Bank Transfer Fees: We don’t know what they’re for, either.

Ding. That’s the sound of another fee draining your bank account. Hmmmm, you think to yourself, where the heck did this fee come from? You’ve held up your end of the bargain by budgeting and checking your account daily to avoid overdraft fees. You only go to ATMs that are free with your debit card. So what gives? It’s the latest and not-so-greatest way for banks to take your money – bank-to-bank transfer fees (also commonly known as ACH transfer fees).

ACH what? Before you think this charge couldn’t possibly apply to you b/c you don’t know what the heck ACH even means, think again. You’re probably more familiar with them than you think. It stands for automated clearing house. In plain English: these are electronic fund transfers that move money from one bank to another. For example, you want to move money electronically from bank Y checking account to bank X savings account. Ding. There’s a fee to access your own money.

You don’t have to like it and you don’t have to take it. Get a little miffed and do a little homework. The good thing? If you initiate the transfer from a bank that doesn’t charge this “transfer fee,” then the receiving bank can’t charge you for it either. So, go to the website of the bank (or banks) in question. If you can’t find information on whether they apply these transfer charges there, then get on the phone with them. Ask if they’re going to start charging you to initiate these types of transfers with them (you may find out they already do). The best thing to do to avoid that is to initiate the transfer with the bank that doesn’t charge.

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  • John Smith

    On home page, “charge couldn’t possible” should be “charge couldn’t possibly”

  • Dave Blanchard

    Very helpful to know, thanks for the info

  • http://www.moneyreallymatters.com vijaianand

    I know for sure BOA charges transfer fees for personal and business saving account pushing people to open checking account. Thats one reason I close down my BOA accounts. Also many credit unions actually don’t even allow bank transfers. You can recieve ACH’s but not send money. THey nowadays use echeck to send cash and charge money for external banks.. So check with your credit union as well.

  • Jason

    Wow, that’s actually good information to know, especially because I transfer money all the dang time. Talk about another low blow, I’ll just intiate the transfer from Ing to elsewhere or back instead.

  • SChand

    As good as it sounds, I can’t help but think that there’s some marketing spiel attached to this post, though its pretty subtle. Very nice way of putting it across and kudos to the marketing team at ING. Don’t get me wrong, I like ING and bank with them :)

    Cheers

  • http://www.sundaymorningsoliloquy.com leyla

    I think this is a great post and all businesses should do such a good job.

    To the person above, yes, of course it is for marketing purposes. ING is a bank, their greatest goal is to make money. Being a good corporate citizen is a choice any business can make but all business function for profit.

  • Janice

    Can anyone tell me banks that don’t charge the transfer fee. I have BECU (Boeing Credit Union) and they don’t charge. All my other banks do charge, so I may have to get rid of those banks to find another bank that has free transfers. I have US bank, Chase and Wells Fargo –they all charge the transfer fee.

    Thanks,

    Janice

  • Es.

    Bank of America charges a transfer fee on checking accounts.