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There are three ways to do this, so you should be sure that you're doing it the way you want:
1) Wire Transfer - This is more expensive; there is generally a significant fee for it. It is instantaneous. It represents a much higher level of transaction integrity than one would typically need when you're effectively sending money to yourself.
2) Electronic Payment - This is the mechanism SaucyAussie alluded to. It works, but it is non-standard. I'm not sure is SaucyAussie has figured out how to have the payment automatically deposited, so it is a fully online operation, but if not, that's an inconvenience you can avoid with the third option.
3) Electronic Funds Transfer - This sounds to many people like a wire transfer but they are very different things, at least as far as the banks are concerned.
I have EFT set up between the bank with our emergency fund and our daily-use checking account. In the past I have used EFT to transfer money into our brokerage, so we can purchase mutual funds. I've even used it once to move all the money from one daily-use checking account to another, right before closing the former.
Some of the above methods are good. I thought about Bill Pay but I would feel the need to check back to make sure the receiving bank processed everything correctly.
One way to do it that might be cleaner is to write yourself a check from Bank #1 and use mobile check deposit to put the money into Bank #2. To me that way I avoid the proper reception and placement of funds by snail-mail bill pay into Bank #2.
Some of the above methods are good. I thought about Bill Pay but I would feel the need to check back to make sure the receiving bank processed everything correctly.
One way to do it that might be cleaner is to write yourself a check from Bank #1 and use mobile check deposit to put the money into Bank #2. To me that way I avoid the proper reception and placement of funds by snail-mail bill pay into Bank #2.
Use your cell phone to send the check to the other bank?
Use your cell phone to send the check to the other bank?
My credit union doesn't offer that, but my son's bank does. I wanted to send him some money so I wrote a check from my credit union, logged into his account, took a picture of the check and it was in his account the next morning. Great service!
Let's say I have some money I want to transfer from like Chase to another bank like the Navy Federal Credit Union.
Chase as my checking and Federal credit union as savings .
Half money at chase while other half goes to the other .
Is that possible especially online ?
Yes you can.
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