OT: ACH transfer to Bank of America

Not much Quicken content to this post, but perhaps some of you know the answer to this one.

I frequently use my bank's "bill pay" feature to transfer funds to a Bank of America checking account. Verily, it works. But it is really slow, like 10 to 14 days slow. The problem is that the transfer is implemented as a paper check sent by mail. My bank tells me that they can do nothing about this, it is the fault of Bank of America.

Has anyone else faced this problem? I obtained instructions directly from Bank of America to set up the transfer, so I don't have much hope that they will help me now. If you are able to transfer money into Bank of America electronically, please post.

Reply to
David Arnstein
Loading thread data ...

Does BofA not have a "deposit a check with your smartphone" product?

Reply to
danbrown

I have to admit, I did not think of this. BofA does indeed have a smartphone app. I really really don't like this kind of app, I consider them to be a security risk. But this is probably the only way to speed things up. You really gave me something to think about.

Reply to
David Arnstein

David Arnstein wrote in news:o3254d$9o9$1 @reader1.panix.com:

Why do you consider them to be a security risk? I don't get many paper checks anymore, but when I do, I use Wells Fargo's remote deposit and never have a problem.

Reply to
Porter Smith

The smartphone app does a lot more than read checks. It allows access to my bank account. I don't like that.

Reply to
David Arnstein

Instead of using your bank's bill pay, have you considered using a bank-to-bank transfer? The service is free at most banks and the ACH transfers usually complete in two to three business days.

Reply to
Sherlock

Yes, exactly. My bank told me "no can do" on Friday. On Monday, I will call B of A and ask them if they can arrange it.

Reply to
David Arnstein

---------------------------------------------------------------------------

Yes, exactly. My bank told me "no can do" on Friday. On Monday, I will call B of A and ask them if they can arrange it.

-----------------------------------------------------------------------------

BofA allows transfers to and from non-BofA financial institutions.

Transfers FROM non-BofA financial institutions to BofA are free. BofA says the transfer from my non-BofA financial institution will be delivered in 3 business days. There's a fee for transfers TO non-BofA financial institutions FROM BofA - it varies depending on the transfer time you elect. Three business days is cheapest; same business day the most expensive. You can sign-up for and initiate such transfers from the BofA web site.

USAA Federal Savings Bank does not charge for a transfer either to or from USAA.

Reply to
John Pollard

The smartphone app does a lot more than read checks. It allows access to my bank account. I don't like that.

Reply to
Scott W

Paranoid much?

Reply to
Sharx35

"Scott W" wrote in news: snipped-for-privacy@earthlink.com:

Do you think accessing the bank via a smartphone app is less secure than their web page?

Reply to
Porter Smith

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.