transferring money from online banks to brick and mortar

[kongmen]

There was some discussion on here some time back about which is the better option when transferring money from an online bank to a local bank. People talked about push VS pull or pull VS push. I don't remember which was the most efficient/fastest way push or pool. I'm trying to maximize the interest I'm getting on a fairly large sum of money before paying off a credit card bill for a Christmas present. If anyone has some input on this, I would appreciate it..


Thanks for any replies..

 

[audreyh1]

Overall it depends on the institution and how rapid they are. I also go by transfer limits.

I mostly use my brokerage accounts to initiate the transfer regardless of direction. Only my brokerage accounts have the credentials of the other accounts with a few exceptions. Also, my brokerage accounts have very generous transfer limits. They are very fast as well. If I initiate a transfer during market hours it happens that same day. I can also schedule transfers ahead of time.

In general credit unions have the lowest transfer limits, but if you initiate transfers from the other institution then those limits don’t apply.

Online banks work well for transfers (timely, high limits) even though I mostly initiate these from the brokerage accounts.

I do use a high yield savings account to transfer to BofA bank checking every month. These recurring transfers are scheduled in advance, and the funds show up as available the next day. It’s a minor tweak to change the amount now and then.

 

[disneysteve]

I generally initiate the transaction in the online account because that has no fee. If I do it from the bricks and mortar I get hit with a fee.

 

[Car-Guy]

I mostly use my brokerage accounts to initiate the transfer regardless of direction.

Same here. I can push or pull and it seems to take about two days to complete in either direction, if done on business days. It was easy to setup and works so well, I don't keep a lot in my local bank/checking account anymore. When I need more I just initiate a push from my brokerage to my local bank for X dollars.

 

[audreyh1]

I generally initiate the transaction in the online account because that has no fee. If I do it from the bricks and mortar I get hit with a fee.

Right, I always avoided transferring funds out from my BofA checking account because that would incur a fee, whereas if the other institution did a pull there was no fee. I never initiate transfers at BofA.

 

[Dtail]

I initiate from Ally to BOA. 1 day transfer.
However I will also initiate from BOA checking to another BOA account.

 

[target2019]

Local bank may have lower limits on push.

 

[jazz4cash]

I think it really depends on the particular banks involved. I usually expect the receiving bank to be more responsive than the bank that is losing deposits. Online banks should be more efficient since that’s all they have to do. All of my banks are pretty efficient. My credit unions are not consistent

 

[audreyh1]

I initiate from Ally to BOA. 1 day transfer.
However I will also initiate from BOA checking to another BOA account.

Within BofA transfers do not incur charges.

 

[jazz4cash]

Within BofA transfers do not incur charges.

And they are instantaneous. I got a shock when a credit union put a 5 day hold on funds transferred within the credit union. Availability of funds is as significant as speed of transfer.

 

[COcheesehead]

We do transfers from time to time. I just initiate all of them from Fidelity’s website with multiple destinations and accounts. Push or pull, it doesn’t matter. They all happen same day and there is no charge.

 

[njhowie]

Chase has instantaneous push up to $5000/day, no fees. Initiate transfer, money is on the other side in seconds.

I don't know what mechanism they are using to do this, but I have done it a few times to our BofA account and it's pretty slick.

 

[audreyh1]

And they are instantaneous. I got a shock when a credit union put a 5 day hold on funds transferred within the credit union. Availability of funds is as significant as speed of transfer.

Yes good point. Transfers within banks and brokerages are usually instantaneous.p and immediately available.

I guess CUs must have some need to really slow down the movement of funds.

 

[audreyh1]

Chase has instantaneous push up to $5000/day, no fees. Initiate transfer, money is on the other side in seconds.

I don't know what mechanism they are using to do this, but I have done it a few times to our BofA account and it's pretty slick.

Interesting. I’ve never seen any transfer option with Chase other than Zelle which is limited to $2000 per transfer. Very frustrating because DB banks there and I was hoping to be able to transfer funds to his account like I was able to with the other DB at BofA.

 

[njhowie]

Interesting. I’ve never seen any transfer option with Chase other than Zelle which is limited to $2000 per transfer. Very frustrating because DB banks there and I was hoping to be able to transfer funds to his account like I was able to with the other DB at BofA.

I just went in to our Chase account, transfers page to an external account. I see that it says $5000/transfer, which I suppose means you could do multiple transfers if you wanted to do more than $5000, but I never have.

 

[Dean56]

I guess CUs must have some need to really slow down the movement of funds.

Transfers out of my CU takes 1-2 days and there is no fee. Has worked flawless.

 

[target2019]

My bank has a limit on the transfer amount as well as a monthly limit. That makes a pull from the brokerage or high-yield savings a better option.

 

[brett]

We do this on a regular basis, at least once a month.

We maintain a current account with a low balance at a local bricks and mortar bank. Our savings account is at a high interest on line bank.

Neither charge us for transfers....both ways.

 

[Car-Guy]

My bank has a limit on the transfer amount as well as a monthly limit. That makes a pull from the brokerage or high-yield savings a better option.

I'm not sure if Schwab or my local bank has any limits, but so far I haven't found them. Usually just 10k at a time but I've done 25 and 50k xfers this year, that I can recall.

 

[RE2Boys]

I also have found that the ease and limits varies considerably with the particular institutions. I have had read slow transfers from my online bank to a local B&M bank, they want to impose a several day hold. My local credit union does not allow the initiation of transfer but responds to requests from the online bank. The fastest transfer I've experienced is to/from brokerage accounts.

 

[pb4uski]

There was some discussion on here some time back about which is the better option when transferring money from an online bank to a local bank. People talked about push VS pull or pull VS push. I don't remember which was the most efficient/fastest way push or pool. I'm trying to maximize the interest I'm getting on a fairly large sum of money before paying off a credit card bill for a Christmas present. If anyone has some input on this, I would appreciate it..


Thanks for any replies..

My 4.35% online savings account is the gatekeeper between our retirement/investment accounts and he local credit union checking account that I use to pay our bills.

I push transfers from that account to checking. IIRC it is usually available the next day.

I have an automatic transfer at the beginning of each month... my monthly "paycheck".

 

[jazz4cash]

Andrews FCU recently discontinued pull transfers from outside institutions. The change occurred with no warning and no explanation. Bad precedent I think. I am preparing to leave AFCU for a variety of reasonst when my CD matures.

 

[audreyh1]

Andrews FCU recently discontinued pull transfers from outside institutions. The change occurred with no warning and no explanation. Bad precedent I think. I am preparing to leave AFCU for a variety of reasonst when my CD matures.

Uh oh!

 

[braumeister]

I used to like Andrews, and used them for a number of years. But they went from my nice list to my naughty list about 5-6 years ago, I forget exactly why. So many formerly good credit unions have gone bad over the years -- it's very sad.

 

[kongmen]

I plan to transfer 11k or 12k from Sycrony to chase. It usually takes a couple of days but I just don't know if I will run into a delay with the amount.