Wire Transfer Fees

[TrvlBug]

Now that DH has retired, we need $$$. I had FIDO wire transfer (no fee at their end) to my regular checking account to cover year end high $ costs such as property taxes, HO and EQ insurance and Christmas gifts. My bank charged me a receiving wire transfer fee . Is this normal?

As DH turns 70 next year and has to RMD, I was planning to have FIDO wire transfer, probably quarterly, to our regular checking account, but no way if I always have to speak to a banker to get the fee waived. Should I be bank shopping?

 

[MRG]

Some banks will waive fees based on average balance. I'd ask around.

 

[Bamaman]

Wells Fargo charges me nothing for FIDO withdrawals.

 

[braumeister]

USAA bank doesn't charge for incoming wire transfers.
Neither does PenFed.

 

[TrvlBug]

Wells Fargo charges me nothing for FIDO withdrawals.

Me thinks I need to speak with one of the bankers. WFB is my bank and we have a minimum in a savings account in order to get lower safe deposit box charges and other bennies. Another item on my to do list next week...

 

[Taxman59]

I worked with many banks, and most charged a wire receipt fee. Try to have Fido do an ACH transfer, there is no fee for that, it just takes an extra day or two.

 

[BrianB]

Why use wire transfer? That is always more expensive than ACH transfers. You can register your bank account at Fidelity.com and transfer directly to the bank account. No fees. I've found if I make a transfer early a.m. it is credited the same day, otherwise one business day.

 

[travelover]

Like others, I just use their normal money transfer system to move money to my checking account at my credit union. On general principles, I prefer the CU, as they almost never charge for any service.

 

[TrvlBug]

Thanks for the info on ACH transfers. I didn't think of that and apparently, neither did the FIDO rep. I don't need immediate access to the $. I just prefer using a different checking account (rather than FIDO) for day to day financials.

 

[ziggy29]

My personal experience is that it's unusual to charge for *incoming* wire transactions, but maybe I'm not banking with the "right" institutions. Of course, there may be minimum balance requirements in play I'm not aware of.

I'm in the process of winding down an estate held mostly in trust, and there have been a few transfers into five figures for beneficiaries. ACH doesn't work well for that, even between two accounts owned by me.

 

[TrvlBug]

... ...few transfers into five figures for beneficiaries. ACH doesn't work well for that, even between two accounts owned by me.

Maybe that's why the FIDO rep went with the wire transfer. What are the $ limitations, and why, with ACH?

 

[misanman]

We do the ACH transfers on regular basis and have never run into a charge or limitation.

 

[audreyh1]

Now that DH has retired, we need $$$. I had FIDO wire transfer (no fee at their end) to my regular checking account to cover year end high $ costs such as property taxes, HO and EQ insurance and Christmas gifts. My bank charged me a receiving wire transfer fee . Is this normal?

As DH turns 70 next year and has to RMD, I was planning to have FIDO wire transfer, probably quarterly, to our regular checking account, but no way if I always have to speak to a banker to get the fee waived. Should I be bank shopping?

I have Fidelity do an electronic transfer (ACH) to my Bank of America account all the time, and no fee. I've also transferred funds to Synchrony, Ally, Charles Schwab bank, PenFed, American Express Bank, etc. - none of them ever charged me a receiving fee.

It was not a wire transfer, it was an EFT or ACH (same thing). Maybe the wire transfer was the problem.

Funds are usually available next day with an ACH transfer. Fido will do up to $100K, and I have transferred that much. I transfer 5 figures all the time.

Here is a list, and yes, Wells Fargo does charge for an incoming wire transfer. But you probably didn't need to use that method.
https://www.nerdwallet.com/blog/banking/wire-transfers-what-banks-charge/

 

[MRG]

Maybe that's why the FIDO rep went with the wire transfer. What are the $ limitations, and why, with ACH?

A very small part of my brain says they clear differently. Like......

Sadly I can't tell you the details.

