Author Topic: Bank that uses Zelle for free transfers  (Read 1180 times)

Ives

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Bank that uses Zelle for free transfers
« on: February 28, 2019, 01:19:25 PM »
My main bank is Bank of America but I have savings in CIT bank for a high interest rate.  BoA charges $3 to transfer money out of the bank to another.  Unless I use Zelle, which has something to do with using your email to send transfers.  BUT CIT doesn't use Zelle!  So I'm thinking of getting ANOTHER bank account, just to use to transfer between BoA and CIT, that uses Zelle, that also lets me transfer for free to CIT.  Bonus if they are currently offering a cash bonus for opening a bank account! Anyone happen to have ideas or do something like this?

solon

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Re: Bank that uses Zelle for free transfers
« Reply #1 on: February 28, 2019, 01:26:59 PM »
Could you use online bill pay to pay yourself at CIT?

RWD

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Re: Bank that uses Zelle for free transfers
« Reply #2 on: February 28, 2019, 01:32:35 PM »
Ally supports Zelle.

I am actually kind of shocked that BoA charges to transfer money to an external account. I have used Wells Fargo, Chase, Ally, and a couple credit unions and never had a single one charge for ACH transfers. If that is really the case then the solution is to close your BoA account (which you should probably do anyway because they suck).

Ives

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Re: Bank that uses Zelle for free transfers
« Reply #3 on: February 28, 2019, 01:51:02 PM »
Yeah I probably should close it but the thought of changing all my direct debits and stuff sounds too overwhelming!

RWD

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Re: Bank that uses Zelle for free transfers
« Reply #4 on: February 28, 2019, 02:18:27 PM »
Yeah I probably should close it but the thought of changing all my direct debits and stuff sounds too overwhelming!
We did that when we closed our Wells Fargo account. I made a list of everything that depended on it and one by one switched them to our Ally account. Once nothing was going through the Wells account anymore I transferred out the remaining funds and closed it. I did it over a period of months so it wasn't too overwhelming, but it is a process for sure.

robartsd

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Re: Bank that uses Zelle for free transfers
« Reply #5 on: February 28, 2019, 02:30:12 PM »
I have a local credit union that charges a fee to set up an outbound ETF (I don't know why they do this), I have yet to see any institution charge for an ETF initiated elsewhere or charge to set up an ETF into their accounts. To move money from my local credit union, I just request it at the other institution's website. Can't you just set up the ETF on CIT's website to pull the funds? BOA will just see this as another direct debit. Sure, the funds take a day or two longer to become available when you pull them instead of pushing them, but you'd have a similar delay pushing through an extra bank.

GizmoTX

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Re: Bank that uses Zelle for free transfers
« Reply #6 on: February 28, 2019, 02:53:01 PM »
Wells Fargo charges for payment transfers to other banks, but does support no fee Zelle & PayPal. We get around this by using a different bank to initiate a free transfer to or from WF. We still have the WF account for local services (free notary) but keep just enough in it to support recurring EFT transactions that charge a fee for using a credit card. We also link PayPal & Zelle to this account to keep our exposure minimal; we use them for payments with friends who prefer this method. We never write checks anymore against WF or use its bill pay.

Our primary checking account is Schwab: no fees, free checks, ATM fee reimbursement anywhere in the world, bill pay that withdraws our money only when the recipient cashes the check, mobile deposit. In addition to no fee for transfers, it has a high $100K limit on daily transfers. We also have savings accounts with Ally, Synchrony, & CIT (linked to Schwab) but never do Zelle with them.

Phoenix_Fire

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Re: Bank that uses Zelle for free transfers
« Reply #7 on: February 28, 2019, 03:09:39 PM »
Ives, if you initiate the transfer from CIT so it pulls from BofA, there shouldn't be a charge.  I have automatic transfers set up that for my Cap One account that pulls from BofA 2x per month with no charge.

When I set up any transfer between my accounts I always do it from the account that will be receiving the money.  I probably did this initially years ago to avoid fees, and now it's just something I do without thinking about it. 

All that being said, I am in the process of transferring from BofA to Ally.  I'm tired of the 0 interest rate they provide.

Ives

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Re: Bank that uses Zelle for free transfers
« Reply #8 on: February 28, 2019, 03:36:20 PM »
Ives, if you initiate the transfer from CIT so it pulls from BofA, there shouldn't be a charge.  I have automatic transfers set up that for my Cap One account that pulls from BofA 2x per month with no charge.

When I set up any transfer between my accounts I always do it from the account that will be receiving the money.  I probably did this initially years ago to avoid fees, and now it's just something I do without thinking about it. 

All that being said, I am in the process of transferring from BofA to Ally.  I'm tired of the 0 interest rate they provide.

Ooo I will check this out!