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how to transfer money
Old 12-07-2018, 06:58 AM   #1
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how to transfer money

If you were going to transfer money from one bank to another, what is your preferred and safest method? Is ach transfer safe or is wire transfer more secure? how long does it take to do an ach and how long to do a wire?
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Old 12-07-2018, 07:11 AM   #2
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ACH is usually cheaper than wire transfer, but may take a day or two, versus a wire transfer that usually occurs same day. Also, a wire transfer may require more advance planning and documentation. I know of no reason to think that one method is safer than another. Is there a particular risk you have in mind?
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Old 12-07-2018, 07:21 AM   #3
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I was going to transfer money for a sizable cd from my bank to another. I usually don't transfer that kind of amount and was a little nervous about which one was more secure.
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Old 12-07-2018, 07:22 AM   #4
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ACH all the way. If you have at least 2 business days to play with, it's incredibly easy to setup from one back to another (assuming they are both yours) via either a real time log in based setup, or via test deposits. The sending back usually sends two small deposits, then takes them back, and asks you to confirm the amounts - then you're golden.

Wires typically have a sending cost, and may even also have a receiving cost as I just found out with my crappy Chase account. Domestic sending costs usually are around $30 give or take. Chase charged me $15 to receive!

ACH is free. No difference in security.

Another simple way is to write yourself a check from one bank, and phone-app deposit it to the other. Then it's real time depending on how quickly your receiving back credits phone/check deposits.
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Old 12-07-2018, 07:24 AM   #5
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how to transfer money

Quote:
Originally Posted by coveredbridge View Post
ACH is usually cheaper than wire transfer, but may take a day or two, versus a wire transfer that usually occurs same day. Also, a wire transfer may require more advance planning and documentation. I know of no reason to think that one method is safer than another. Is there a particular risk you have in mind?

I agree about the safety of both. I took a first-time distribution from a deferred compensation plan this year. My options were: check, wire, or ACH. I hadnít filled out the paperwork for ACH at the time and went with wire. The destination account, my credit union for years, charged $25 for the wire but refunded that charge at my request.

Everythingís in place for future withdrawals now and I also went through the preliminary paperwork for a different retirement account at Fidelity that has yet to be tapped.
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Old 12-07-2018, 07:40 AM   #6
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We transferred 6 figures from our bank to CD's in VG via ACH. Was seamless. Businesses must do these transactions daily.
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Old 12-07-2018, 07:48 AM   #7
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I just used a wire transfer to move a 6 figure amount, showed up in the new account same day, cost $20. I inquired about using ACH and though free, it would have taken 6 ACH transfer over 6 months with the $/month limit they imposed. Needless to say I paid the $20 for the wire transfer. However, the originating bank was a smaller regional bank.

I also ACH transferred 6 figures from Chase a few weeks earlier with no fees and no hitches. Their limit was $250K.

Practices seemingly vary from bank to bank.
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Old 12-07-2018, 07:54 AM   #8
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One consideration is the magnitude of the transfer. For instance, I wouldn't count on a phone app deposit working for more than a couple hundred bucks. There may be a limit on ACH, but I've never run into it. There would not be a limit on a wire.



As to the security, not quite the same because usually you're giving an institution permission to ACH, and that typically persists unless you shut it off. Yes, they are "both your accounts", but hanky panky could ensue. Wire transfer is a one time deal. On the other side, if you make a mistake in a wire, it's a federal case to fix, and who knows if you'll see that money again. So just make sure you're not accidentally transferring to your ex's account, lol!
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Old 12-07-2018, 08:29 AM   #9
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Depends on the bank. My rinky-dink credit union takes 3 days to do a wire xfer.
ACH seems a little more fool proof... its account linkages are setup in advance usually with tiny trial deposits, so its already known to work before the big $ move.
While wire xfers are a one time deal, one fat-finger on the account/routing number on the form and your money goes "somewhere".
My only complaint with ACH is banks deliberately slow it down... they have the tech to move it as soon as you enter the transaction, but they choose not to so they can live on the float. The delay is not due to fraud protection, if you pay an $8 expedite fee at Wells Fargo it moves the same day.
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Old 12-07-2018, 08:48 AM   #10
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Are you moving the proceeds from a maturing CD to another bank to buy a CD? Instead of fooling with this, you might consider just buying brokered CDs from your brokerage house. This also gives you easy access to treasuries, which are much more liquid. In some cases that may be an advantage.
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Old 12-07-2018, 09:21 AM   #11
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Often I just write a check. However if speed is an issue I'll do wire transfers. They cost me $20 per transfer and are usually completed the same day, "unless" I start the transfer process later in the day. Then sometimes it's the next business day before it's completes.
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Old 12-07-2018, 09:46 AM   #12
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I use ACH all the time to move money around. Just bought a CD and funded it with an ACH transfer from my credit union. Never had a problem doing it that way, although it does take a day or two.
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Old 12-07-2018, 09:53 AM   #13
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Whatever works for you. They're both secure.
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Old 12-07-2018, 10:08 AM   #14
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I've never used a wire to transfer between accounts. Always use ACH.

If the $ amount is high, I initiate the transfer from whichever institution has the highest ACH transfer limit.
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Old 12-07-2018, 10:20 AM   #15
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To me the main advantage of wire transfers is speed, if time is of the essence. However wires usually involve fees.

I use ACH most of the time to do routine transfers between accounts I own.
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Old 12-07-2018, 10:25 AM   #16
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We occasionally transfer money back and forth between our HISA bank to our day to day bank.

Very easy. Most often the transfer occurs overnight, two days at the most depending on the day and time that we hit the send button.
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Old 12-07-2018, 12:24 PM   #17
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When I ERed 10 years ago, I cashed out the company stock I had in my employer's retirement plan run by Principal Financial Group. I had to liquidate the entire account in order to take advantage of NUA, so I used ACH to move the cash to my local bank. I had to complete a bunch of forms which included a special medallion signature and stamp from the receiving bank because the amount being transferred was more than $100k. It was a minor PITA to get that done, but the transfer went through just fine in a few business days.


I use ACH many other (smaller) money moves between my brokerage account (FIDO) and my local bank. They take 2 business days.
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Old 12-07-2018, 02:23 PM   #18
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I have ACH'd six figures from my brokerage to Ally Bank. Spending money for the next year or two that I wanted to keep in cash. And then five figure amounts back to the brokerage checking account as needed. I think once I divided an ACH into two parts a day apart to avoid exceeding transfer limits.
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Old 12-07-2018, 02:38 PM   #19
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We use ACH for all our transfers and phone app deposits for any checks we receive. Of the 3 banks & brokerages our local bank will accept up to $1,000 by phone app deposit, Discover Bank will allow up to $10,000 and Fidelity app will take up to $200,000
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Old 12-07-2018, 02:47 PM   #20
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ACH seems a little more fool proof... its account linkages are setup in advance usually with tiny trial deposits, so its already known to work before the big $ move.
While wire xfers are a one time deal, one fat-finger on the account/routing number on the form and your money goes "somewhere".
Exactly.

In 2020, same day ACH transactions will be available up to $100,000.

https://web.nacha.org/resource/faste...g-same-day-ach
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