Best way to transfer large sum between banks?

[Karloff]

I'm in the process of switching banks, from Bank Of America to TD Bank. Don't like what's going on behind the scenes at BOA (see this link, for example: Christopher Whalen | Analysis & Opinion | Reuters.com)

Bank Of America has been giving me trouble when it comes to withdrawing semi-large amounts in cash form. I tried withdrawing $10K in cash and was told they can do only up to $5K. They simply did NOT even have that inside their branch. This happened at two different locations, in key urban areas in South FL. Friends of mine have been having the same issues. One of them was allowed to only withdraw $2K in cash. This is concerning.

I have one savings account with six figures that I'm trying to transfer from one bank to the other. Both accounts are under my name. I would like for the transfer to be as smooth and fast as possible. I have received conflicting information regarding the best way of doing this, both from TD and BOA, and even from different employees inside both banks. Some say a wire-transfer takes only hours, other told me it might take 2 days for the funds to clear. Others have recommended a cashier's check. Cash is out of the question, for obvious reasons.

What way do you think it's best? I feel uneasy about a wire-transfer and would not want my life's savings to be in electronic limbo for 2 says while the funds clear. I also heard stories of folks getting a hard time from BOA when it comes to transferring large sums or closing accounts. What would you recommend as far as approaching them to request such a transfer? I wouldn't be closing the account in full and I intend to leave about $20K in it, so they would still have SOME of my money.

Any advise is more than welcome.

 

[Leonidas]

I've wire-transferred a lot of money and only once had a problem when the receiving bank credited the wrong account. My understanding of a wire-transfer is that it is immediately available once it hits your account - it's like a cashier's check, as good as cash. I've received wire transfers and had the receiving bank give me a certified check for that amount the same day as the transfer.

Edit to add: As long as I get my request in to the sending back by 2 PM the transfer goes out the same day. I've made the request in the morning and been spending the money that afternoon.

 

[JPatrick]

Cash is definately taboo. New cash exceeding 10K will be trouble.

I've used electronic transfers for several years and never a problem. As you note though, your funds will be in cyber space for a couple of days. Receipts--that's the answer. What could go wrong when you have receipts?

 

[NYEXPAT]

I'm in the process of switching banks, from Bank Of America to TD Bank. Don't like what's going on behind the scenes at BOA (see this link, for example: Christopher Whalen | Analysis & Opinion | Reuters.com)

Bank Of America has been giving me trouble when it comes to withdrawing semi-large amounts in cash form. I tried withdrawing $10K in cash and was told they can do only up to $5K. They simply did NOT even have that inside their branch. This happened at two different locations, in key urban areas in South FL. Friends of mine have been having the same issues. One of them was allowed to only withdraw $2K in cash. This is concerning.

I have one savings account with six figures that I'm trying to transfer from one bank to the other. Both accounts are under my name. I would like for the transfer to be as smooth and fast as possible. I have received conflicting information regarding the best way of doing this, both from TD and BOA, and even from different employees inside both banks. Some say a wire-transfer takes only hours, other told me it might take 2 days for the funds to clear. Others have recommended a cashier's check. Cash is out of the question, for obvious reasons.

What way do you think it's best? I feel uneasy about a wire-transfer and would not want my life's savings to be in electronic limbo for 2 says while the funds clear. I also heard stories of folks getting a hard time from BOA when it comes to transferring large sums or closing accounts. What would you recommend as far as approaching them to request such a transfer? I wouldn't be closing the account in full and I intend to leave about $20K in it, so they would still have SOME of my money.

Any advise is more than welcome.

Wire transfer is the best and most secure way to do it. If you are sending it overseas then 2 days is fairly normal or in country where there is an intermediary, otherwise a few hours is normal if done before 11 am (EDT).

My experience with BA (years ago) had no problems. I walked in to my branch and took 20k and then had them call other local branches to ask if they had 20k available which I would drive around and pick up. I also asked them to increase their cash on hand at these 3 branches as I was also needing six figures in a few days time as I was traveling. I could have easily wired it but did not want the paper trail.

