In the days before electronic banking, the easiest way to transfer money from one bank to another would be to withdraw the money and then deposit it into the other bank account. But in the world of Internet banking and instant electronic transfers, there is a much easier way to move money from one bank account to another as long as you own both accounts.
Checking Out The Process
It takes time to set up bank transfers, but once it is in place you can transfer money all you want. Before you start transferring, you need to check with both banks to see if there are any fees or limitations involved in transferring money from one bank to the next. Most banks allow you to make free transfers to other banks, but they might limit how much you can transfer. It is always good to know the ground rules for inter-bank transfers before you get started.
Getting Started
When you log into your sending bank account, you will see an option to link your bank account with another bank. To do this, you would supply your sending bank with the routing number for the receiving bank. On your checks, you will see two sets of numbers at the bottom. The number to the left is the bank’s routing number, and the number to the right is your account number. Take a look at a check from the receiving bank and use that to get the routing number to link your two accounts.
Verifying Your Account
Each bank has a different process for verifying an outside recipient, so you will need to find out what your sending bank requires to verify your account. In most cases, your sending bank will need the username and password for your receiving account to allow easy access. The entire process is secured, so you should have no hesitation in providing the information.
Waiting For Approval
Once you have submitted all of the information, you then wait for the sending bank to notify you that the link has been successfully established. In most cases, this can take up to a week. Remember that this link is not a two-way street. If you want to transfer money from the receiving bank back to the sending bank, you will have to go through the same process with the receiving bank.
People have multiple bank accounts for many reasons, and it is extremely convenient to be able to easily transfer money from one account to another. Be sure to check with each bank to make sure you are not going to have to pay any fees for transferring money, and remember to be patient as your sending bank confirms the link to your receiving bank. If you want to be able to send money back and forth between two banks, then you will need to go through the linking process for each bank.
Jim Treebold is a North Carolina based writer. He lives by the mantra of “Learn 1 new thing each day”! Jim loves to write, read, pedal around on his electric bike and dream of big things. Drop him a line if you like his writing, he loves hearing from his readers!