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I signed up for an ING online bank account and linked all of my other bank accounts with it. I'll do an ACH transfer there and then transfer to the destination bank. Seems a bit cumbersome but some of my banks don't offer direct ACH transfers to another bank.
ACH transfers should be free unless your bank has fees associated with it. You might want to check on it. You can either transfer from or transfer to. Essentially, all you need to do is have one of the bank's routing number and account number.
I believe most banks if not all have transfer links for you to set up a transfer. You might have to have a waiting period for the banks to confirm that both accounts are in your name. Once you've setup the account and it is confirm. You can should be able to transfer freely between accounts without any fees. If they do charge a fee, I would switch banks. Good luck.
I signed up for an ING online bank account and linked all of my other bank accounts with it. I'll do an ACH transfer there and then transfer to the destination bank. Seems a bit cumbersome but some of my banks don't offer direct ACH transfers to another bank.
I used to have a free checking account with U.S. Bank. One of the reasons I closed the account was that they were going to start charging a monthly fee unless I kept at least a $1,500 balance. The other reason I closed the account was that you cannot do any ACH transfers FROM the account to an external account at another bank. It only allows transfers from one account to another within the same bank, e.g., from checking to savings and vice versa.
I bank at a credit union now and they offer FREE ACH transfers to and from another bank account you own.
So are ACH transfers free? If so, can I do a free ACH transfer from Wells Fargo to a non-WF bank in the same state?
It looks like Wells Fargo charges you to do outgoing ACH transfers so you would probably be better off initiating the transfer from the other bank. The state the banks are located in does not matter.
Best way to transfer money from one bank to another bank? no fees?
[FONT="]There are less expensive routes, but I doubt they involve banks. I personally subscribe to a visa debit card called 24/7 Card and it chopped down my fees related to money transfer to Philippines and other countries. Bottom-line is maybe a prepaid debit card would be a cheaper option for you.[/FONT]
If you have a smartphone you can write yourself a check and deposit it by taking a picture of both sides to the bank you want to deposit it into. There are no fees for this then there shouldn't be fees to transfer from money from one bank to another but they charge because they can
Hi all,
I need to do a monthly electronic transfer of money from a Wells Fargo bank account to a non-Wells Fargo account. What's the best way to do this? Wire Transfer? I believe it's $20 bucks a wire transfer, so I'd like to either avoid this type of transfer and go a cheaper route if there are other alternatives. Any advice?
Check to see if the second bank does not charge fees for an ACH electronic transfer since Wells Fargo does, yet none of the other banks I have had accounts with do. If the second bank also charges fees then time for another bank for one or the other or both.
If a person is not dealing with a lot of money, then it might be better to have both accounts in the same bank and then there is no fee to move money from one account to the other.
I applied for a loan for a new AC unit through a city program and it's handled through a different bank than I normally use. I didn't want to write a check every month, so I went to the bank with the loan and had them initiate a "pull" from my bank account monthly. There are no fees since my bank doesn't initiate the transfer. Basically, you should be able to set it up through the non-Wells Fargo bank.
If you have a smartphone you can write yourself a check and deposit it by taking a picture of both sides to the bank you want to deposit it into. There are no fees for this then there shouldn't be fees to transfer from money from one bank to another but they charge because they can
It depends on how fast you want the money. I just moved $10K from my personal checking account to a 1% Ally Bank savings account this morning. No fees at all to do that. It's Monday. I imagine it will show up by Thursday. I'm not going to sweat the couple of pennies of lost interest. I suppose I could do the same with an iPhone application and a photo of a paper check but that's too much of a bother.
If you need the money in a hurry, your only real option is to do a wire transfer unless you want to get gouged by Western Union. Western Union mostly preys on poor people who don't have bank accounts and charges Payday Loan kinds of fees.
Ally Bank charges $20.00 for a wire transfer. I fill out a PDF form in Acrobat Professional, print it, sign it, and FAX it to them. If they get it before 3pm Eastern, it goes out that day. If I do it in the morning, it usually lands at the other bank by the end of the business day. If it's more than $25K, I get a phone call on my cell phone to confirm the transaction. My brick & mortar bank where I do all my household banking requires that I do wire transfers in person unless I've set it up in advance. I think they've jacked up their fee to $35.00.
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The other reason I closed the account was that you cannot do any ACH transfers FROM the account to an external account at another bank. It only allows transfers from one account to another within the same bank, e.g., from checking to savings and vice versa.
Best way to transfer money from one bank to another bank? no fees?
