How to move money from one bank to another? BOA now charging me.

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I transfer money each month to Vanguard for my son's investment account, to his 529 and to my Penfed savings account. On my last two transfers to Penfed, BOA is now charging me $10 per transfer which will continue unless I cancel it.  They used to not charge me, so it was never an issue before.  I went ahead and cancelled the automatic transfers to Penfed, but want to keep sending money to them. I am a preferred rewards customer which they confirmed when I called them, but this is ridiculous. 

I use the account for vacation money, casino trips or whatever. It isn't much, but it adds up after 6 months or a year of transfers. No H&B though, only use cash for those transactions (don't ask me how I know this). 

Does anyone here transfer money from their BOA account to another bank using automatic transfers? Are you getting a fee? Any idea on how to transfer without the fee? 

My other concern is that the bank may start charging me $10 per transfer for the 529 and his investment account which is too much.  It has been quite a few years since I set up these two transfers so I don't know why they don't cost me a fee, but the other transfer did. I looked in automatic transfers and bill pay and the investments are not listed, so I cannot figure out how I transferred those amounts. I think I may have initiated the transfer through Vanguard, but I am positive I didn't do that through the 529 account. 


 

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qcumber98 (Mar. 24, 2017 @ 11:36a) |

Set it up through Penfed. Thanks again everyone

chocula (Mar. 27, 2017 @ 5:26p) |

Are you able to get reasonable limits for ACH push? In my experience they offer ridiculously low limits, around 5K IIRC.... (more)

Powza (Mar. 27, 2017 @ 5:44p) |

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chocula said:   I transfer money each month to Vanguard for my son's investment account, to his 529 and to my Penfed savings account. On my last two transfers to Penfed, BOA is now charging me $10 per transfer which will continue unless I cancel it.  They used to not charge me, so it was never an issue before.  I went ahead and cancelled the automatic transfers to Penfed, but want to keep sending money to them. I am a preferred rewards customer which they confirmed when I called them, but this is ridiculous. 

I use the account for vacation money, casino trips or whatever. It isn't much, but it adds up after 6 months or a year of transfers. No H&B though, only use cash for those transactions (don't ask me how I know this). 

Does anyone here transfer money from their BOA account to another bank using automatic transfers? Are you getting a fee? Any idea on how to transfer without the fee? 

My other concern is that the bank may start charging me $10 per transfer for the 529 and his investment account which is too much.  It has been quite a few years since I set up these two transfers so I don't know why they don't cost me a fee, but the other transfer did. I looked in automatic transfers and bill pay and the investments are not listed, so I cannot figure out how I transferred those amounts. I think I may have initiated the transfer through Vanguard, but I am positive I didn't do that through the 529 account. 


 

$10 for each ACH transfer. That is robbery. Any reason you are sticking with BoA for your main checking account.
  Open an account with Alliant or Ally; these are good ACH hubs. If you want to maintain BoA as the primary checking account, you will need to do two ACH transfers --- BoA to Alliant/Ally and Alliant/Ally to the intended destination (529). But they are free and quick (usually one business day each for Alliant).

Do you have the funds moves as transfers outside BofA, or as bill payments? If the former, next business day transfers carry a $10 fee (3-day is $3). If moving the money by bill pay instead will work for your purpose, it's no fee. I use this method for moving from BofA to accounts at a couple other banks with no issue and no charge.

I auto-transfer funds from my BoA acct into a my ING savings acct every month. It's no fee. And I can auto-transfer from my ING acct to another bank. I automate this all through my ING acct.  I do not generate the transfers from BoA. 

chocula said:   I transfer money each month to Vanguard for my son's investment account, to his 529 and to my Penfed savings account. On my last two transfers to Penfed, BOA is now charging me $10 per transfer which will continue unless I cancel it.
At PenFed you can add external bank accounts (I believe PenFed needs to verify the accounts via small deposits).

Once verified, you can have PenFed PULL funds from BofA, which will hopefully then be free on the BofA side. I think you can even have PenFed PUSH funds elsewhere, so if you add your Vanguard, 529, and BofA accounts to PenFed, you can likely do all of the above in PenFed (by pulling a large enough sum of money each month from BofA into PenFed, then sending it out as you see fit).

It may help to open up a PenFed checking account though (since PenFed SAVINGS accounts are limited by Federal Reg D rules, limiting withdrawals to around 6 per month). Checking accounts have no limits on number of withdrawals. As a bonus, you should be eligible for 2% back on the PenFed Power Cash Rewards Card (instead of 1.5%) when you have a checking account:
https://www.fatwallet.com/forums/finance/1554974

Their "Access America" checking account requires a $25 minimum opening deposit and a $500 average daily balance (or a $500/month direct deposit) to avoid monthly fees:
https://www.penfed.org/Access-America-Checking/


  

Step 1: Pull the payments from the brokerage accounts instead of pushing from BoA.
Step 2: Get a better bank than BoA

They've had a fee for outgoing external transfers since at least 2010. (I had a student checking account with them at that time since they had the ATM contract at my college) Wells Fargo, TD and US Bank among others also charge for outbound external ACH transfers https://www.nerdwallet.com/blog/banking/ach-transfers-costs-send...