 

[easysurfer]

Cash greater than 10K. The teller will say, "excuse me" then disappear for about 20 minutes having you feel like you are under investigation. I'm trying to be both humorous and truthful.

 

[W2R]

Wire transfer is the way to go. In my experience Leonidas is correct - - it shows up and is available nearly immediately. There is usually a fee of $10-$15. You need to make sure they get all the necessary information, absolutely accurately.

 

[easysurfer]

If you have a mutual fund, with your BOA as a bank, do the limits still apply? If not, then put the large sum from BOA into the mutual fund and at the same time register your new bank and then put that money from the mutual fund to the new bank.

 

[Lakewood90712]

Just get a bank check at B of A and Depost in person at TD. If TD does not have brick ane morter branches, send it by usps priority mail with tracking. only takes 2 days , costs about $7 with tracking and confirmation. A lot less than Fedex or UPS 2nd day service.

I got very annoyed at a local Saings bank, pulled out everything , close to FDIC insur limit. Didn't have an acct set up at an on-line bank yet, so I just parked it it in checking at Wells Fargo. A very young teller sais she never saw a check that large, and exclaimed. " I could retire on that " The banks sure don't hire people with much intelegence these days.

 

[Leonidas]

Cash is definately taboo. New cash exceeding 10K will be trouble.

Cash greater than 10K. The teller will say, "excuse me" then disappear for about 20 minutes having you feel like you are under investigation. I'm trying to be both humorous and truthful.

Well, I wouldn't do it in cash myself, but mostly because someone with a gun might want to make it their cash. But don't be afraid of the paperwork - the black helicopters are not going to start following you around. It's just a form that goes off into the giant maw of the government. The only people who have to worry about it are the crooks, and then it's just another piece of paper in the jigsaw puzzle that make a conspiracy case. I've walked into banks with millions in cash and only worried about bringing enough donuts for the tellers who have to count it. Even though they knew who I worked for, the CTR form doesn't (didn't anyway) have a space for occupation. They were a pain in the 80's when we had to fill them out by hand, but by the late 90's most of the time it was all computer generated and was a breeze to deal with because it was a form the bank completed and sent in.

Edit: Oops, the new forms do show occupation. (Maybe the old ones did as well and I forgot. )

 

[misanman]

We've had to do multiple large transfers over the last couple of weeks. Some were wire transfers (available almost immediately, $10 or $20 charge) others were automated clearing house transfers which were said to take a couple days but always showed up over night. The ACH transfers were free.

 

[GregLee]

I've used electronic transfers -- i.e., ACH (Automatic Clearing House) -- to move up to $10k out of my local bank (Bank of Hawaii) checking account to my brokerage account.. There's never been any problem nor any special charges.. Establishing the ACH procedure was done entirely on line with my broker; as I recall, I had to answer a security question of some sort.. It does take 2-3 days before the funds are available.. (I think I recall seeing that Vanguard offers 1 day ACH transfers?)

 

[devans0]

One credit union I use wired the money and the entire transaction took two days, another took two weeks.

The one that took two weeks is going to lose my business in a few days. I want to simplify to one banking institution. What I especially like about CU #1 is the security. I have to answer a security question to even access any information about my money and submit to an ID verification. I feel that my money is safe.

However, I don't like their ATMs. They slowly eke money like an old wringer washer, grudgingly.. The fun ones spit out the twenties in a flurry like a Lotto jackpot.

 

[meierlde]

Another alternative is the cashiers check. It is covered by FDIC insurance with all other accounts similarly titled. (Note its easy to get more coverage, if married, its easy to get 5x fdic coverage with payable on death accounts, as well as accounts in both names and a joint account. If this is not enough you probably are a private banking client and can get more help.

 

[obgyn65]

+1. I also do the same.

Wire transfer is the way to go.

 

[LOL!]

