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Sending money from between US personal bank accounts via ACH

Sending money from between US personal bank accounts via ACH

Old Jul 17, 20, 2:04 pm
  #1  
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Sending money from between US personal bank accounts via ACH

A straightforward question - how can I transfer money from a checking account in one bank to a checking account in a credit union via ACH and/or paying least amount of fees?

Amount is several thousand. I am overseas and I don't expect to travel to US any time in next xx month. My elderly relative is in US, has account in small local credit union, uses checks, does not have paypal or some other account and does not have a smartphone.

The only thing I have is recipient's account/ABA number, that's it. What are my options except wire transfer which my bank charge $35?

Thanks,

Honestly, I am kinda surprised that it is 2020 and there is still not nation-wide easy and free transfer service which rest of the world has at least 15 years...
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Old Jul 17, 20, 2:19 pm
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I have accounts at three different banks and they all provide the capability to do ACH transfers to other banks using their online banking website.
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Old Jul 17, 20, 2:27 pm
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The service has existed for 5+ years.

Since you are paying a third-party, this will typically require one of the free services such as Zelle. Almost all major banks offer that if you look on your bank's transfer site. Zelle requires either an email or a mobile phone # which the third-party then links to an account of his choosing. Depending on the relative's tech savvy, you can walk him through it or, if he trusts you with his email password, you can handle the deposit side for him so long as he consents (to you).
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Old Jul 17, 20, 2:35 pm
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Originally Posted by Barcky View Post
I have accounts at three different banks and they all provide the capability to do ACH transfers to other banks using their online banking website.
Same. No problem at all transferring between banks right from the website. Another option could be to write your relative a check and then use mobile deposit to deposit it into their account. Check out the mobile deposit limits first although many banks have raised or removed limits right now to encourage mobile deposit over visiting a branch.
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Old Jul 17, 20, 2:56 pm
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Originally Posted by invisible View Post
Honestly, I am kinda surprised that it is 2020 and there is still not nation-wide easy and free transfer service which rest of the world has at least 15 years...
I believe this is intentional. Financial institutions bear the risks for all unauthorized transfers. So limiting the account usage will help them reducing loss.
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Old Jul 17, 20, 3:11 pm
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Originally Posted by invisible View Post
....from a checking account in one bank .......
If you mention the name of the bank someone may be able to give you more specific instructions.
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Old Jul 17, 20, 4:02 pm
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Originally Posted by garykung View Post
I believe this is intentional. Financial institutions bear the risks for all unauthorized transfers. So limiting the account usage will help them reducing loss.
But, it does exist.

OP is simply mistaken.
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Old Jul 17, 20, 5:01 pm
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Originally Posted by Often1 View Post
But, it does exist.

OP is simply mistaken.
But still limited. For example, Citibank allows domestic transfers between Citibank clients under Global Transfer. But the amount is limited to $1,000 for "unfamiliar" clients.
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Old Jul 17, 20, 5:08 pm
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depends on amount

Zelle/Venmo/Paypal allow you to send to a third party, but have daily/weekly/monthly limits


Zelle is likely the easiest if credit union supports it and relative has online account access to add it easily (tie it to their phone number, you send Zelle to their phone number. Relative doesn't have any new venmo/PayPal account to keep track of)
https://www.zellepay.com/get-started


Mobile check scanning (assuming the credit union has it, requiring you log into their account) also have daily/weekly/monthly limits

ACH transfers - sometimes require you link & confirm accounts (they send over <$1 deposits for you to verify ownership)
some banks charge a fee for ACH-push (hey, they don't want to make it easy for you to push money away from their bank), usually free for ACH-pull (hey, they want you to move money into their bank)

Wire transfer - you may have wire fees in both accounts (transmitter and receiver)
some banks waive wire fee for high-net worth
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Last edited by paperwastage; Jul 17, 20 at 5:37 pm
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Old Jul 17, 20, 6:46 pm
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Originally Posted by garykung View Post
But still limited. For example, Citibank allows domestic transfers between Citibank clients under Global Transfer. But the amount is limited to $1,000 for "unfamiliar" clients.
That was not what OP was complaining about. He said that there was no such system. There is.

For Bank of America, for instance, the limit is $3,500 per day. That likely covers whatever it is that OP wants to send, e.g. "several thousand."

It would be most helpful if OP would provide the name of his bank.
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Old Jul 17, 20, 8:35 pm
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I have checking accounts at HSBC and Citi. Recepient’s account is at Great Basin FCU.

Have to reiterate - walking thru other party setting up other account/zille/service/etc is not really an option. I want to know what I can do from my side without involvement of other party given the options I have.
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Old Jul 17, 20, 8:54 pm
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Originally Posted by invisible View Post
I have checking accounts at HSBC and Citi. Recepient’s account is at Great Basin FCU.

Have to reiterate - walking thru other party setting up other account/zille/service/etc is not really an option. I want to know what I can do from my side without involvement of other party given the options I have.
either
1) attempt online ach transfer, requires verification of tiny deposits (technically only works if you are an owner/co-owner of the other bank account, and you're not)
2) wire transfer (completely handsoff for your relative)
3) bill pay, free (HSBC/Citi mails a physical check for your relative to deposit manually at their atm/bank location)




wire: must be done from one of your USA accounts
hsbc outgoing domestic wire fee - $35
citi outgoing domestic wire fee - ~$25

great basin incoming wire fee - $10
https://www.greatbasin.org/wp-conten...E_07012014.pdf




bill pay:
https://www.us.hsbc.com/online-banki...oney/bill-pay/
https://online.citi.com/US/JRS/pands....do?ID=BillPay
Need to add your own personal payees? We'll put the check in the mail for you(received within 5-7 business days).
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Last edited by paperwastage; Jul 17, 20 at 10:03 pm
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Old Jul 17, 20, 10:58 pm
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Originally Posted by invisible View Post
I have checking accounts at HSBC and Citi. Recepientís account is at Great Basin FCU.

Have to reiterate - walking thru other party setting up other account/zille/service/etc is not really an option. I want to know what I can do from my side without involvement of other party given the options I have.
Why not Bill Pay?
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Old Jul 17, 20, 11:57 pm
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Originally Posted by garykung View Post
Why not Bill Pay?
HSBC has only predefined billers you have to choose from. Hove not checked at citi.

Originally Posted by paperwastage View Post
either
1) attempt online ach transfer, requires verification of tiny deposits (technically only works if you are an owner/co-owner of the other bank account, and you're not)
2) wire transfer (completely handsoff for your relative)
3) bill pay, free (HSBC/Citi mails a physical check for your relative to deposit manually at their atm/bank location)




wire: must be done from one of your USA accounts
hsbc outgoing domestic wire fee - $35
citi outgoing domestic wire fee - ~$25

great basin incoming wire fee - $10
https://www.greatbasin.org/wp-conten...E_07012014.pdf




bill pay:
https://www.us.hsbc.com/online-banki...oney/bill-pay/
https://online.citi.com/US/JRS/pands....do?ID=BillPay
So basically yiu confirmed that what I said in my original message an electronic tranfer from a personal account to a personal account in US still does not exist on country level.

P.S. Thanks for spending your time.

Last edited by EmailKid; Jul 18, 20 at 8:59 am Reason: Back to back posts
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Old Jul 18, 20, 12:10 am
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Originally Posted by invisible View Post
HSBC has only predefined billers you have to choose from. Hove not checked at citi.
Citi you can bill pay an individual. It just mails them a check.
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