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Bank transfers between accounts at a single institution are one thing, and can be safely done with an app or web portal.
Transferring funds between banks should use a bank-controlled ACH or wire process, which requires specific customer authorization and staff involvement.
If any online bank or service is allowing automated, portal transfers between banks, I would distrust it.
I also distrust online banks for many reasons. A financial institution is one of the remaining places where you really, really want to be able to walk in a door and talk to a responsible person, however infrequently you might do so. A percent or two on CDs etc. is not worth remoting your money, IMVHO.
According to NACHA - the limit is 100K. But your institution may have its own limits.
As for bank safety. Keep in mind banks operate off of what's called a banking core. This is the main system (or a suite of applications/systems) that manages the financial institutions' transactions and data. So whether you are walking into the bank, or using a web browser. You, or the teller are still interfacing with the same system.
Yes - using your web browser means you are going through some additional intermediary systems (your computer, the web, the online banking software, the network software/hardware that handles the transmission, etc.). But the weak link there 99.99% of the time is your own computer/device. And to be honest, some of this may still be the case even if you are standing in front of the teller as the Core is likely not sitting behind the teller, but in a data center across town or even across the country.
Walking into a bank means DRIVING to the bank.... which, statistically speaking, is the most dangerous activity we do daily.
At the end of the day - it's simple bias. One simply has a higher comfort level for one method over the other.
As for bank safety. Keep in mind banks operate off of what's called a banking core. This is the main system (or a suite of applications/systems) that manages the financial institutions' transactions and data. So whether you are walking into the bank, or using a web browser. You, or the teller are still interfacing with the same system.
Yes - using your web browser means you are going through some additional intermediary systems (your computer, the web, the online banking software, the network software/hardware that handles the transmission, etc.). But the weak link there 99.99% of the time is your own computer/device. And to be honest, some of this may still be the case even if you are standing in front of the teller as the Core is likely not sitting behind the teller, but in a data center across town or even across the country.
Walking into a bank means DRIVING to the bank.... which, statistically speaking, is the most dangerous activity we do daily.
At the end of the day - it's simple bias. One simply has a higher comfort level for one method over the other.
This fails to differentiate banks that have B&M branches (and, almost universally, phone and online portals as well) and banks that have nothing but online access. Which, as I read it, is at the heart of the question.
Certainly some savvy and lazy number of us use online banking all we can. But I remain quite leery of a bank that has no other option, no matter how big a megacorp they might be attached to.
I want to transfer funds between banks and have been researching, but can't find the answer to the question regarding what the limit might be.
Also, is it safe to transfer between banks online (without doing a wire transfer)?
And is Ally Bank a "safe" bank (have never done anything but brick and mortar before)?
And is there any special problem with the new account being in a trust (they seem to allow that, but don't know if they will need extra docs)?
I have had several CDs with banks that solely on the internet, including Ally. If the bank is FDIC insured, you should not be concerned. I have electronically transferred funds to and from them with my local bank.
This fails to differentiate banks that have B&M branches (and, almost universally, phone and online portals as well) and banks that have nothing but online access. Which, as I read it, is at the heart of the question.
Certainly some savvy and lazy number of us use online banking all we can. But I remain quite leery of a bank that has no other option, no matter how big a megacorp they might be attached to.
You are certainly entitled to your opinion/preferences. However, you being leery doesn't mean there is actually anything wrong with online-only banks.
However, you being leery doesn't mean there is actually anything wrong with online-only banks.
Never said it did. But I have a viewpoint hardened by far too much observation of things that rose up and bit us in the *ss because no one thought they would be a problem.
That is, I don't have the millennial attitude that Online Iz Bestest Cuz.
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