I walked into BoA and got a cashier's check made out to myself for the full amount of my 6-figure assets there. I did not even have to pay a fee since the manager of the bank knew that they had screwed me over from their mistakes over the previous 3 weeks. I drove about 2 miles away and deposited the check into a new WellsFargo account. I asked the teller if I could have a "no hold" on the money. She got her manager who said, "Yes, no hold. Welcome to Wells Fargo."

This is not a complicated transaction. If you do a wire transfer it will take quite a lot longer and could be screwed up. Use wire transfers when you cannot physically be at the locations.

Total time to accomplish this: About 30 minutes.

 

[Karloff]

What I especially like about CU #1 is the security. I have to answer a security question to even access any information about my money and submit to an ID verification. I feel that my money is safe.

Actually, TD Bank offers the same feature. A big plus, in my opinion. Their website interface is not the greatest, though. But I can live with that, and I'm sure it'll improve with time. Plus, they are open 7 days a week, whereas the BOA in my area close at 4PM every day! They also called me by my name the second time I visited the bank. That never happened to me before.

 

[Karloff]

I walked into BoA and got a cashier's check made out to myself for the full amount of my 6-figure assets there. I did not even have to pay a fee since the manager of the bank knew that they had screwed me over from their mistakes over the previous 3 weeks. I drove about 2 miles away and deposited the check into a new WellsFargo account. I asked the teller if I could have a "no hold" on the money. She got her manager who said, "Yes, no hold. Welcome to Wells Fargo."

This is not a complicated transaction. If you do a wire transfer it will take quite a lot longer and could be screwed up. Use wire transfers when you cannot physically be at the locations.

Total time to accomplish this: About 30 minutes.

Thank you all for the comments and advise. It seems to me that the above would be the way to go in my case, instead of a wire-transfer. Both banks are literally 10 minutes away from each other. The cashier's check would cost me $0, while the transfer would cost me $25 (I do not want to give BOA one single extra penny). And there wouldn't be any room for error. I am particularly shocked at the stories of folks whose money got transferred to somebody else's accounts! I think I would have a heart-attack if that happens to me.

Are there any basic differences between a certified/cashier's check payable to myself and a wire transfer that I should be aware of? Any fine print tips as far as how to ask for the check to be prepared? Please note that technically I am a new client at TD Bank, and during the first month any checks I deposit will take about 3 days to clear. Would a cashier's check be any different, in your experience?

Thanks again for all the replis.

 

[utrecht]

Well, I wouldn't do it in cash myself, but mostly because someone with a gun might want to make it their cash. But don't be afraid of the paperwork - the black helicopters are not going to start following you around. It's just a form that goes off into the giant maw of the government. The only people who have to worry about it are the crooks, and then it's just another piece of paper in the jigsaw puzzle that make a conspiracy case. I've walked into banks with millions in cash and only worried about bringing enough donuts for the tellers who have to count it. Even though they knew who I worked for, the CTR form doesn't (didn't anyway) have a space for occupation. They were a pain in the 80's when we had to fill them out by hand, but by the late 90's most of the time it was all computer generated and was a breeze to deal with because it was a form the bank completed and sent in.

Edit: Oops, the new forms do show occupation. (Maybe the old ones did as well and I forgot. )

I'm working a case right now involving a dope dealer who has numerous SARs (Suspicious Activity Reports) on file due to regularly depositing more than $10K. It lists his occupation as owner of a janitorial service. Of course, he owns no such business.

For anyone needing to move large amounts of cash, these SARs are nothing to worry about. They get filled out and sit in a file somewhere never to be looked at again unless you are involved in some criminal activity. Its not like you get your tax returns automatically flagged or anything like that.

 

[JOHNNIE36]

With regard to cashiers checks, bank checks, certified checks etc., my bank has always put a "hold" on these type checks for a couple days. Their reasoning is that there are many phony, fake cashiers checks in circulation and they have to make sure the check will clear. I personally think wire transfers are the quckest.

 

[haha]

With regard to cashiers checks, bank checks, certified checks etc., my bank has always put a "hold" on these type checks for a couple days. Their reasoning is that there are many phony fake cashiers checks in circulation and they have to make sure the check will clear. I personally think wire transfers are the quckest.