Why not pull from Vanguard?

They (Bank of America) sure don't make this fee information easily available. Wasted 30 minutes searching various fees (outgoing ACH, outgoing domestic wire transfer, outgoing international wire transfer) to no avail.

Anyone has links to fee schedules with these fees? nerdwallet.com doesn't qualify for me - I'd like to see a fee schedule on bankofamerica.com.

Preferred rewards doesn't seem to waive any transfer fees except for incoming wire.

$10 for outgoing ACH is ridiculous.

Edit: Found following links via some googlefu:
Wire fees: https://www.bankofamerica.com/foreign-exchange/wire-transfer.go
ACH fees: https://www.bankofamerica.com/content/documents/agreement/tnc168.pdf

Also, OP, these fees seem to have been in place forever (or at least since January 2016). How comes you didn't notice or didn't have them before?

OP, the best thing is to do, like others have said already, pull the money from your destination accounts

chocula said:   ...My other concern is that the bank may start charging me $10 per transfer for the 529 and his investment account which is too much.  It has been quite a few years since I set up these two transfers so I don't know why they don't cost me a fee, but the other transfer did. I looked in automatic transfers and bill pay and the investments are not listed, so I cannot figure out how I transferred those amounts. I think I may have initiated the transfer through Vanguard, but I am positive I didn't do that through the 529 account. 


 

  It looks like you already doing pulls from the 529 and his investment account.

These are B of A's ACH fees:

Outbound 3rd Day:$3
Inbound 3rd Day: Free
Outbound Next Day: $10
Inbound Next Day: Free
Outbound Same Day: $30
Outbound International (foreign exchange): $35
Outbound International (U.S. dollars): $45

Outbound $10 fee is for next day. Outbound $3 fee is for three day service. Inbound is no charge. Wells Fargo recently removed their outbound ACH fee. Citibank outbound is free too, but I'm unsure if they charge extra for next day service. Banks generally don't charge for inbound. For outbound, it varies. If they do, see if you can do an ACH pull from the other bank instead.

Why not have vanguard pull it? I think they actually credit your account faster if they pull it

Luniz97 said:   Why not have vanguard pull it? I think they actually credit your account faster if they pull it
  This. And the limits are likely higher too.

Open a Merrill Edge account..have it just open...link everything together, transfer from BofA to Merrill Edge (real time), then Merrill Edge to Vanguard ($0 fee). Same system, same everything, just Merrill Edge is sending it so it's no charge..that's the work around that works for sure.

PenFed has verified you can order the ACH transfers INTO your PenFed account for no fee. AFIK, BAC would NOT charge a fee in that case.

https://twitter.com/PenFed/status/844545792656445440
Followup:
https://twitter.com/PenFed/status/844545848939872256

I am a bit startled by this ACH fee. I had and have accounts at many different financial institutions over the years and there's never been any ACH fee for in or out transfers. I think if a bank wanted to charge me such a fee I would take my business elsewhere.

OP, is there some compelling reason you must have an account at BoA?

UncaMikey said:   OP, is there some compelling reason you must have an account at BoA?
  They have some really nice tellers.

ZenNUTS said:   
UncaMikey said:   OP, is there some compelling reason you must have an account at BoA?
  They have some really nice tellers.

  Teller? What's a 'teller'?

Thanks everyone. I did not receive an email saying anyone replied, so I didn't follow up.

I used to work at BOA, so did not have fees on anything. I may have set up the 529 and the Vanguard account to pull the money, but I don't remember.

I got an email the other day that I normally get for the transfer which is how I saw the fee. I called BOA and they confirmed it.

My account at PenFed is savings, but I can obviously switch to checking or use one of the other options.

Thanks again for the advice everyone.

purplefetus2 said:   I auto-transfer funds from my BoA acct into a my ING savings acct every month. It's no fee. And I can auto-transfer from my ING acct to another bank. I automate this all through my ING acct.  I do not generate the transfers from BoA. 
  
Unfortunately, ING hasn't operated consumer savings accounts in the USA for several years.  I have a French account with them, but in the USA, see capital one 360.  Capital One purchased ING Direct (US) in 2011 after the European Commission required them to divest the USA operations (and ING Direct Canada) as part of a massive bank bailout deal for ING. 


Teller
Disclaimer
UncaMikey said:   
ZenNUTS said:   
UncaMikey said:   OP, is there some compelling reason you must have an account at BoA?
  They have some really nice tellers.

  Teller? What's a 'teller'?

  Teller 

Set it up through Penfed. Thanks again everyone

chocula said:   Set it up through Penfed. Thanks again everyone
Are you able to get reasonable limits for ACH push? In my experience they offer ridiculously low limits, around 5K IIRC. I've had Penfed account for 2+ years and don't remember them increasing the limits...



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