shadow1woman said:Can't you just call and request that they do a direct deposit to your account? Everytime I call BOA for anything they almost beg me to do a BT and they want to deposit it directly into my checking account. They send me checks once a week and keep raising my credit limit. The only problem with it
is the BT rate is 3.99%, or I would take it.Few issuers other than BOA (and Advanta) do direct depost to checking. Otherewise, this situation would be a lot more simple

bump

very useful thread

Has anyone considered doing a BT into a line of credit instead of a HELOC? (for those that are not eligible for a HELOC). For example, the Citi Flex Line of Credit .

The disadvantages I see are:
- lower limits (but may be still useful if one cannot do a HELOC)
- higher interest rate (again, if HELOC is not a choice, it's still better than nothing)
- I've read that this line of credit reports on your credit the amount of money you have used, and it appears line a credit line that is maxed out (e.g., if you have a $15K line of credit, and only BT $5K into it, it doesn't report the credit limit, but only the $5K you deposited, making it look like you maxed it out).

Despite these limitations, it seems like a reasonable way to achieve the goal of doing BTs. Any opinions on this?

Hc000 said:I need some help in getting my BT money, I want to know what everyone's suggestion is to the BEST/FASTEST way to get the money out.

I have the following CC

BoA 12k 0%
Capital One 3k 0%
AMEX 7k
Citi 3k 0%
Discover 3k 0%
WAMU 2.5k

I have Checking account at these bank

Wachovia
BoA
WAMU

I called citi, you can't BT straight into checking account. I also read many posts in this thread saying that BT to citi and then using the online system can take up to 30 days... which is way too long.

Call BofA customer service, ask for a BT into checking via ACH. Use a non-BofA account for the destination (e.g., your Wachovia checking). Say you are trying to BT only 6K out of that BofA card (50% util). For that transaction, you can actually ask for a BT for a higher amt, e.g. 8.7K (just under 75%). Then using Citis online interface, BT 2.7K into that BofA credit card, making sure that BofA BT has already posted. So you will have 8.7K BT-ed out in a short time, out of which 6K is owed to BofA, and 2.7K is owed to Citi. In the meantime, initiate BT out of your other cards into the Citi card, which will result in overpayment (above the 2.7K already owed on Citi). Once the overpayment has posted, use the Citi online interface to request a BT check to yourself.

So to summarize:

Day 1: Call BofA, ask for ACH into Wachovia checking a BT in the amt of 8.7K,
Day 1: Initiate BT from {CapOne, AMEX, Discover, WAMU} into Citi,
Day 2: (or as soon as the BofA card shows balance): Initiate an online BT from Citi into BofA an amt equal to 2.7K,

Day x (x=7, 8, 9, etc): Initiate an online BT from Citi as a check to yourself. Check will take some time to reach you.

Alternatively, you can wait for all the BTs to post to Citi for one massive overpayment, and request a large BT out of city as a check to yourself.

Notice that in this process, you get 8.7K almost immediately, due to BofA making an ACH into your Wachovia checking. The rest will come in about 10-20 days, depending on how fast all the transactions go through.

Be careful of the BT fees. At 3K limits, w 49% util, even if you are paying a $50 fee per BT, you are paying too much. Hopefully the BofA and Citi cards have $0 BT fees.

I also suggest you wait for a couple of more responsees, in case someone has a better, safer, faster strategy.

lilminwoo said:Last week I did a $20k BT from my BOA card at 0%/$0 fee to my checking. Funds showed up in my checking acct within 3 days. Couple days ago I received three BT checks from BOA. Seem like I can use them to deposit into my checking account at the same 0%/$0 fee

My Discover Biz card with $13k CL won't send me any BT checks for some reason! Would I be able to do a BT from my Discover Biz card to the BOA card for about $12k and then use my BOA checks to re-deposit the $12k into my checking?You can launder $$$ using BOA as your b_tch. Be advised, jairocon's experience.....

With CITI, is it possible to phone them and have the BT put directly into my checking account at another institution?

If not, are there any other options for getting the BT into my checking account at another institution that do not involve having a large cheque going through the mail?

Thanx.

When it says National City Visa - called in to request check in my name, is that referring to the Lifespring Visa? Because I was applying for that and it specifically says something about sending money to yourself or in cash wouldn't go through. Anyone with experience BT from Lifespring Visa please give advice. Thanks.

mase said:When it says National City Visa - called in to request check in my name, is that referring to the Lifespring Visa? Because I was applying for that and it specifically says something about sending money to yourself or in cash wouldn't go through. Anyone with experience BT from Lifespring Visa please give advice. Thanks.

I have been trying to get a BT into my savings with the lifespring last few weeks. I filled out a piece of paper and requested they "pay" my savings account. If they are truly that tight on the BT I may just pay off another BT card with them. Be careful with the checks they send you, they seemed to be cash advance convenience checks to me, not balance transfer checks.

mase said:When it says National City Visa - called in to request check in my name, is that referring to the Lifespring Visa? Because I was applying for that and it specifically says something about sending money to yourself or in cash wouldn't go through. Anyone with experience BT from Lifespring Visa please give advice. Thanks.

My experience with LifeSpring Visa by National City was call, ask for a check made out to you, confirm the terms, then they send it in the mail. No fees unless you ask them to cancel the check (but why would you do that?). If you talk to the internet department, they will tell you that all you can do is BT.

cyclepoints said:mase said:When it says National City Visa - called in to request check in my name, is that referring to the Lifespring Visa? Because I was applying for that and it specifically says something about sending money to yourself or in cash wouldn't go through. Anyone with experience BT from Lifespring Visa please give advice. Thanks.

My experience with LifeSpring Visa by National City was call, ask for a check made out to you, confirm the terms, then they send it in the mail. No fees unless you ask them to cancel the check (but why would you do that?). If you talk to the internet department, they will tell you that all you can do is BT.

Ok it sounds like I can ignore that warming that they have in the middle of the application, that says you can't BT to yourself? Did it have that when you applied? What was the number you called for the BT, so that I don't accidentally call the internet department?