Free and easiest way to transfer money?

[Vikas]

My son is going to out of state school, so we opened a credit union account based in that state. I thought it would be just a simple matter of setting up the external account linkage between the two accounts so that he can transfer spending money from his primary institution which is based in MA to his new state.

Unfortunately, each institution is telling me to do it "from the other side" to avoid fees. Some of the methods that they are coming up with are insane e.g. write a check and then scan it and deposit! We did not even ask for a check book. This year 2013!

Given that he is the owner on those two accounts, why is it so complicated to move money from one to other?

The only reason, he really needed the new credit union was for having closer access to free ATMs.

I have toyed with him creating a paypal account linked to his new credit union but I am not convinced that it would work. Besides, it seems silly to add another entity in to this mix. That just won't turn out good in the end!

Given routing number and account number, one should be able to send money to that account using ACH. Ironically, if he needed to send the money out of his new credit union to his old bank account, there is a way to do that his new credit union's BillPayer system which is free. But to send money from old bank account, he needs to use CashEdge which has hefty charges for per transfer.

Even though I am here saying "old bank account", it is actually another credit union. These days, even credit unions are on the money grab spree.

 

[danthaman1980]

I'd suggest you research some of the national banks (not credit unions) that provide free online banking, free online bill paying, and free online transfers. It is year 2013 but in order to take advantage of that you need to be using an institution that uses 2013 technology, and one that doesn't nickel-and-dime you to death.

In addition - you have to use that 2013 technology. If you call up someone at a bank and ask them to initiate a transfer (like you did 20 years ago), you're probably going to incur a fee. Someone has to pay that person to answer your call. However, if you take care of the transfers online, it might be free (depending on the institution).

 

[MrQuackers]

Easy for me to transfer between family members with a Chase account.

 

[michaelluscher]

Originally Posted By: MrQuackers
Easy for me to transfer between family members with a Chase account.


+1 on Chase, they are superb.
There's also that bank start up called Simple, which I found very intriguing.

 

[JayhawkRoy]

See if either credit union is part of the Coop ATM network. That allows you to access their network of ATMs world-wide, at no charge. If the network suits your needs, move the money to that one.

The large national bank idea is good, if their fees aren't excessive.

Sometimes the old fashioned way (write a check to move money from one account to another) is the cheapest and easiest. Three to five days and the money is there for use.

 

[AlienBug]

Just open up a joint account at a national bank. Then deposit money into the account, from which he can withdraw. Find out which bank has an on-campus ATM and he's set.

 

[Voltmaster]

Every major bank has college checking/free accounts that have no fees. alot of them come with debit cards so your son can use it to buy stuff.

You can always transfer money to other banks for small fee. usualy only couple %'s.

I have wells fargo checking for a few years, I haven't paid a penny in fees in 3 years that Ive been with them.

 

[SrDriver]

Do a search for Bluebird by American Express. Has more features than you can shake a stick at and most services are free.

 

[Shannow]

Can't you just transfer electronically from one account to the other ?

Down here, buy something on ebay, they give you the BSB (Bank) number, the account number, and you transfer free from your online savings account.

I've got mine set up automatically to transfer into partner's christmas club, and children's savings.

 

[eljefino]

A credit union's checks are drawn on a big bank usually. Can you look into that bank to see if they have any synergy?

My bank of america lets me send money to family members with B of A for free; I suspect it's a gimmick like MCI's "friends and family" to get others into B of A. My free checking is free with a bunch of money and direct deposit; something they're hoping the other accounts won't qualify for.

 

[gathermewool]

I use Paypal for all of my transfers. Gift = no fees

 

[Clevy]

Originally Posted By: gathermewool
I use Paypal for all of my transfers. Gift = no fees


Have you even used PayPal before. Even if you send the money as a gift there are fees,its the sender that absorbs them when transferring funds.

 

[TrevorS]

Originally Posted By: Shannow
Can't you just transfer electronically from one account to the other ?

Down here, buy something on ebay, they give you the BSB (Bank) number, the account number, and you transfer free from your online savings account.

I've got mine set up automatically to transfer into partner's christmas club, and children's savings.


It's a peculiarity of the US that most transfers attract fees.

Another peculiarity is paying for incoming mobile calls.

 

[Hermann]

Bank of America customers with My Access Checking can transfer between each other, you just have to set it up and wait a couple days.

 

[Donald]

I pay a lot of bills online from my bank's "bill pay feature". I have often wondered if it would work if I put another bank and my checking acct at that bank as the payee.

I got my daughter a debit card at my credit union (her own acct) and did transfers that way. You can find a way to get free withdraws. Buy some gum at Walmart and ask for cash back. Its free.

 

[Hermann]

Originally Posted By: Clevy
Originally Posted By: gathermewool
I use Paypal for all of my transfers. Gift = no fees


Have you even used PayPal before. Even if you send the money as a gift there are fees,its the sender that absorbs them when transferring funds.


I have never encountered a fee, nor has the receiver of the funds been charged a fee using Paypal. YMMV

 

[flanso]

USAA, an insurance company, offers banking services. Their customer service is excellent; staff use their first and last names and phone back when they tell they will. There are no fees on my account and when I use an ATM, USAA refunds back to me any ATM fee. For me, it seems like the proverbial free lunch from a very nice company.

 

[TrevorS]

Originally Posted By: Hermann
Originally Posted By: Clevy
Originally Posted By: gathermewool
I use Paypal for all of my transfers. Gift = no fees


Have you even used PayPal before. Even if you send the money as a gift there are fees,its the sender that absorbs them when transferring funds.


I have never encountered a fee, nor has the receiver of the funds been charged a fee using Paypal. YMMV


Yes I think you have the facts right here.

 

[PandaBear]

Definitely use a national bank that has free transfer between account and ATM where you both are.

Credit union has its place, but not in this situation. Even if you can use ATM elsewhere it is hard to deposit money with a not the same bank ATM.

 

[gathermewool]

Originally Posted By: Clevy
Originally Posted By: gathermewool
I use Paypal for all of my transfers. Gift = no fees


Have you even used PayPal before. Even if you send the money as a gift there are fees,its the sender that absorbs them when transferring funds.


Yep, and never paid any fees. Are you doing it correctly?