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I have two bank accounts with two different banks. One of them is my main bank. The other holds my private student. I opened an account with lender to take advantage of a 0.25% interest rate discount that they give when the loan is repaid through that account. How can I transfer a small amount of money from my main bank to my other account online?
You need to ask someone at your main bank. It may depend on the service provider in your area. I should think that it would be a simple thing to arrange. It would be sort of like an automatic monthly payment to your utility company.
If you have online access to one or both acoounts, log in and see if there is an option for arranging external transfers. You usually have to do a few small test transfers and a verification process to set it up.
Check to make sure there is not going to be a transfer fee, also. I had a friend transfer money to my account and not only did she pay a fee to transfer it, Bank of America charged my account $12.00 to receive it!
I also have accounts set up in separate banks, and since I don't need immediate access to the money going from one to the other, I have the myself set up as a payee at either bank... so I can just issue myself a payment and a Bill Pay check is sent to be deposited in the other bank/account. The Bill Pay is a free service at both of my banks, so there is no charge to move my funds from one bank to another. Perhaps not as timely as a wire transfer, but at least there is no charge!
Check to make sure there is not going to be a transfer fee, also. I had a friend transfer money to my account and not only did she pay a fee to transfer it, Bank of America charged my account $12.00 to receive it!
Wow. Was it a wire?
After logging to your account look for something like manage external account. ING calls it a link to your external account account.
Then follow the steps on there.
1. You enter the routing and account number you want to link
2. They send 2 test deposits (<$1) and withdraw of the total amount deposited.
3. After a couple of days go to your other account and see what the
amounts were and entered on the first account.
I do not believe anyone charges for this service. It is the same system that direct deposit of paychecks use.
Suzie02 - yes, it was a wire transfer from a foreign bank account. I was just really surprised at the whopping fee the bank charged to RECEIVE the funds... I'm ok with charging me to initiate a transfer, but I made sure that no more wire transfers are coming in this way! I'm going to investigate whether the "external account" transfers option is available on my current accounts, too. Thanks for the info!
There are two types of bank transfer: ACH (automatic clearing house) and wire transfer. ACH is basically writing a check to another bank. So it takes a few days to clear. Wire is instantaneous and usually come with a fee.
What you want is ACH transfer. Some banks charge fees on ACH out, which is known as push. On the other hand, pulling is mostly free. But in any case, ask your bank whether there's any fee.
How money transfer from one bank account to another
Transferring money from one bank to another, it still works almost exactly the same way it worked in 1890. You either go to the bank personally and take the cash and walk down the street to the other bank and deposit it, or you write a paper check and mail it through the US Postal service to the other bank. And then they will put a ten-day hold on your check until it clears. The third option, electronic wire transfer, will cost you about 25 bucks. Electronic transfer will get it done in about 24 hours, because the bank only processes electronic transfers once a day.
The banks are refusing to participate in the 21st century, or even the 20th, concerning high tech matters that the customer might find convenient. The only difference is, in 1890, the check you mailed to the bank went by train, which was even faster than whatever the Post Office is using today.
Last edited by jtur88; 08-20-2010 at 07:53 AM..
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