+ Especially if you have a closing or hard date by which you must have the money released, only do wire transfers. The few $ it costs are bargain rate insurance.

Ha

 

[Texarkandy]

Well, I wouldn't do it in cash myself, but mostly because someone with a gun might want to make it their cash. But don't be afraid of the paperwork - the black helicopters are not going to start following you around. It's just a form that goes off into the giant maw of the government. The only people who have to worry about it are the crooks, and then it's just another piece of paper in the jigsaw puzzle that make a conspiracy case. I've walked into banks with millions in cash and only worried about bringing enough donuts for the tellers who have to count it. Even though they knew who I worked for, the CTR form doesn't (didn't anyway) have a space for occupation. They were a pain in the 80's when we had to fill them out by hand, but by the late 90's most of the time it was all computer generated and was a breeze to deal with because it was a form the bank completed and sent in.

Edit: Oops, the new forms do show occupation. (Maybe the old ones did as well and I forgot. )

It's not the CTR's that end up on some Fed's desk ... thousands of CTR's get filed daily .... it's the SAR that the bank generates without your knowledge if/when you appear to be withdrawing or attempting to deposit/withdraw cash in such a manner so as to avoid the filing of a CTR.

CTR's only get pulled up & looked at if some investigative agency is already looking at a person for something.

Most US Attorney Offices have at least a monthly meeting with reps from various of the Federal LE agencies to review SAR's generated within their judicial district. There's no way they can look at every CTR - too many and most of them legitimate transactions.

There's no real reason to worry about a CTR being generated. A person's best bet to avoid investigative interest is to do just do whatever they are going to do regardless of whether a CTR will be required.

 

[Leonidas]

It's not the CTR's that end up on some Fed's desk ... thousands of CTR's get filed daily .... it's the SAR that the bank generates without your knowledge if/when you appear to be withdrawing or attempting to deposit/withdraw cash in such a manner so as to avoid the filing of a CTR.

CTR's only get pulled & looked at if they are already looking at you for something.

Most US Attorney Offices have at least a monthly meeting with reps from various of the Federal LE agencies to review SAR's generated within their judicial district.

SAR's are something new to me - back in the day it was all CTRs. It makes sense to have a different form for suspicious activity though, as I recall going to a school put on by FINCEN that included something about schooling banks that they could file CTRs on suspicious activity below the $10,000 threshold.

I am surprised it goes through the USAs though - figured since FINCEN was Treasury thing it would stay in house, or go to the DEA or [-]Customs[/-] ICE - can't remember which was designated as the designated agency for money laundering.

Whatever - in the case instant it still doesn't matter unless the OP has some issues he/she isn't telling us about that would make him pop up as interesting for other reasons. And still my advice is don't do it in cash, for a host of reasons.

 

[Capn-Billl]

I've always used cashiers checks. even in 6 figures, never had a problem. Had a wire transfer get lost for several days once.

 

[SecondCor521]

I've used cashier's checks, ACH, and wire transfers. Wires have always worked for me but I find them a little disconcerting because for a few hours (at least from my perspective) your money is in the electronic ether somehow.

In your shoes I'd set up the ACH stuff online -- usually you need a routing number and account number. Find out the ACH limits from both banks; sometimes there are daily limits and monthly limits. Then just go online and schedule your transfers. If you need to do $40k and the limits are $10k, most places will let you set up 4 x $10k transactions for Monday, Tuesday, Wednesday, and Thursday.

If either bank gives you any guff and you feel uncomfortable, you can always imply or state that you are setting it up to move money *into* that account -- they'll likely be glad to help you. Almost all ACH setups can go both directions, so it doesn't really matter.

2Cor521

 

[RockyMtn]

Have done multiple wire transfers and never had an issue.

If BofA gives you a hard time about routing numbers tell them you'll call the FDIC/SEC/FBI/Occupy Wall St and sick the dog catcher on them.