PSA - Be careful sending wires to Rivian

[s4wrxttcs]

E*Trade claimed I put the Order ID under other institution which I did not. I had under it additional information.

E*Trade also wouldn't let me leave the Apt/Suite blank so I used NA.

I could not figure out how to do an ACH transfer from an E*Trade brokerage account to an account that I don't have ownership of like Rivians Bank of America account.

I decided to hit my head up against the wall by retrying a wire transfer from E*Trade. This time I put the Order ID under "other instructions". I may have just lit another $70 on fire.

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[s4wrxttcs]

Hi there,

I had thought about wiring the funds (ACH may be free) to Rivian but decided against it. I didn't feel comfortable paying so much for something I have not received yet.

I read on a few threads that there were delays with the earlier deliveries and some folks had to wait for their trucks while the money is already paid. I didn't want to be "out of pocket". Of course there's also the wire fee.

My guide said cashier's check is acceptable. So I ended up just getting a cashier's check (no fee at my bank) and giving it in person during the delivery.

My case is the ultimate in ridiculousness.

I did the original wire transfer the day before delivery, and everything seemed fine. I took delivery, and no one at Rivian said anything.

I didn't check my investment account for a good month and half since I wired the funds because it was just too depressing to look at. Everything has been crappy investment wise. In fact the Rivian itself might be the best investment I've made in like 2 years.

When I checked my investment account I thought some investment took off so I was briefly excited until I realized it was because the funds were returned for the Rivian.

So yeah I've been driving around the last month and half on a vehicle I haven't actually paid in full.

I was the one that sent the email to my Guide letting him know about this wire transfer issue.

It's kinda funny getting the registration and license BEFORE paying the manufacture for it. Aside from the trade-in and reservation deposit.

 

[ERguy]

E*Trade claimed I put the Order ID under other institution which I did not. I had under it additional information.

E*Trade also wouldn't let me leave the Apt/Suite blank so I used NA.

I could not figure out how to do an ACH transfer from an E*Trade brokerage account to an account that I don't have ownership of like Rivians Bank of America account.

I decided to hit my head up against the wall by retrying a wire transfer from E*Trade. This time I put the Order ID under "other instructions". I may have just lit another $70 on fire.

Out of curiosity, did you think about transferring the money to your personal checking or savings account?

Cashiers check seems like the way to go if you want a reliable and free payment method.

Plus... I can't get past obvious risks involved with paying for the truck prior to delivery.

A lot of things could happen between payment and delivery such as delivery truck accident, tornado, monsoon, asteroid, alien truck abduction, etc.

Some people reported paying for their trucks in advance then having the entire delivery process cancelled without any reason given.

They had to get back in line and wait for another VIN to be matched and delivered.

This is completely avoidable.

 

[s4wrxttcs]

Best to transfer the funds to your personal checking or savings account, then do the ACH to Rivian, if that is where you need to send the funds.

I thought about doing it this way the second time around as I do agree that its the best way (aside from using a cashiers check the first time around).

The first time around I was really surprised that the payment service Rivian uses is supposed to support E*Trade, but it didn't work for me.

If this second time fails I'm going to schedule an in person meeting with Bank of America employees to have them walk me through doing a wire transfer.

 

[Acoustic71]

I thought about doing it this way the second time around as I do agree that its the best way.

The first time around I was really surprised that the payment service Rivian uses is supposed to support E*Trade, but it didn't work for me.

If this second time fails I'm going to schedule an in person meeting with Bank of America employees to have them walk me through doing a wire transfer.

Ah, FWIW E*Trade or any other brokerage account would normally want you to be able to verify the account before you can transfer funds. They typically do this by depositing and withdrawing one or more small deposits (i.e $0.15) to your bank or credit union account, then withdraw them.

Once the account is verified by this method, you are now good to go for funds transfer between E*Trade and your bank or credit union. Usually it is an easy process from there to get the funds to Rivian. Rivian (or my credit union) had me set up a Plaid account which was really easy to do. The funds transferred immediately to Rivian, and were withdrawn from my credit union the next morning.

