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  • Anyone having trouble sending money via ACH

    Has anyone successfully funded their AMP account via ACH? I'm having a nightmare issues.

    Okay here's the deal. When I was with Interactive Brokers and many other brokers, they would send two small test deposits to initiate ACH. I just need to confirm and verify those amounts. But here at AMP there's no such a thing. Their ACH instruction (https://www.ampfutures.com/client-po...-instructions/) states only that I enter ABA/account numbers along with my trading account name/number. The problem is that, first, I'm only allowed to enter the ABA (routing number) and the bank account number (AMP futures). There's no way to enter my name or my AMP account number. That's just the beginning.

    The bigger problem, however, is that when I try to set up a new external transfer using the above ABA/account number, I get an error message stating that this account number is already tied to another bank customer. And I'm talking about Chase Bank, which is one of the largest banks in the US. There are literally millions of Chase customers and only one person out of that huge network can make the transfer is beyond my comprehension. So I tried the same thing at another bank that I use, and guess what, I get the same message.

    Anyone with past experience, please advise.


  • #2
    Peachfuzz - yes, we have helped many customers get ACH deposits completed from their banking side. Every bank is different, we can only accept/post funds we receive and for sure, we want you to be able to deposit funds as cheap and easy as possible.

    We process many ACH deposits and withdrawals - so reading your story, we would like to get you in direct contact with our banking department to help you. Please PM your AMP account number and we will open a banking support ticket for you.

    Comment


    • #3
      Originally posted by AMP View Post
      Peachfuzz - yes, we have helped many customers get ACH deposits completed from their banking side. Every bank is different, we can only accept/post funds we receive and for sure, we want you to be able to deposit funds as cheap and easy as possible.

      We process many ACH deposits and withdrawals - so reading your story, we would like to get you in direct contact with our banking department to help you. Please PM your AMP account number and we will open a banking support ticket for you.
      Hey there, I've sent you a PM (some time ago). I would appreciate your reply.

      Comment


      • #4
        Hi, we just open a support ticket for you with AMP Funds Department. They will help you.
        You will receive the email shortly.

        Comment


        • #5
          Hello, I'm still trying to fund to my AMP account and am running into the same issue here for Chase. Can someone from AMP assist here? Thank you!

          Comment


          • #6
            For Real-time support, please contact our 24 hour help desk in real-time via Phone or Live CHAT: https://www.ampfutures.com/contact-us/

            Comment


            • #7
              The same problem happened to me as well. I am now in the US and have a number of bank accounts including Chase, Discover, CapitalOne 360 etc. Tried to set up ACH in their online banking, but failed again and again. Then I called these bank's customer service agents one by one asking why. They replied that it's not possible for me to initiate ACH from a personal account to AMP business account. I need to ask AMP to do that. Then I chatted with AMP online agent asking if they could help and they replied they are unable to initiate ACH from their side and suggested me trying wiring fund to them or send them a check. It's so strange that we, as their customers, are facing so many difficulties to transfer money into AMP business account ! For Interactive Brokers, TD Amiertrade, Etrade, Robinhood etc, to fund your account is just a piece of cake. AMP, I look forward to your comments. Thanks.

              Comment


              • #8
                We will discuss with the AMP Funds Department - to find out if there is a common error reported by our customers. We will provide proper guidance how to complete ACH deposits. We process many ACH deposits every day, so it is not a universal issue....we just need to figure out what the common issues are and publish guidance.

                We will reply to shortly

                Comment


                • #9
                  Originally posted by Peachfuzz View Post
                  The bigger problem, however, is that when I try to set up a new external transfer using the above ABA/account number, I get an error message stating that this account number is already tied to another bank customer. And I'm talking about Chase Bank, which is one of the largest banks in the US. There are literally millions of Chase customers and only one person out of that huge network can make the transfer is beyond my comprehension. So I tried the same thing at another bank that I use, and guess what, I get the same message.
                  Exact same issue here as above. I'm sure MANY AMP clients have this same issue, but just choose to wire funds instead (like me). If AMP could make this hassle free (i.e., without having to contact AMP customer service each time), they'd probably see a boost in new traders. I personally know 2 traders who tried to fund via ACH and just gave up after trying to deal with AMP's customer service. They felt if such a simple thing was so difficult for AMP to do, that it reflected on their technical capacity in other areas. So, definitely something AMP should fix.

                  Comment


                  • #10
                    When you are doing the ACH you need to let your bank know you are doing a one time ACH and not establishing a permanent route from your Bank to ours BMO Harris Bank Chicago. Please contact us after the holiday for any further assistance.

                    Comment


                    • #11
                      Yes this is a huge hassle over a simple process. My experience with other brokers are that the ACH instructions are done from the broker side. It just doesn't work from the individual bank side and AMP is making customers jump thru hoops to resolve on their own. If AMP were to follow the mainstream practice of other brokers out there it would be a lot smoother. I hope AMP would take this more seriously and make proper changes to their funding operations.

                      Comment


                      • #12
                        We are not a bank. TD IB act as banks so you can set permanent route between trading account and bank account. Ours is just another way to fund. you can withdraw as an ACH as well. Please tell bank to process ACH as a one of request.

                        Comment

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