Please register to participate in our discussions with 2 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.
I do this all the time. I keep my emergency fund at Ally Bank earning a mighty 0.99%. Both Ally Bank and my brick & mortar large local bank where I do my household banking have web portals where I can transfer money between banks with a couple of mouse clicks. It takes a few days for the money to land. If I were in a real hurry, I could pay a fee and do a wire transfer
I do this all the time. I keep my emergency fund at Ally Bank earning a mighty 0.99%. Both Ally Bank and my brick & mortar large local bank where I do my household banking have web portals where I can transfer money between banks with a couple of mouse clicks. It takes a few days for the money to land. If I were in a real hurry, I could pay a fee and do a wire transfer
So it is possible to transfers money from a different name bank to another one?
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 ?
I/We have several accounts at several institutions. We have a coastal/regional BANK, a regional/state Credit Union, and a local Credit Union.
When I transfer monies, I can 1} Write myself a check; 2} take out cash and transfer it; and 3} get any kind /manner of bank check to transfer the funds; 4} electronically transfer it.
Dealing with online banking is the same. In fact most banks/CUs WANT a paper trail of some kind, let alone the IRS and GOv't.
I/We have several accounts at several institutions. We have a coastal/regional BANK, a regional/state Credit Union, and a local Credit Union.
When I transfer monies, I can 1} Write myself a check; 2} take out cash and transfer it; and 3} get any kind /manner of bank check to transfer the funds; 4} electronically transfer it.
Dealing with online banking is the same. In fact most banks/CUs WANT a paper trail of some kind, let alone the IRS and GOv't.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,777 posts, read 15,788,843 times
Reputation: 10886
Yes, if you are doing it online, you usually have to set up the other bank's information in your online account. We transfer money from Navy Federal to Fidelity all the time. I have my Navy account set up in my Fidelity account, so I just do a transfer seamlessly.
Another option is if you have a smart phone, you can write a check to yourself from one back and deposit it electronically using your phone. We do that sometime into our Navy account.
Contact the bank that you want to transfer money from. Most likely they have instructions on their website on how to setup a bank to bank transfer. I have a recurring monthly transfer from one bank to another ( different bank companies in different states). It is similar to Online Bill Pay. Mine charges $3 a month. Yours might not.
Banks don't like to do that, so they have a feature that they call Automatic Bill Pay. Explore your bank's online banking options for that, and once it is set up, you can transfer funds with a click to that payee.
Yes, I just use my banks online billpay service. I set up self up as the payee, and send myself a payment directly from one bank to the other. Works great.
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 register to participate in our discussions with 2 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.
