Moving money within accounts at one financial institution is easy enough.
But what if you have accounts at separate banks, fintechs or credit unions?
What if you have retirement accounts to fund?
Where are theaccount and routing numberson a check? We show you how to find them and tell you what they are used for.
What if you oughta send money to someone else, whether at the same bank or a different institution?
One is likely to make sense for your situation.
Investors can easily rack up various accounts for savings, checking, money market, stocks and IRAs.
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ACH was established in the 1970s as a cheaper, more efficient alternative to paper checks and wire transfers.
ACH and electronic funds transfer (EFT) are often used interchangeably.
However, ACH is a key in of EFT.
EFT is a broader term that includes other transfer methods, like digital payments and wire transfers.
For the sake of example, lets name your two financial institutions Penny Credit Union and Hoarder Bank.
Find the Transfer Funds action using the sites or apps menu.
Then locate the option for external transfers and select an option along the lines of Link an external account.
Provide Penny Credit Union with the account number and routing number for your Hoarder Bank account when prompted.
To determine youraccount and routing numbers, you’re able to reference a check.
The first option requires that you provide Penny Credit Union with your username and password for Hoarder Bank.
This can get messy if you have two-factor authentication turned on for the Hoarder Bank account.
The second option may take longer, but its also more likely to be secure.
This can take multiple business days.
You will also be set up for all future bank-to-bank transfers.
Withdrawing and Depositing Cash
Dont have a checkbook?
There are a few common ways to do bank transfers with another recipient.
However, wire transfers are costly (for the payerandthe payee) compared to alternatives.
You will typically also need to provide a photo ID.
You will then need to report the deposit amounts to confirm that the requested account is yours.
You may want to consider this option for security reasons.
This is true of most payment apps.
Here are some of the benefits and drawbacks of each.
If mailing the check, you will obviously need to find the recipients address.
Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…