Moving money between 2 banks?
Moving money between 2 banks?
I would like to transfer money from bank A to bank B (both are my accounts). I don't currently have any kind of transfer set up between them. Usually if you try to transfer money from one place to another, most financial places set up test deposits which you have to verify and it takes up to a week.
If I don't want to do the above, I'm thinking probably just as fast, and easier would be to write myself a check from bank A and then do a mobile deposit with bank B. I've done mobile deposits with checks on my phone before but not with a check from myself.
Any issue with doing this?
(I'm trying to get sufficient funds together to make a large tax payment. I guess I could try transfers from 2 different banks directly to the IRS but was hoping to minimize any complications in making the payment so doing it from just one account seemed easier. I have already made one payment via a credit card for a sign up bonus but didn't want to put too much on it due to the nearly 2% fee they charged.)
If I don't want to do the above, I'm thinking probably just as fast, and easier would be to write myself a check from bank A and then do a mobile deposit with bank B. I've done mobile deposits with checks on my phone before but not with a check from myself.
Any issue with doing this?
(I'm trying to get sufficient funds together to make a large tax payment. I guess I could try transfers from 2 different banks directly to the IRS but was hoping to minimize any complications in making the payment so doing it from just one account seemed easier. I have already made one payment via a credit card for a sign up bonus but didn't want to put too much on it due to the nearly 2% fee they charged.)
----------------------------- |
If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.
-
- Posts: 9
- Joined: Wed Apr 21, 2021 9:48 am
Re: Moving money between 2 banks?
No issues. I have done this successfully. Only catch might be that there is still a hold placed on the mobile deposits. Check with the depositing bank how long this is.
- cheese_breath
- Posts: 11769
- Joined: Wed Sep 14, 2011 7:08 pm
Re: Moving money between 2 banks?
How long will it take your mobile (check) deposit to clear?
The surest way to know the future is when it becomes the past.
- anon_investor
- Posts: 15111
- Joined: Mon Jun 03, 2019 1:43 pm
Re: Moving money between 2 banks?
+1. It takes a few business days for large deposited checks to clear for most banks.cheese_breath wrote: ↑Wed Apr 21, 2021 10:25 am How long will it take your mobile (check) deposit to clear?
(5 business days for amounts over $25k at Ally Bank.)
Last edited by anon_investor on Wed Apr 21, 2021 11:41 am, edited 2 times in total.
- billthecat
- Posts: 1052
- Joined: Tue Jan 24, 2017 1:50 pm
- Location: USA
Re: Moving money between 2 banks?
Look into whether either one will let you instantly set up a connection by providing your login information for the other bank.rich126 wrote: ↑Wed Apr 21, 2021 10:09 am I would like to transfer money from bank A to bank B (both are my accounts). I don't currently have any kind of transfer set up between them. Usually if you try to transfer money from one place to another, most financial places set up test deposits which you have to verify and it takes up to a week.
If I don't want to do the above, I'm thinking probably just as fast, and easier would be to write myself a check from bank A and then do a mobile deposit with bank B. I've done mobile deposits with checks on my phone before but not with a check from myself.
Any issue with doing this?
(I'm trying to get sufficient funds together to make a large tax payment. I guess I could try transfers from 2 different banks directly to the IRS but was hoping to minimize any complications in making the payment so doing it from just one account seemed easier. I have already made one payment via a credit card for a sign up bonus but didn't want to put too much on it due to the nearly 2% fee they charged.)
We cannot direct the winds but we can adjust our sails • It's later than you think • Ack! Thbbft!
Re: Moving money between 2 banks?
Are the two accounts titled IDENTICALLY?
I have no trouble doing this with ACH, but you have to be careful not to pick their stealthy menu option "Instant Transfer" which has a $3 to $10 fee. I pick the "Normal" transfer, which takes a couple of days. Also watch for maximum amounts and (perhaps) 2-Factor options that increase the maximum permitted account. My case: Bank of America / Chase. It might be harder with a regional bank or a Credit Union.
I have no trouble doing this with ACH, but you have to be careful not to pick their stealthy menu option "Instant Transfer" which has a $3 to $10 fee. I pick the "Normal" transfer, which takes a couple of days. Also watch for maximum amounts and (perhaps) 2-Factor options that increase the maximum permitted account. My case: Bank of America / Chase. It might be harder with a regional bank or a Credit Union.
Re: Moving money between 2 banks?
Just do a wire transfer if it's a large amount. Will save you a headache later.
Re: Moving money between 2 banks?
I've been able to use Zelle to move money between two different banks. I feel like the money was transferred almost immediately. I did a test deposit of $10 and then the actual amount I wanted to move.
- anon_investor
- Posts: 15111
- Joined: Mon Jun 03, 2019 1:43 pm
-
- Posts: 12262
- Joined: Wed Jan 11, 2017 7:05 pm
Re: Moving money between 2 banks?
I don't see any issue with writing yourself a check.
-
- Posts: 2545
- Joined: Mon Aug 12, 2019 9:06 pm
Re: Moving money between 2 banks?
I think Zelle has a $2,000 dollar limit... When a relative Zelle'd me $2500 - they had to do it in 2 chunks - 2K and then $500 later. They said Zelle wouldn't do a transfer over 2K.I dont think Zelle allows large amounts.I've been able to use Zelle to move money between two different banks. I feel like the money was transferred almost immediately. I did a test deposit of $10 and then the actual amount I wanted to move.
Also, Zelle gets weird when you have multiple banking relationships. You need to have different phone numbers and/or emails set up as contacts for your different banking relationships. So Bank A Your Account needs a different phone number and/or email as a contact than your Bank B Your Account set up. I have Bank A with old landline # and email #1 and Bank B with cellphone and email #2. Zelle works best when you have just one Banking relationship.
-
- Posts: 81
- Joined: Mon Mar 26, 2018 9:06 am
Re: Moving money between 2 banks?
I had to move an amount from my credit union to Fidelity once that was way more than my credit union would've allowed in one month. I simply wrote a check to myself and did the mobile deposit thing and there were no issues.
Re: Moving money between 2 banks?
Writing myself a check has worked very well when transferring funds from a brokerage account to a local brick and mortar branch. I deposit it at an ATM and it has routine holds.
The closest helping hand is at the end of your own arm.
-
- Posts: 81
- Joined: Mon Mar 26, 2018 9:06 am
Re: Moving money between 2 banks?
One more thing to check is will your bank allow a mobile deposit that large. It was no issue with Fidelity, but my local CU has a <$10k limit on deposits.
A wire might be easier in that case.
A wire might be easier in that case.
Re: Moving money between 2 banks?
Thanks.
The amount is not that huge (I think) since I already have a decent amount in the account. Probably more like $10,000. I'll check into it tomorrow when I'm off.
Most likely will try the check route. They might put a hold on it for a few days but I can live with that.
I think another option is that I can move money from my brokerage into the bank account because (I think) I had set up a link on those accounts a while ago. I usually avoid moving anything out of a brokerage once it goes in. Helps with saving and not spending
The amount is not that huge (I think) since I already have a decent amount in the account. Probably more like $10,000. I'll check into it tomorrow when I'm off.
Most likely will try the check route. They might put a hold on it for a few days but I can live with that.
I think another option is that I can move money from my brokerage into the bank account because (I think) I had set up a link on those accounts a while ago. I usually avoid moving anything out of a brokerage once it goes in. Helps with saving and not spending
----------------------------- |
If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.