Quicken 2005 - How to Do Online Transfers?

Within the Online Center, there's a "Transfers" tab.

Transfer the money, Update, and you should be good to go.

Notan

Thanks for the reply. I'm running Q2005 R3 and I don't see a transfers tab anywhere in the Online Center. I also don't have n Oxfr option in any of my payment account registers.

On Sun 06 Mar 2005 10:28:46a, wrote in news: snipped-for-privacy@4ax.com:

bd,

On my Q2004D, there is an Online services tab when you edit the target account. I have only two choices and I have both Transaction download and Online Payment activated for the checking accout that I use to do Billpay. One of these, Transaction dowload I also have active on the savings account where I do transfers to & from this checking account. For that reason, I believe transaction download, also gives me the Transfer option.... however my bank must have billpay, transfers and downloads turned on to match Quicken or else I either get an error as soon as I try to connect or else when I attempt to use one of these functions which is turned off at the bank's end (and I have had this problem fairly often this past year or so due to poor software controls at the bank's end -- but I now know when to call them to head off this problem usually before it even happens).

Your bank must also be listed in the list of financial institutions which support these functions. You may want to have a talk with your bank's online services group.

I'll call my bank to close the loop. When I called Quicken Billpay they advised me there was no way to do an online transfer in Q2005 and that I had to use the Billpay website.

I don't think this is a "billpay" issue: I understood you to be talking about transferring funds from your checking to your savings account, or your checking account to your credit card account ... all at the same financial institution. To me, those are not billpay transactions.

If your bank offers the ability to transmit regular transfers from Quicken, then I believe you will see a "Transfers" tab for that financial institution in the Online Center and you will see an "Online Transfer" Action in their account register. If they do not offer it, you will not see those options.

On Sun 06 Mar 2005 11:59:50a, John Pollard wrote in news:390uobF5ur3n4U1 @individual.net:

This is probably true at most banks that support Quicken. At Bank One it is true for checking and savings. However, our Credit card with them was acquired some time back from First USA and it downloads from a separate server and I pay it using billpay rather than online transfer. When I look at my accounts on Bank One's server I do see all of the detail including credit card detail there as well.

I suspect that maybe other Bank One credit cards that were originally Bank One credit cards are more fully integrated than our CC account is and can probably be paid using account transfer.

Note: Bank One is is the process of being transformed into JPMorgan Chase.

originally Bank

AFAIK, "Transfer" is moving funds between deposit accounts, i.e. accounts where you can make regular cash/check deposits. These accounts usually are checking, saving, money market saving, and such. Credit card account is not a deposit account, thus I don't think you can pay your credit card by transfering funds from your saving/checking account (even within same bank). You can set up automatic payments from your deposit account to a credit card account, but it's not the same as transfer. I'm pretty sure that the transfer function comes with online banking, not with the BillPay.

snipped-for-privacy@excite.com wrote in news:1110161675.748372.257670 @l41g2000cwc.googlegroups.com:

As a point of reference, I checked my online credit union account. It gives me the option of transferring

FROM:

1) checking 2) savings 3) Visa (credit card) 4) overdraft line of credit 5) home equity line of credit

TO: any account I have enabled for online access, including child accounts.

My non-credit union account only has checking, overdraft and home loan accounts (and bank bill pay-- not Q bill pay). With just those options, I am not offered any transfer options in Q for this FI.

It would really be handy if one could TRANSFER between different FIs. Is that even within the realm of possibility? Or is that a banking industry only option?

Yes. Checks work nicely.

No you can write your own checks.

Andrew DeFaria wrote in news:mP_Wd.9737$m31.111502 @typhoon.sonic.net:

Changing the subject title...

Andrew, while your answer is technically correct, it also is not particularly helpful.

Due to a recent job change to a company that does NOT do direct deposit, I had to open a new account at a different FI than I have been using. I am, in fact, using the handwritten check method to transfer funds from one FI to another. My wife has direct deposit into the old account and I have my salary checks deposited into the new FI account.

That method of fund transfer is rather inconvenient due to my frequent and heavy travel schedule. A way to accomplish electronic fund transfer between different FIs would be of great help to me.

What do I need to know in order to see if my credit union and the new bank will support inter-bank EFTs initiated by me?

speedlever wrote in news:1110293870.ad3cbe271f04a8f62d3049fc64fd1cd1@teranews:

As a follow-up, I just called the affected FIs: BB&T Truliant Federal Credit Union

Both indicated it was NOT possible to perform inter-bank EFTs except via a bill pay service that would physically cut a check and mail to the other FI.

One reason I was given that EFTs between different FIs can not be done is due to the banking industry concern over fraud. I got the impression the banking industry is mired in indecision over how to effect this capability.

Is it just my particular FIs that won't allow this?

Hi, Speedlever.

Baloney!

Must be. For a few years now, Bank of America has been EFTing (is that a word?) my CD interest checks to my checking account at Wells Fargo. WF also credits interest from a WF CD to that checking account, but that is just an internal transfer, not EFT. Also, I can use the Merrill Lynch FTS (Funds Transfer System) to move money between my CMA account and my checking accounts at WF (both to and from CMA) and at Compass Bank (only from CMA to Compass, not the reverse). I had to sign paper documents for ML and the banks authorizing these arrangements, but that was a one-time thing that I did years ago. None of this involves a bill-pay service.

Note that I do not download these transactions into Quicken, although I'm sure I could. I sign on to WF online banking every few days and check to see that the funds have arrived, just like for my direct-deposited Social Security check, and then copy'n'paste them into Q. But the money has already moved, even if I'm a few days late in recording the transactions. Even with recent rock-bottom interest rates, it's better to get the cash transferred today by EFT than to wait for snail mail - and for my next trip downtown to deposit a paper check.

So, inter-bank EFT certainly CAN be done. Only your banker can say why your bank chooses not to do it.

RC

On Thu 10 Mar 2005 12:02:27p, R. C. White wrote in news: snipped-for-privacy@corp.supernews.com:

I believe you missed Speedlever's caveats:

Your response was giving non-Quicken information whereas I believe SL was looking for a possible Quicken online transfer solution.