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Banking today offers many convenient features that did not exist in the past. One of the most important of these is online money transfer. Let’s take a look at what this is and how it can help the banking customer.
You may have money in a savings account, but you need it in your checking account so that you can write a check, perhaps for a present. Thus, you need to transfer some money into your checking account from your savings account.
A few years ago, you might have had to go to the bank, or a branch, and speak to someone in person about doing this. Another option would have been to call your bank on the telephone and request the transfer. Online money transfer is a newer way of accomplishing the same thing. It is very easy for the customer to do. Compared to the other methods, it is probably the cheapest for the bank.
Most banks have web sites that are available to customers for inquiries and transactions on their accounts. When you are logged in to this site, you can basically fill in a form specifying amount, where the money is coming from, and where it is going to, and the bank will do the transfer for you.
The transfer will probably happen right away, so that the funds will be available to you immediately. Make sure to check the web page for messages about this, as it is conceivable that in some circumstance there may be a delay before the money is available in the receiving account. Banks usually don’t charge for this, but check the web page for information to the contrary, as it is possible there may be a charge.
If you have accounts at different banks, you may be able to move money between them in a similar way. Since the Federal Reserve may be involved in the transfer, it is possible that it may be several days before your funds are available at the receiving bank. There may well be a fee for this kind of transfer.
Some banks will let you transfer funds to an account that you do not own. You would need the account number, and possibly other information. If you want to have money transferred from some one else’s account to yours, you will probably have to have them do the transfer.
This is a brief summary of online money transfer capabilities. Please consult your bank for more details. This is one of the very convenient features of modern banking that make life much easier than it was 30 or 40 years ago.
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