What you may be running into is your current method you are trying wouldn't allow you to "verify" those small deposits. Just thought or two....

 

[s4wrxttcs]

Out of curiosity, did you think about transferring the money to your personal checking or savings account?

Cashiers check seems like the way to go if you want a reliable and free payment method.

Plus... I can't get past obvious risks involved with paying for the truck prior to delivery.

A lot of things could happen between payment and delivery such as delivery truck accident, tornado, monsoon, asteroid, alien truck abduction, etc.

Some people reported paying for their trucks in advance then having the entire delivery process cancelled without any reason given.

They had to get back in line and wait for another VIN to be matched and delivered.

This is completely avoidable.

I'm a strong believer in this advise, and approach. That you always want to maintain a solid position.

But, why didn't I do this?

It really boils down to a feeling of being rushed. Originally I was told the vehicle was about to be shipped and then a day later was told it arrived at the service center, and to schedule pickup.

What I should have done is told them "hey, hold on. I don't have all my ducks in a row"

I didn't know which vehicle I was going to trade in
I didn't know if I was going to take out a loan or pay in cash

At no time did Rivian say I had to take delivery on this exact day. Instead it was just me trying to hit the target date which was the delivery date.

It's probably not surprising that my life is full of rushed decisions. Haha.

 

[s4wrxttcs]

Ah, FWIW E*Trade or any other brokerage account would normally want you to be able to verify the account before you can transfer funds. They typically do this by depositing and withdrawing one or more small deposits (i.e $0.15) to your bank or credit union account, then withdraw them.

Once the account is verified by this method, you are now good to go for funds transfer between E*Trade and your bank or credit union. Usually it is an easy process from there to get the funds to Rivian. Rivian (or my credit union) had me set up a Plaid account which was really easy to do. The funds transferred immediately to Rivian, and were withdrawn from my credit union the next morning.

What you may be running into is your current method you are trying wouldn't allow you to "verify" those small deposits. Just thought or two....

Yeah, this is exactly why an ACH from a brokerage account won't work.

I don't mind the protections at all.

I don't know why I wasn't given the Plaid option. Seems like that would have been the easiest.

 

[trez63]

Sending checks is not much better honestly. I had some serious drama a few months ago when I sent in my cashier's check. The post office there kept saying location not deliverable. It finally got delivered but it took about 10 hours on hold with the post office. They really need to figure the payment piece out a little better.

 

[RBR1S]

Note to self. Put R1S on credit card so it can be disputed if Rivian fails to deliver on time.

Also note to self, look at that cash rewards coming back to me.....2% on purchases.

 

[Sgt Beavis]

I used PLAID to make the downpayment from Navy FCU. It was amazingly simple.

 

[Acoustic71]

Note to self. Put R1S on credit card so it can be disputed if Rivian fails to deliver on time.

Also note to self, look at that cash rewards coming back to me.....2% on purchases.

Note to self. Rivian does not allow purchase via credit card at this time. Only initial reservations.

 

[Acoustic71]

I used PLAID to make the downpayment from Navy FCU. It was amazingly simple.

THIS^

 

[Rivian-WI]

I used PLAID to make the downpayment from Navy FCU. It was amazingly simple.

I was going to use PLAID, and when I got to the window where they were asking for my Bank credentials, I stopped DEAD in my tracks. I then went off to do research on PLAID and it is not ideal because of how they are handling those credentials.

 

[yizzung]

I used PLAID to make the downpayment from Navy FCU. It was amazingly simple.

Same.

 

[Phrogz]

Yesterday I *thought* I used PLAID with ACH to transfer the funds from Wells Fargo. Everything seemed valid. 8 steps are all checked.

But today my Wells Fargo account shows the same balance as yesterday. There's not even a pending transaction withdrawing the funds from my account.

Not sure what's going on, or if they'll deny me picking up my truck on Saturday because I haven't paid. Hmmm...and here I thought I was being all clever by NOT using the wire transfer.

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