Re: How to Do Online Transfers between different FIs?

Posted by R. C. White on March 10, 2005, 1:02 pm

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Hi, Speedlever.

> Both indicated it was NOT possible to perform inter-bank EFTs except via

> a bill pay service that would physically cut a check and mail to the

> other FI.

Baloney!

> Is it just my particular FIs that won't allow this?

Must be. For a few years now, Bank of America has been EFTing (is that a
word?) my CD interest checks to my checking account at Wells Fargo. WF also
credits interest from a WF CD to that checking account, but that is just an
internal transfer, not EFT. Also, I can use the Merrill Lynch FTS (Funds
Transfer System) to move money between my CMA account and my checking
accounts at WF (both to and from CMA) and at Compass Bank (only from CMA to
Compass, not the reverse). I had to sign paper documents for ML and the
banks authorizing these arrangements, but that was a one-time thing that I
did years ago. None of this involves a bill-pay service.

Note that I do not download these transactions into Quicken, although I'm
sure I could. I sign on to WF online banking every few days and check to
see that the funds have arrived, just like for my direct-deposited Social
Security check, and then copy'n'paste them into Q. But the money has
already moved, even if I'm a few days late in recording the transactions.
Even with recent rock-bottom interest rates, it's better to get the cash
transferred today by EFT than to wait for snail mail - and for my next trip
downtown to deposit a paper check.

So, inter-bank EFT certainly CAN be done. Only your banker can say why your
bank chooses not to do it.

RC
--
R. C. White, CPA
(Retired - no longer licensed to practice)
San Marcos, TX
rc@corridor.net

>> What do I need to know in order to see if my credit union and the new

>> bank will support inter-bank EFTs initiated by me?

> As a follow-up, I just called the affected FIs:

> BB&T

> Truliant Federal Credit Union

> Both indicated it was NOT possible to perform inter-bank EFTs except via

> a bill pay service that would physically cut a check and mail to the

> other FI.

> One reason I was given that EFTs between different FIs can not be done is

> due to the banking industry concern over fraud. I got the impression the

> banking industry is mired in indecision over how to effect this

> capability.

> Is it just my particular FIs that won't allow this?

Posted by Mike L on March 10, 2005, 3:11 pm

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On Thu 10 Mar 2005 12:02:27p, R. C. White wrote in

> Hi, Speedlever.

>> Both indicated it was NOT possible to perform inter-bank EFTs except

>> via a bill pay service that would physically cut a check and mail to

>> the other FI.

> Baloney!

I believe you missed Speedlever's caveats: <<What do I need to know in
order to see if my credit union and the new bank will support inter-bank
EFTs initiated by me?>>

Your response was giving non-Quicken information whereas I believe SL was
looking for a possible Quicken online transfer solution.

--

Mike

Posted by R. C. White on March 11, 2005, 11:52 am

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Hi, Mike.

> I believe you missed Speedlever's caveats:

Maybe it wasn't clear that my "Baloney!" comment was aimed at his bankers,
not at Speedlever.

I stayed out of this long thread while the topic was Quicken's inner
workings, including bill-pay, which I don't use. But when he said his two
banks (BB&T and Truliant) both told him, in effect, that the only way to
move money between the banks was to cut a check and mail it, I jumped in.
It obviously can be done because my banks (and stockbroker) have been doing
it for years. So his bankers are feeding Speedlever baloney. Maybe they
don't want to do it and their reasons may be perfectly valid. After all,
they must weigh benefits against their costs and answer to their
stockholders for that and it may be too expensive for their banks to do.
But it's a matter of their choice. It's not true that such inter-bank EFTs
are "NOT possible", as Speedlever said "both indicated".

> looking for a possible Quicken online transfer solution.

I don't know of a way that either Speedlever or Quicken can make the
transfer happen. All they can do is motivate his bankers to do it and then
record the transfers as or after they happen.

Sorry if my remarks seemed like criticism of Speedlever.

RC
--
R. C. White, CPA
(Retired - no longer licensed to practice)
San Marcos, TX
rc@corridor.net

> On Thu 10 Mar 2005 12:02:27p, R. C. White wrote in

>> Hi, Speedlever.

>>> Both indicated it was NOT possible to perform inter-bank EFTs except

>>> via a bill pay service that would physically cut a check and mail to

>>> the other FI.

>> Baloney!

> I believe you missed Speedlever's caveats: <<What do I need to know in

> order to see if my credit union and the new bank will support inter-bank

> EFTs initiated by me?>>

> Your response was giving non-Quicken information whereas I believe SL was

> looking for a possible Quicken online transfer solution.

> --

> Mike