You can transfer money from one bank to another via an electronic transfer. Both accounts could be yours, or one could belong to someone you’re paying. You can also transfer money from a bank account to an investment account, prepaid card or peer-to-peer payment account (e.g. Venmo), among other destinations. This is what’s known as an electronic transfer. It’s generally free, and it’s very easy to set up.
Here’s how to transfer money from one bank to another:
Log into your online account on your bank’s website.
Navigate to “Account Services & Settings” (or something similar).
The specifics may vary a bit by bank. And there are lots of different reasons for wanting to transfer money from one bank account to another. But it’s worth pointing out that using multiple bank accounts can be a helpful budgeting tool. If you want to limit your non-necessity spending to a certain amount, for example, you can set up a monthly transfer for that amount from the account where you receive your paycheck to another account that’s designated for fun.
Many banks will allow you to link another outside bank account through an "ACH" or "EFT". I have my bank accounts at Bank of America, and through their site I was able to link an outside bank account. I would call their technical support team and tell them your intention, they will happily help you link the accounts. The link should be active in 3-5 business days and transfers will occur 1-3 business days after each request.
If you are writing a check, you can make the check payable to yourself and endorse the check for deposit. While this is often a faster method of transfer now that mobile banking allows check deposits, it can be a pain and has more room for error. I would steer you towards electric transfers once you have that link set up.
You can write a check payable to yourself (correctly titled and endorsed) and deposit it in your other account. Be aware that it may take several days for the funds to show up and clear--it is not always immediate, depending on your bank's policies.
In addition, if your intent is not to use the other bank account any more, be aware that withdrawing all the funds may not automatically close it, and you may be subjected to mimumum balance charges.
The best balance transfer credit card is not one-size-fits-all. The answer depends on how much you owe, how quickly you’ll be able to repay it and what your credit score is. Those factors will tell you which cards are attainable and help you figure out how much each will save you. But we can certainly point you in the right direction.… read full answer
WalletHub’s editors compared hundreds of credit cards based on their balance-transfer appeal. In the end, five cards in particular stood out. None of them charge annual fees. All of them require at least good credit for approval. And you can get the rest of the particulars below.
Here are the best balance transfer credit cards:
Balance Transfer Fee
Citi Simplicity® Card - No Late Fees Ever
0% for 18 months
3% (min $5)
14.74% - 24.74% (V)
Comerica Bank Visa® Platinum Card
0% for 20 months
3% (min $5)
11.99% - 20.99% (V)
Wells Fargo Platinum card
0% for 18 months on qualifying balance transfers
3% for 120 days, then 5%
16.49% - 24.49% Variable
Bank of America® Cash Rewards Credit Card for Students
Of course you can, especially since they're both yours.
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