDI
2015 Golf TDI (wife's car)
Did you schedule your appointment? IF so, how are you planning on changing it?
I would think that canceling an appt and reselecting puts you at risk of losing your slot.
Yes, I am set for 12/14. I guess I assumed you could call in and change from EFT to check if I felt like it, but now that you mention it, that could be a bad assumption.
 

Dr. D

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Dec 31, 2014
Location
NJ
TDI
2014 Passat TDI SEL
Yes, I am set for 12/14. I guess I assumed you could call in and change from EFT to check if I felt like it, but now that you mention it, that could be a bad assumption.
Hopefully one of us will call and ask cs.
 

Conrad -JSW

Veteran Member
Joined
Dec 9, 2011
Location
Northern Illinois
TDI
2012 JSW DSG
As of yesterday I have my buyback appointment set for 11/29 and I selected EFT. So far I haven't been asked anything about my banking info and I've heard nothing from Chase.
 

k1xv

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Joined
Apr 4, 2009
Location
southern Vermont
TDI
09 TDI sedan, sold back 12/16. Present cars 2013 BMW X5 diesel, 2015 Corvette convertible
I don't remember ever selecting a check or EFT at any point so far, and I have a sell back appointment on Dec 3. I know I have not submitted any banking information for an EFT.

I assume I will get a check at the closing, and if I don't, I can give them my banking information at the closing. Or elect to be mailed a check.
 
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ericy

Veteran Member
Joined
Aug 24, 2004
Location
Rehoboth Beach, DE
TDI
2015 Golf TDI (wife's car)
I don't remember ever selecting a check or EFT at any point so far, and I have a sell back appointment on Dec 3. I know I have not submitted any banking information for an EFT.

I assume I will get a check at the closing, and if I don't, I can give them my banking information at the closing. Or elect to be mailed a check.
I gather they have been working on the website, so what I saw might be different from what you saw. I think it was when I booked the appointment - it asked if I wanted EFT or check. In my mind they only need routing/account numbers, but some people are saying that you get a Chase account with the money, which seems a little more convoluted. Actual buybacks start in earnest next week - it will all be clearer then.
 

Rico567

Top Post Dawg
Joined
Jun 13, 2003
Location
Central IL
TDI
2013 Passat TDI SEL Premium (Turned in 7/7/18)
I believe an eligible seller in another thread already got his money and it was sent to a preconfigured chase quick pay account. I would prefer them wire the money directly to my bank.
An EFT should not cost any money. We use EFTs to transfer money from our bank to credit card accounts, as well as utilities (which will typically not accept credit cards). All this is done on a monthly basis, and no fees apply. An actual wire transfer has a fee attached. When we bought real estate earlier this year, we were told we would have to wire the purchase amount to the title company prior to closing, and that there would be a $25 fee. The only reason this did not come to pass is because when I went to our bank to effect the transfer, the person behind the counter said "Oh, you don't need to wire that, they have an account here too, I'll just transfer it directly to their account." But if it would have had to be wired to a different bank, I would have been on the hook for $25.
 

k1xv

Veteran Member
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Apr 4, 2009
Location
southern Vermont
TDI
09 TDI sedan, sold back 12/16. Present cars 2013 BMW X5 diesel, 2015 Corvette convertible
I gather they have been working on the website, so what I saw might be different from what you saw. I think it was when I booked the appointment - it asked if I wanted EFT or check. In my mind they only need routing/account numbers, but some people are saying that you get a Chase account with the money, which seems a little more convoluted. Actual buybacks start in earnest next week - it will all be clearer then.
In booking my appointment, which I did yesterday, there was no question about check vs EFT, and my appointment selection was confirmed. So I must be seeing different things than other people. I have a simple, one owner, no lien, owner since 2009 transaction.

By the way, I use Firefox as a browser. I wonder if that is why I don't see things others are seeing?
 
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Dr. D

Veteran Member
Joined
Dec 31, 2014
Location
NJ
TDI
2014 Passat TDI SEL
In booking my appointment, which I did yesterday, there was no question about check vs EFT, and my appointment selection was confirmed. So I must be seeing different things than other people. I have a simple, one owner, no lien, owner since 2009 transaction.

By the way, I use Firefox as a browser. I wonder if that is why I don't see things others are seeing?
I use Firefox and scheduled my appt 11/12-at the time, there was an EFT/Check option.
 

Tenebrae

Veteran Member
Joined
Feb 3, 2014
Location
Missouri
TDI
2014 VW Jetta TDI Premium with Nav TURNED IN 03/10/2017
I started the process October 26th and started filling out the online claim. I was asked when filling in that info if I'd prefer electronic transfer or a check. I selected EFT, but was not asked for any additional information.
My documents are still at "Currently, your application contains all the necessary documentation to determine your eligibility. We are now determining your eligibility..."
No offer, no appt.
Just another data point.

-T.
 

k1xv

Veteran Member
Joined
Apr 4, 2009
Location
southern Vermont
TDI
09 TDI sedan, sold back 12/16. Present cars 2013 BMW X5 diesel, 2015 Corvette convertible
Yesterday, after booking my turn in appointment, I read here that there was supposed to be a selection of check or EFT, which I did not see. So I went so far as to cancel my turn in appointment, and re-book a second time. On the second try, I STILL did not see any choice of check vs EFT, and there was nothing that told me to go back and make such a choice.

And at the step where I am, I can find no way through the vwgoa web site of going back and making the selection. I called the CLAIM number, and the person there was full of misinformation. She thought that there were two separate turn in appointments. One, where you bring the car in and they verify mileage, VIN, and inspect the car, and then, on another day, you actually turn in the car and get paid.

After hearing that, I knew that rep would not be a source of any useful information, and I said good bye.
 

wilcharl

Veteran Member
Joined
Aug 21, 2010
Location
Northern Virginia
TDI
2010 Jetta TDI BOUGHT BACK 23 NOV 16. Now owner of 2016 Jeep Cherokee
Yes, I am set for 12/14. I guess I assumed you could call in and change from EFT to check if I felt like it, but now that you mention it, that could be a bad assumption.
Your returning to Stohlman right? I am scheduled for next Wednesday there.. I will update everyone on TDI club once its gone about how the process went. I may be one of the first to actually dump their car on here!
 
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