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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?
I have a similar situation. I use ACH bank to bank transfer to put money into the small account when I want to make a payment from the small bank. The setup will take a few days while they make test transactions to make sure that you are who you say you are. After that it's easy. My banks don't charge for that service.
You need to know the account numbers and routing numbers, both of which you can find through their web site.
Note that some banks use different routing numbers for wire transfers versus ACH or checking accounts. You'll want to be sure about those numbers.
Does the student account bank have ATM's in your area? Just deposit into that if so.
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.
ACH and wires are effectively the same thing. ACH is a US only process, while wires can be sent to any bank with a SWIFT code.
I have a similar situation. I use ACH bank to bank transfer to put money into the small account when I want to make a payment from the small bank. The setup will take a few days while they make test transactions to make sure that you are who you say you are. After that it's easy. My banks don't charge for that service.
You need to know the account numbers and routing numbers, both of which you can find through their web site.
Note that some banks use different routing numbers for wire transfers versus ACH or checking accounts. You'll want to be sure about those numbers.
Does the student account bank have ATM's in your area? Just deposit into that if so.
I'd be surprised if the OP's banking situation (fees, ATM locations, transfer options, bank branches and procedures, etc.) are remotely the same as they were when he asked the question 15 years ago!
Lol at me.
Someone before me bumped this old thread and then I chimed in. What's worse is I read all the other posts before replying but still didn't notice the dates.
And hopefully the OP has paid off his student loan by now.
I have no expertise on this subject but I did have a situation. I wanted to transfer some money from an account I have had Bank A to a family member at Bank B. It was not as slick and speedy as I would have expected. While I cannot remember the details, it did require a few conversations from each person to their bank. We got it done and as I understand it, that link is now established and should be easy but I do not know as this was a one time transfer.
Bottom line is, my advice is expect a delay of a few days in setting this up but once set up it should be simple.
I have two accounts at the same bank and I can do immediate transfers between them.
i use my fidelity account to transfer money between my accounts. i transfer money at least weekly from my account that gets my paycheck directed deposited. if i need to transfer money from separate accounts to each other, i still use fidelity. i just set up a take from one account and a transfer to another account. its using fidelity as the middle man, but there is no fee so its no big deal.
oh and i did a one time set up for each account, just put in the account and routing info. it took a little more than a week from putting in that info to being allowed to transfer money to/from that account. i dont recall them doing test transfers.
I do this also. Once a month I transfer funds from my Fidelity account to my local Credit Union checking account. It’s as simple as entering an amount and clicking a few buttons and there are no fees.
Currently I would like to transfer a relatively large amount from my Credit Union savings account to Fidelity. I need to explore that process. I am thinking I may run into the daily limit problem discussed earlier. If so, I may go the wire transfer route and just pay the fees.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,759 posts, read 58,170,577 times
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Quote:
Originally Posted by Preston3124
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Currently I would like to transfer a relatively large amount from my Credit Union savings account to Fidelity. I need to explore that process. I am thinking I may run into the daily limit problem discussed earlier. If so, I may go the wire transfer route and just pay the fees.
If both your CU and Fidelity are linked, initialize a 'draw' / pull from Fidelity side on amounts over $9,999.00. CU may choke over $10k / day / transaction. But I've done several $250 k+ single transaction moves by initiating at Fidelity. I keep a separate cash management account at Fidelity, strictly for transfers. It is nested under my profile and 'authorized' (spouse / business / 401k's), so once the funds are at Fidelity, they can be distributed to appropriate acct within Fidelity.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,759 posts, read 58,170,577 times
Reputation: 46263
Quote:
Originally Posted by Parnassia
I'd be surprised if the OP's banking situation (fees, ATM locations, transfer options, bank branches and procedures, etc.) are remotely the same as they were when he asked the question 15 years ago!
We're still transferring between banks (as I assume are many, probably more than 15 yrs ago) much more frequently for us in 2024. And rapidly changing introductory interest rates.
I am a big fan of ACH transfers, and use them all the time to transfer money between the three banks/credit unions where I keep most of my money. Not quite as fast as a wire transfer, but ACH is usually free.
It is just that some banks/credit unions are not setup to allow the customer to initiate the ACH. In my case, no problem, because while one does not, the other two do allow it. So sometimes I push and sometimes I pull. Easy enough.
Last time I sold a house the settlement agent wanted $35 for each of the three wire transfers, so I could split the money between the three banks/credit unions. I said no, just do one. And then I used ACH for the other two, saving $70.
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I'd be surprised if the OP's banking situation (fees, ATM locations, transfer options, bank branches and procedures, etc.) are remotely the same as they were when he asked the question 15 years ago!
