No Carrier's Comments

Banking - Not that exciting.. Sorry New Year Post

There is a feature at some banks, which I have come to love. I Saw it first about a year ago, and wasn't sure if it would take off or just be one of those features like buying stamps and bus passes from your atm, which never really got off the ground.

Something called external transfers.
Its sort of like sending a wire, but it much much easier and designed to transfer money from your account at another bank to your account at this bank.

IE.. I get an expense check from my company. Say its 500.00 My NY bank Chase is connected to my united miles credit card, so I use my United Miles Credit Card for business purchases.

But now that I live in LA how do I get my expense check deposited into Chase.. (which is not here) so I can pay my CC bill directly on the day I want from Chase to United..

In comes account transfer.
I deposit my expense check into Wells Fargo.. my local branch.. Then set up an a transfer of funds from my Chase account to take the 500 from Wells, and deposit it directly into my Chase / United Credit Card bill.
No on line bill pay, no writing a mail in depoist slip, no writing a check. Nothing...
Its done in the blink of an eye.

I got to think about this and found that with my real estate ventures and software business I sometimes need to transfer thousands of dollars from one high interest Money market account to a local checking to buy some property, or pay a landscape bill.

Using external transfers work. Move a few grand from a saving to one of my checking accounts, at a different bank, instantly, Pay my Credit Card Bill from a Money Market No problem.

Setting up external transfers - or external accounts turns out to be just as easy as setting up billpay .. Right from your website.. There is usually no cost to move money around this way

So far I have it working with Chase WAMU and Everbank. WellFargo, falls behind in this area.. I can send money and take money from wells using one of my other accounts, I cant however start the transaction up with wells.
Wells Fargo does not have this feature yet. But using my other accounts to send and take money from wells, Its not all that bad. If WAMU needs 50 bucks, I use Wamu to take 50 from wells Wells didnt need to send it to Wamu.. it can work either way.

Ok So you think I am dense I just thought this was a cool thing..

Take care, have a happy and fun filled new year.
Oh remember , if you have to drink and drive, please be careful. That drink is way to valuable to spill!! :)

Bob Lee

posted by Bob Lee @ 11:04 AM