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Best way to transfer money from one bank to another quick

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rated:
Hi all,

I am under contract on a house and need to transfer large amount of money from Incredible bank to Wells Fargo.

Wells Fargo can't pull money and Incredible bank can't do the push.

I am thinking my best bet would probably be printing a incredible bank check for my account, then write a check to myself and deposit the check to wells fargo.  Any local place that would print check on the spot?

Maybe there is a even better way?

thanks a lot!

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rated:
I don't understand obstacles about moving money between banks, but have never used checking with either of those two.

But you also need to be sure WF will not have any kind of hold on the money at the time of your closing. Will you be getting a paper cashier's check, or will the closing agent do some electronic wire transfer? That may determine exactly when your deadline is, but you need to be very aware of how WF will treat what is probably a very large amount deposited via an ordinary check.

Are you sure you can't do all of this via wire transfer?

rated:
Is the money eventually going to the title company? If so, they don't care whether you use two banks or one. I don't have any experience with Incredible but once, I did a wire transfer from Amex Personal Savings. Maybe Incredible will let you do the same.

rated:
thanks.

I could do a wire and they would charge $30 for outgoing wire and then another $15 for incoming.  I am trying to see if i can avoid that.

The reason I need to deposit the money to wells fargo is that there is promotion right now that for every 250k up to 500k you have in wells fargo account, you get a 0.125% discount on the mortgage rate.

 

rated:
sunspotzsz said:   thanks.

I could do a wire and they would charge $30 for outgoing wire and then another $15 for incoming.  I am trying to see if i can avoid that.

The reason I need to deposit the money to wells fargo is that there is promotion right now that for every 250k up to 500k you have in wells fargo account, you get a 0.125% discount on the mortgage rate.

 

  But what will it cost you if Wells Fargo decides to put a hold on your deposit for 1-2 weeks and you can't close on time.  Even after it "clears" there could also be another undisclosed hold for any large transfers out.  When I bought a home I made a large deposit into my BOA account.  Although the personal check showed up as cleared after about 3 business days online, when I tried to wire the money 2 weeks after to escrow the bank teller said my money had to be there for 30 days before they were willing to wire it out.  I got around that by initiating the wire myself online since they didn't seem to enforce the rule on an online wire.

rated:
do the wire transfer and pay the fee. end of thread.

rated:
scripta said:   do the wire transfer and pay the fee. end of thread.
  preemptive... any coupon code to sweeten the deal?

rated:
How much money is involved? That may be the rub. Are there accounts in your name in both places? IF so, Wells Fargo can pull the money fee free from one checking account to the other. Reportedly, Incredible Bank can send money. The keys are bank routing number and account number. There are limits.
What stops you from getting a cashier check at Incredible Bank and transporting it to Wells Fargo?

Hub Accounts – ACH Transfers: Capabilities, Fees, and Limits Across Financial Institutions

rated:
Snezz1e said:   
sunspotzsz said:   thanks.

I could do a wire and they would charge $30 for outgoing wire and then another $15 for incoming.  I am trying to see if i can avoid that.

The reason I need to deposit the money to wells fargo is that there is promotion right now that for every 250k up to 500k you have in wells fargo account, you get a 0.125% discount on the mortgage rate.

 

  But what will it cost you if Wells Fargo decides to put a hold on your deposit for 1-2 weeks and you can't close on time.  Even after it "clears" there could also be another undisclosed hold for any large transfers out.  When I bought a home I made a large deposit into my BOA account.  Although the personal check showed up as cleared after about 3 business days online, when I tried to wire the money 2 weeks after to escrow the bank teller said my money had to be there for 30 days before they were willing to wire it out.  I got around that by initiating the wire myself online since they didn't seem to enforce the rule on an online wire.

  I get the feeling he doesn't need the money to buy the house, he wants it at WF do he can get a quarter-hour rate reduction on his upcoming mortgage.

rated:
Without looking at the actual numbers, I would spitball that the wire fees are much much less than what you stand to gain.

Be sure to get wire specific instructions from the receiving bank. They don't always use the routing number on your checks. Having the wrong routing number can delay or even cause the wire to be sent bank.

rated:
scripta said:   do the wire transfer and pay the fee. end of thread.
  This. Immediate clearing for large amounts is why it exists. The fees are trivial on large transfers. 

rated:
Wire transfer. Literally their intended purpose.

Ask WF to waive the incoming fee (I don't pay any), depends on account type...but honestly the rate decrease for mortgage should pay the fees in a month or three. Incredible Bank (unfamiliar with, new bank for me!) charges $30 for outgoing...ugh. Also, their rate/fees sheet looks like a bank from 1990s. Surprised no teller fee, ATM fee, or free toaster fee.
<https://www.incrediblebank.com/assets/files/bctwRd4n>

Honest question OP, is there some awesome rate/promo/service they provide?

rated:
JW10 said:   
What stops you from getting a cashier check at Incredible Bank and transporting it to Wells Fargo?


Probably because Incredible Bank is 1500 miles away, and mailing it probably isn't as quick as he needs it.

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