U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 08-24-2011, 07:19 PM
 
Location: Tetons, WY
5,567 posts, read 9,540,060 times
Reputation: 2620

Advertisements

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?
Quick reply to this message

 
Old 08-24-2011, 07:27 PM
 
Location: Holmdel, NJ
17,642 posts, read 14,317,314 times
Reputation: 10165
have you checked if you can set this up online with wells fargo? i have a fidelity account and i can just push a few buttons and transfer money between fidelity accounts, from fidelity in a bank account and the other way. if i wanted to go between 2 other banks, id have to put it from one into fidelity then from fidelity to the other bank. would take a little extra time but it doesnt cost me anything. every week i move my direct deposit from my checking account to my fidelity. sometimes i take money from my fidelity and put it in my wife's checking account.
Quick reply to this message
 
Old 08-24-2011, 07:33 PM
 
Location: southwestern PA... where the nest is now empty!
12,109 posts, read 13,959,418 times
Reputation: 18447
I move money between banks with my online bill pay account. No fees ever.
Quick reply to this message
 
Old 08-24-2011, 07:40 PM
 
Location: colorado springs summer/east valley Az winter
1,933 posts, read 2,154,419 times
Reputation: 7106
I have an autopay from one bank to the second because a set amount works well~ if you transfer different amounts each month bill pay is the way to go~ both options are free on my accounts
Quick reply to this message
 
Old 08-24-2011, 07:58 PM
 
794 posts, read 1,371,678 times
Reputation: 371
Most banks will let you do electronic (ACH) transfers from one bank to another. It looks like Wells Fargo charges you a $3 fee if you initiate the outbound transfer from them. The other bank likely does not charge you for inbound transfers (and Wells Fargo won't charge you since you did not use their system).

To me that is easier and more reliable than Bill Pay as getting that setup correctly so the money goes directly into the other account can be a pain.

ACH transfers are usually pretty quick too.
Quick reply to this message
 
Old 08-24-2011, 10:01 PM
 
Location: Keosauqua, Iowa
5,894 posts, read 6,349,536 times
Reputation: 6197
The best thing to do is dump Wells Fargo before they shove so many fees up your butt that they come out your mouth. Been there, done that.
Quick reply to this message
 
Old 08-31-2011, 09:58 PM
 
Location: SC
8,569 posts, read 8,818,836 times
Reputation: 2887
Why not just write a check for the full amount and deposit it in the account you want? Or ask for a bank check if it is in a savings account made out to you. Then you can endorse it and make it payable for deposit to the new acct. Writing a check should cost nothing and the bank check might cost $1.
Quick reply to this message
 
Old 08-31-2011, 11:09 PM
 
Location: Keosauqua, Iowa
5,894 posts, read 6,349,536 times
Reputation: 6197
Quote:
Originally Posted by emilybh View Post
Why not just write a check for the full amount and deposit it in the account you want? Or ask for a bank check if it is in a savings account made out to you. Then you can endorse it and make it payable for deposit to the new acct. Writing a check should cost nothing and the bank check might cost $1.
You obviously haven't dealt with Wells Fargo. Try $7 for a bank check.
Quick reply to this message
 
Old 09-01-2011, 05:56 AM
 
Location: Sverige och USA
702 posts, read 2,000,702 times
Reputation: 386
Quote:
Originally Posted by PeteyNice View Post
Most banks will let you do electronic (ACH) transfers from one bank to another. It looks like Wells Fargo charges you a $3 fee if you initiate the outbound transfer from them. The other bank likely does not charge you for inbound transfers (and Wells Fargo won't charge you since you did not use their system).

To me that is easier and more reliable than Bill Pay as getting that setup correctly so the money goes directly into the other account can be a pain.

ACH transfers are usually pretty quick too.

This is the right answer. I do ACH transfers all the time. The transfers are bank to bank and is done electronically. Never do wire transfers except when absolutely needed (You can't do ACH internationally).
Quick reply to this message
 
Old 09-01-2011, 03:50 PM
 
4,919 posts, read 10,519,122 times
Reputation: 5772
Many people think ACH is wire transfers so they go into the bank and specifically ask for a wire transfer, or they use "wire transfer" as a generic term meaning i want to electrionic transfer money. To the person, its all the same thing - to the bank its two completely different things. Think of a ACH as a scheduled passenger airline going from NY to LA. Think of a wire transfer as you hiring a private jet to go from NY to LA.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top