Moving money between 2 banks?

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rich126
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Joined: Thu Mar 01, 2018 3:56 pm

Moving money between 2 banks?

Post by rich126 »

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 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.
southbogle
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Re: Moving money between 2 banks?

Post by southbogle »

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.
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cheese_breath
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Re: Moving money between 2 banks?

Post by cheese_breath »

How long will it take your mobile (check) deposit to clear?
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anon_investor
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Re: Moving money between 2 banks?

Post by anon_investor »

cheese_breath wrote: Wed Apr 21, 2021 10:25 am How long will it take your mobile (check) deposit to clear?
+1. It takes a few business days for large deposited checks to clear for most banks.

(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.
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billthecat
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Re: Moving money between 2 banks?

Post by billthecat »

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.)
Look into whether either one will let you instantly set up a connection by providing your login information for the other bank.
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crefwatch
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Re: Moving money between 2 banks?

Post by crefwatch »

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.
inverter
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Re: Moving money between 2 banks?

Post by inverter »

Just do a wire transfer if it's a large amount. Will save you a headache later.
kelvan80
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Re: Moving money between 2 banks?

Post by kelvan80 »

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.
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anon_investor
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Re: Moving money between 2 banks?

Post by anon_investor »

kelvan80 wrote: Wed Apr 21, 2021 11:33 am 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.
I dont think Zelle allows large amounts.
aristotelian
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Re: Moving money between 2 banks?

Post by aristotelian »

I don't see any issue with writing yourself a check.
LittleMaggieMae
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Re: Moving money between 2 banks?

Post by LittleMaggieMae »

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.
I dont think Zelle allows large amounts.
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.

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.
Scuttlebutt
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Re: Moving money between 2 banks?

Post by Scuttlebutt »

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.
123
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Re: Moving money between 2 banks?

Post by 123 »

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.
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Scuttlebutt
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Re: Moving money between 2 banks?

Post by Scuttlebutt »

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.
Topic Author
rich126
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Re: Moving money between 2 banks?

Post by rich126 »

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 :)
----------------------------- | 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.
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