Best Way to Transfer Money Between Banks

I recently had to transfer $4000 from my Credit Union to my Checking. It’s was two different banks. The Credit Union is the biggest one in my state.

I went inside and requested they transfer the funds electronically. They said they couldn’t do it because it’s a different bank. :rolleyes: This is 2010 and I’m expected to carry 4 Grand in my pocket to the other bank? WTF? I did it, and prayed that I didn’t get mugged before making my checking account deposit.

Later, I thought about our Big Brother government. Large Cash deposits get reported. I’m getting vinyl siding & gutters on my house later this summer. I’ll have to transfer a significant amount to my checking. I don’t want Big Brother sniffing around thinking I’m a drug dealer or something worse.

What is the best way to transfer funds between banks?

All my savings are at the credit union. I only keep enough in checking to cover bills and routine expenses.

A cashiers check is small and easily carried. Have it written out to you, deposit at new bank.

I transfer money from one bank to another electronically all the time. I do it myself online. I’d say that’s the best way, but if your bank doesn’t allow this then I’d agree with drachillix that a check would be better than carrying cash.

Where do you live and what route do you take from the bank? :slight_smile:

It’s hard to beat wiring the money for a large transaction. It’s also pretty easy to find savings accounts that let you set up ACH transactions. I mean, ING Direct does and I imagine it’s not that uncommon. If you were transferring between checking accounts or even one of those money market accounts you can draw checks on you could just write yourself a check. The drawback with a check or ACH is that they tend to be as slow as possible making funds available. The benefit is that the lack of a wire fee for a relatively small amount of money.

:smiley: I felt like everybody in the Credit Union was watching when I left.

This surprised me because I had assumed they’d do a electronic transfer. Especially since it was a fairly significant amount of money.

I don’t use online banking. I’ve heard too many horror stories of virus and key loggers. I won’t even pay for an Ebay auction (with Paypal) until I run Spyware Doctor, Malware Bytes, and Norton Antivirus.

I’ll check around and see if I can find a bank that does ACH transactions. I wouldn’t mind having another savings account.

I find it truly incredible that you can’t just go online and arrange a transfer, but that drifts into the other thread about British cheques, so I’ll just say… can’t you just write a cheque out to yourself and bank it in your chosen account?

I cannot believe that your Credit Union couldn’t handle an Electronic Funds transfer. I do it and my Credit Union is in Miami and my bank is here in Colombia. Look at this link to know how to do it.

http://www.ehow.com/how_2817_conduct-wire-transfer.html

Ninjas wielding flame swords riding armored horses

I wire transfer funds all the time - between a few different US-based banks as well as a few overseas ones. In fact I sent several times that amount just this morning. I can do it all either online or by fax.

Having said that, I personally don’t worry about carrying cash… I have about $4K on me right now (well, on the table next to me). Of course theft is not a common thing in this part of the world like it is in the USA.

Wire transfer in the US is often accomplished with FedWire or CHIPS. You may want to quietly inquire if your financial institutions are members of either, or both. If they are, you might want to bring this up with the official who said it couldn’t be done.

Wire transfer at my bank (a really big bank that I use for my business) is kind of bullshit. Only managers can do it, and only when they are free. Last time I needed it done I waited a half hour for someone to be able to help me and then was charged a $17 fee for the privilege. I was wiring between two large US banks. It always is a big friggin’ deal to get a wire done at my bank…I don’t recommend it.

This is different than ACH, by the way.

I move money back and forth between my credit union and bank all the time, and I always just write myself a normal check and deposit it. I’ve been doing it that way for years. Is there something wrong with that (other than that it can take a while to clear – I don’t normally need it to happen immediately)?

The BEST way to transfer money is right into my account! :smiley:

I know some people in Nigeria. Send me your banking information soonest and they’re tansfer the fund immediately.

This was my first thought, surprised it took so many posts to come up.

I’ve never had to do it, as my accounts are at the same bank, but I don’t see why it wouldn’t work unless you needed the money that day or something. I can’t imagine there would be any problem, though I guess sometimes banking laws are strange.

I can’t imagine why this is so hard to figure out. As others have stated, you simply write yourself a check on the old account and deposit it into the account to be transferred. If you need the transfer to happen more quickly, then go to your bank and get a cashier’s check drawn up on the account.

I’ve been doing this to move money from one account to another since I was in high school. This seems like pretty basic banking knowledge to me.

I would never try to do such a transfer with cash. That’s just asking for trouble.

I read the OP to mean that his credit union account is a savings account and that he wants to deposit into a checking account. A cashier’s check seems to be the simplest solution although I’m highly sceptical that the biggest credit union in whatever state aceplace57 is in couldn’t do an ACH transfer. I belong to one of the smallest credit unions in Oklahoma and we can do it.