Free and easiest way to transfer money?

[dgsbikes]

Chase or Bank Of America...very easy to transfer money between accounts.

With those banks, the account doesn't have to be out of state and with student accounts there shouldn't be ATM withdrawal fees from the bank for using third party ATMS (although the third party ATM operator could charge a commission).

Plus BFA and Chase ATMs are relatively easily accessible. Wells Fargo could be another option although it may not be as easy as BFA or Chase to transfer money between accounts.

 

[Artem]

Originally Posted By: 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?


Yep, if you have the funds available in your Paypal account, you can send to a friend for free.

If you don't have any funds in your Paypal account, obviously, using a credit card to find the transaction = a fee.

I've sent money all over the place for free.

 

[gathermewool]

Originally Posted By: Artem
Originally Posted By: 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?


Yep, if you have the funds available in your Paypal account, you can send to a friend for free.

If you don't have any funds in your Paypal account, obviously, using a credit card to find the transaction = a fee.

I've sent money all over the place for free.


You don't need money in your Paypal account.

In Paypal, I chose to send $100 and had the following options:

Quote:
I'm sending money to family or friends

- $0.00 USD fee if you use your PayPal balance and/or a bank account.
- $3.20 USD fee if you pay using your credit or debit card.


FWIW, I've been trying to pay certain people via Paypal for a while now, instead of sending checks, but they act as if there's some sort of catch or fee, even though I've expressed numerous times that neither is true.

 

[Donald]

Originally Posted By: gathermewool
Originally Posted By: Artem
Originally Posted By: gathermewool
Originally Posted By: Clevy

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?



Yep, if you have the funds available in your Paypal account, you can send to a friend for free.

If you don't have any funds in your Paypal account, obviously, using a credit card to find the transaction = a fee.

I've sent money all over the place for free.


You don't need money in your Paypal account.

In Paypal, I chose to send $100 and had the following options:

Quote:
I'm sending money to family or friends

- $0.00 USD fee if you use your PayPal balance and/or a bank account.
- $3.20 USD fee if you pay using your credit or debit card.


FWIW, I've been trying to pay certain people via Paypal for a while now, instead of sending checks, but they act as if there's some sort of catch or fee, even though I've expressed numerous times that neither is true.

Probably because its a scam on CraigsList. People may think your a scam. You get an email saying you have received money via PayPal. It looks pretty good but its fake. Logon to the real PayPal and nothing in your account.

 

[gathermewool]

Originally Posted By: Donald
Probably because its a scam on CraigsList. People may think your a scam. You get an email saying you have received money via PayPal. It looks pretty good but its fake. Logon to the real PayPal and nothing in your account.


Sorry, I meant people I know. These are the same people who hold on to a check for a week+ before cashing it.

 

[Vikas]

Can the paypal balance be easily transferred out to the bank account? I do have paypal tied to my bank account, so if my son does same for his account, then theoretically I can send money to him that way.

Interestingly, our old credit union had been the first few institution to offer electronic banking and bill pay facility even before some of the big banks started doing it.

On this subject, what fraud prevention techniques are used if somebody uses a check and uses the information printed on it to siphon the account? It already has the name, address, phone number, routing number, account number.

What else does a financial institute ask for before pulling the money out? Does it check that account owner names and SSN on both payer and payee match before transaction is allowed? This seems like an obvious flaw, so there must be something to prevent this from happening.

 

[fisher83]

If he creates a PayPal account he can simply add both banks to it. Then all he has to do is add funds from one bank and after it has cleared into his PayPal balance he can withdraw it to the other bank account. Takes a couple business days and no fees that way.

 

[99Saturn]

Just out of curiosity, did you just ask either credit union to wave the fee or waive the fees periodically at your (or your sons request)? Either the fee for the ACH or ATM fee.

If you haven't tried this already, I would ask and explain that you would like to keep your business with them but they are making it difficult... I really doubt there is anything that stops them from waiving this, other than perhaps the manual entry on a monthly basis. As someone at a desk not on the platform.

ACH is supposed to make it easier for institutions to process transactions so they should really be embracing it, as most institutions already are.

 

[Vikas]

Originally Posted By: fisher83
If he creates a PayPal account he can simply add both banks to it. Then all he has to do is add funds from one bank and after it has cleared into his PayPal balance he can withdraw it to the other bank account. Takes a couple business days and no fees that way.
Has *anybody* ever given two bank accounts to PayPal? I was reluctant even to give one.

 

[fisher83]

Lots of people have bank accounts on their PayPal accounts, including me.

 

[earlyre]

Originally Posted By: Vikas
Originally Posted By: fisher83
If he creates a PayPal account he can simply add both banks to it. Then all he has to do is add funds from one bank and after it has cleared into his PayPal balance he can withdraw it to the other bank account. Takes a couple business days and no fees that way.
Has *anybody* ever given two bank accounts to PayPal? I was reluctant even to give one.


yep. I have. my paypal is linked to my checking @ "bank a", and my Savings(that started as a Christmas club)@ "bank b"
and will use it to transfer the money from the Cristmas club to my checking.

why did i go to this extreme?
"bank b" is the Credit union attached to my employer, who only has branches near the corp. offices in MI.
When I opened the Christmas Club,they mailed out a check in early October.
after a couple years, they stopped doing that, and were just depositing it into your share savings account.(nearest branch 4 hrs or so from me)
only way i could get them to send me a check, was to close the account.
enter paypal.

 

[JHZR2]

I keep most money in ING since 0.75% is better than 0%, and being n a written budget means we know how much we need and when.

Transferring money from or to anywhere via ING is super easy. He should have a savings and checking acct, and go that route.

ING is now capital one.

 

[Vikas]

thanks early and jhz!

For the two paypal accounts, does paypal do the security checks to verify both accounts have the same owner/ssn for initial setup?

capital one was another suggestion made as they do have ATM's on the campus. I was under impression that big banks usually fleece the small account quite badly in terms of fees and minimum balance requirements.

 

[BearZDefect]

Originally Posted By: Vikas
I was under impression that big banks usually fleece the small account quite badly in terms of fees and minimum balance requirements.

Generally they do, unless you have direct deposit to that account of some other incentive they want.
But their student accounts tend to be more merciful.
They fleece business accounts with impunity.

 

[crinkles]

Must say the US banking system looks like a dinosaur from the outside... I used to think we have it bad.