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There's a lot to think about when opening a new bank account, like what features it offers and how you're going to access your cash. But just as important is knowing how to transfer money to another bank. There are a few ways you can go about this, and we'll talk about each of them below. How a bank transfer worksThere are several ways to transfer your money from one bank account to another, whether the new account is at the same bank or a different one. Usually, all you have to do is tell the bank that currently has your money where you'd like it sent and it will move it for you. But to do this, you need to know two things: your routing number and your account number. Routing numberYour routing number corresponds to the institution that's holding your money. You can often find your routing number by:
TIP Finding your routing numberIf you have checks, you can find your routing number listed on the bottom of each check. It's usually the first number written there, and it's nine digits long. Account numberYour account number identifies your personal account within that bank. This can be 10 or more digits long, depending on the bank. You can find yours as the second number written on the bottom of your checks or you can contact your bank to ask. You may need to answer some personal questions to verify your identity before the bank will give you this information. Types of bank-to-bank transferThere are four ways you can transfer funds between banks. Here's a closer look at the pros and cons of each. Electronic transfersElectronic transfers are the simplest option for most people and they're free. All you need is:
When you do an electronic transfer to another account at the same bank, it's often instant. But when you transfer funds to another bank, it can take up to three business days. Plus, many banks limit how much their customers can transfer per day or per month. Oftentimes, these limits are several thousand dollars, so they should be enough for most people. But those looking to transfer large sums at once may have to explore some other options. Pros of electronic transfers
Cons of electronic transfers
How to transfer money to another bank electronicallyIf you want to electronically transfer funds to another bank, follow these steps:
Wire transfersWire transfers are an alternative if you need to access your funds quickly or if you need to transfer large sums at once. These are similar to electronic transfers, but they happen much faster. Most domestic transfers can be processed on the same day. TIP Look for feesMany banks charge fees for outgoing wire transfers and some charge for incoming wire transfers as well. Wire transfers can also be difficult to stop if you change your mind after you've initiated them. Wire transfer pros
Wire transfer cons
How to transfer money to another bank with a wire transferIf you want to move funds via wire transfer, take these steps:
Zelle is a popular money transfer app used by many U.S. banks and credit unions. It doesn't have fees, and transfers between banks are often instant. Learn more: Full Zelle Review Check transferIf you're not comfortable banking online, you may decide to move your funds via a check transfer. This is where you write a check from your current bank account and deposit that check into your new bank account. You need a checkbook to do this and your current account must offer check-writing capabilities. Security is also a little more of a concern here because if you lose your check, there's a possibility that someone else could find it and use it to steal your money. Another issue for those depositing large checks is that you may only get access to a portion of your funds right away. It can take a few days for your bank to release all the funds to you. Check transfer pros
Check transfer cons
How to transfer money to another bank with a check transferHere are the steps to transfer your money to another bank with a check:
Things to keep in mind when transferring money between banksHere are a couple things to keep in mind when moving money between banks. Always verify that you've entered your information correctlyBefore you send money using any of the methods above, make sure you've entered all of your information correctly, especially your account number. If you accidentally transfer your funds to someone else, you may not be able to get them back. If you do inadvertently send money to the wrong place, reach out to the bank to see if you can stop the transfer before it completes. Watch out for excess withdrawal fees from savings accountsWhen moving your money out of a savings account, you could face excess withdrawal fees if you make more than six withdrawals in a month. This is because of a federal law known as Regulation D that required this limitation on savings accounts. TIP Good to knowThe government suspended Regulation D early in the COVID-19 pandemic and has yet to reinstate it. But many banks still charge fees for those who exceed six monthly withdrawals. It's worth noting that not all withdrawals are created equal. The six monthly withdrawal rule usually only applies to "convenient" withdrawals, such as:
But withdrawing money at a bank branch or taking cash out at an ATM doesn't count toward these limits. Learn more: What is Regulation D? If you have any questions about transaction limits or what kind of fees you could face for moving money out of your savings account, reach out to your bank to ask. FAQs
How can I transfer money with my account and routing number?How to transfer money to another bank electronically. Log into your online banking account at your current bank.. Select the Transfer option. ... . Enter the routing and account number for your new bank account.. Select how much you'd like to transfer.. Confirm the transfer and wait for the funds to show up in your new account.. How can I send money instantly with my checking account?Best Methods for Quickly Transferring Money. Zelle. Zelle can be used online, through the Zelle mobile app or through participating banks' online banking platforms. ... . PayPal. PayPal lets you send, request or collect money online or with the PayPal app. ... . Venmo. ... . Western Union. ... . Walmart2Walmart.. Can I use my routing and account number to send money on cash App?To use your account and routing number:
Tap the Money tab on your Cash App home screen. Tap the routing and account number below your balance. Use the options to copy your account and routing numbers. Provide the account and routing number when prompted for a bank account during direct deposit setup.
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