Monday, February 28, 2011

SBI removes direct debit through ACH

I logged into my SBI Global Link Services - US account to transfer some money to India and was presented with this message ... "Due to regulations applicable in your state of residence in USA, we regret that, at present, we are unable to continue offering SBI Express Remit - US (our product using direct debit facility through ACH) till further notice. We are engaged in meeting the state's current regulatory requirements, and it will be our endeavor to restore to you at the earliest the convenience you have been enjoying. Meanwhile, you may use the aid of Rapid Remittance (Web-assistance for tracking wire transfers) when you use wire transfer from your bank to send funds to your beneficiary accounts in India."

Now it is not possible to transfer money using ACH debit (which is free) and we have to use wire transfer (most banks charge money for out-going wire transfers). Just last week they have restricted me from sending an amount larger than $1000 to my ICICI account in India due to some NEFT limitation and now they have removed the ACH debit. I'm going to look for another decent alternative.

Update (March 1, 2011) : They have resolved the issue and direct debit through ACH is now working. But I can't send more than $1000 to my ICICI account due to this ... "The Amount range for NEFT transaction is 50$ - 1000$. Please enter an amount within this range.".

Update 2 (March 14, 2011) : I'm in California and I think the status is different in different states. The issue seems to be resolved in CA, but not in other states.