Category: 

How do I Move Money?

Article Details
  • Written By: Malcolm Tatum
  • Edited By: Bronwyn Harris
  • Last Modified Date: 29 March 2018
  • Copyright Protected:
    2003-2018
    Conjecture Corporation
  • Print this Article

The process of moving money has never been easier. Thanks to innovations in technology, it is now possible to move money between accounts at the same bank, from one bank to another, or even through a wire service with relative ease. In some instances, it is even possible to open a new account online and move money from an older account into that new bank account in a matter of minutes.

One of the more common situations when people move money is between their own personal bank accounts. For example, an individual may wish to move funds from a checking to a savings account, or vice versa. In times past, this move required a trip to the bank where bank employees managed the transaction for the customer. Today, it is possible to move the money with a telephone call or via online access with the greatest of ease.

In order to move money by telephone, the account holder calls a number set aside by the bank or credit union for customer inquiries. Using the prompts provided by the automated attendant, the caller identifies the account that the funds are to be removed from, then the account in which the funds are to be placed. Using this type of telephone banking service requires accessing the system using a phone with touch-tone service. In the event that the customer is at a location that only offers analog phone service, assistance from a customer support professional at the bank would be necessary to manage the transaction.

It is also possible to move money using an online interface. Many financial institutions allow account holders to access account information online, using secure interface strategies that involve devices such as passwords, code keys and responses to specific queries before granting that access. Once the customer successfully enters the online banking interface, it literally takes seconds to execute an order to move money between any two accounts owned by that same individual.

For the most part, any transaction designed to move money between accounts owned by the same person at the same bank are free of any cost. Should the account holder wish to move funds to the account of a different depositor, either at the same bank or to another financial institutions, there is more likely to be some type of fee applied. The amount of the fee often is based on how quickly the funds need to be moved, with shorter move times incurring a higher fee. In addition, it is necessary to supply specific data that identifies the destination account, such as the bank routing number, account number, the name of the account owner, and the amount of funds that are to be included in the transaction.

It is also possible to move money using an independent wire transfer service. Many today will allow clients to use bank debit cards to fund the transfer. Again, the sender must provide key information for the transmission to take place, including the name of the recipient, the routing and account numbers of the receiving institution, and the amount of money involved in the transfer. In situations where the recipient will be receiving the transfer at a non-bank facility, there is sometimes the requirement of some type of identification number that must be presented before the funds are released. That number is generated at the time the transfer is initiated and is supplied to the recipient by the sender.

Ad

Recommended

Discuss this Article

Post your comments

Post Anonymously

Login

username
password
forgot password?

Register

username
password
confirm
email