 

[Senator]

Why use wire transfer? That is always more expensive than ACH transfers. You can register your bank account at Fidelity.com and transfer directly to the bank account. No fees. I've found if I make a transfer early a.m. it is credited the same day, otherwise one business day.

+1. Unless you are closing on a property, a wire transfer is unnecessary.

 

[Alan]

Maybe that's why the FIDO rep went with the wire transfer. What are the $ limitations, and why, with ACH?

Not sure what the ACH limit was at Vanguard I asked my rep as I knew I had some 6 figure transfers to do and I believe he told me it is $1,000,000. I've since made two 6 figure ACH transfers to my bank.

 

[easysurfer]

Why use wire transfer? That is always more expensive than ACH transfers. You can register your bank account at Fidelity.com and transfer directly to the bank account. No fees. I've found if I make a transfer early a.m. it is credited the same day, otherwise one business day.

+1. No need to wire unless you really really need the money pronto.

If somehow the bank still wants a fee to transfer directly, then time to look for a new bank .

 

[Texas Proud]

Most big banks charge for wire transfer as that has a person that needs to do something.... ACH is automatic, so no human involved...


I do not see them waiving the fee, but some people here say that they were not charged... I wonder if it was really a wire or an ACH...

With a wire, you can have access to your money in minutes.... ACH is nowhere near as fast....

Just as an FYI, a max wire (at least many years ago) was 999,999,999.99.... you could not wire $1 billion in one wire....

 

[SecondCor521]

Often banks will have a limit on ACH transfers, either daily or monthly. Often you can call these banks and either have them raise your limit permanently, or make an exception on a one-time basis, as you prefer.

IIRC USAA has a $30K rolling 30-day ACH limit.

I've never been charged for ACH but I have been charged every time at the origination point for a wire.

 

[H2ODude]

I monthly transfer from Fido to CU. I think there is a limit of $100,000 (like I'd do that) but never a charge on either end. Part of reason I like Fido and CU. I also just got back from some random ATM here in Africa and pulled three withdrawals to get the 800,000 Tanzanian Schillings I wanted ($360) and will get all three ~$4 ATM fees refunded by Fido. Exchange rate excellent.

Only time I think I got charged was doing an international wire to DS here for a car purchase that was $10 to Fido. But they did a lot of work to confirm w me and set up. They were concerned on the phone that I was some old guy (well, I'll give them that) who was being scammed. Then next week DS asked me to do again for a co-worker buying from same dealer, and the Fido flags really went off! But it was all legit, worked fine, and DS and coworker transferred money to me from their domestic accounts. It's just about impossible to arrange from over here a wire transfer out of the country from your own account...probably not a bad thing, as long as you can access alternatives...like Dad.

 

[Lakedog]

I have never experienced an incoming wire transfer fee at any bank, credit union, or broker but an outgoing fee is normal (although most brokers waive the fees if you have enough invested with them). This is logical since an incoming wire means you are depositing funds which is good for the receiving institution.

 

[RunningBum]

I think I've only hit low ACH limits when I've transferred money to others. Between my own accounts and Vanguard I'm sure I've done at least a couple 6 figure transfers.

 

[MRG]

Here's a writeup in ACH limits. Looks like it varies by institution:

http://www.bankfox.com/blog/2009/09/16/beware-online-ach-transfer-limits/


Here's a high level write up on the difference between ACH and wires:

https://www.depositaccounts.com/blog/difference-between-wire-transfer-and-ach.html

 

[COcheesehead]

Why transfer the money in the first place. Just write a check(s) from your FIDO account. I shut down my Chase account years ago and do all my banking at FIDO. Haven't stepped into a bank lobby in years.

 

[MRG]

Why transfer the money in the first place. Just write a check(s) from your FIDO account. I shut down my Chase account years ago and do all my banking at FIDO. Haven't stepped into a bank lobby in years.

FWIW. My Fidelity rep warned me about doing that. His point was after 911 the brokerage firms and funds were closed from 9/11 till 9/17. He felt having a bank involved was a good idea.