How is money wired?

[roaddog359]

I said money, I did not say anything about checks or money order or direct account transfer. I now you can tranfer it online between accounts. And are you talking about your family accounts or putting a money order or check into someone elses account? If yours lets you do that, thats good for you. It causes me grief when my wife tries to put money "cash" into our kids accounts.

[rr-nyc]

Originally Posted by bdex75

A wire or fed funds wire is where banks exchange money on behalf of their clients via an electronic transfer. I have wired money a couple times and have done PayPal a lot. Each have their perks. But with PayPal, as mentioned, be prepared to pay the 3% fee that PayPal charges a seller.

I am sure things are done differently all over the world but here in the US we pay bills via online bill pay with our bank. In essence a wire but not known as such.

To me wiring money is a pita and PayPal is easy. Because I don't need my bank or their bank to make money move. I have had issues with wires being rejected due to seller giving me a number that was a digit off etc.


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When you pay your electric bill or cable bill on their site and provide your checking account, that is an ACH withdrawal, not a wire by another name.

Bank wires and ACH are quite different is every aspect


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[Kingair]

Originally Posted by rr-nyc

When you pay your electric bill or cable bill on their site and provide your checking account, that is an ACH withdrawal, not a wire by another name.

Bank wires and ACH are quite different is every aspect


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But this ACC withdrawal finally is wired to another / your providers account

Or am I wrong ?

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[Star Ferry]

Originally Posted by Kingair

But this ACC withdrawal finally is wired to another / your providers account

Or am I wrong ?

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What rr-NYC is describing is accurate for the US. Utility companies call this kind of thing "online bill pay" or "automatic bill pay" ... also, many people receive their salary as "direct deposit" which I believe is the same type of electronic funds transfer

ACH is like a digital check, and a wire is like a digital cashier's check. It could take several days for the ACH, whereas wire would be done on the same day

To answer your question, I don't believe the amount is finally wired -- wire fees can be $25+ and most utility bills are a few hundred dollars or less, so this isn't economical in the US. The ACH payments hardly cost much because they are automated and don't use up a real bank employee's time (they could also be batched by computer and sent at end of day, but honestly I'm not too keen on the technical aspects)

[rr-nyc]

Originally Posted by Kingair

But this ACC withdrawal finally is wired to another / your providers account

Or am I wrong ?

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Wires are done directly bank to bank. ACH uses a batch system that processes transfers

https://www.depositaccounts.com/blog...r-and-ach.html



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[Kingair]

Originally Posted by rr-nyc

Wires are done directly bank to bank. ACH uses a batch system that processes transfers

https://www.depositaccounts.com/blog...r-and-ach.html



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Got it now

Thanks!

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[Working4better]

Originally Posted by Kingair

None . . . but they will ask you for the name on the account if you go for a direct deposit

Anyway this week a buddy of mine called me that he wanted to do a direct deposit in my Chase account . . . and they wouldn't allow him !

Yeah its some new whack policy they added!!! Pissed me off as I needed to deposit cash into my sister account for some money she needed and they wouldn't accept it. I gave the teller her info and never asked for any account info since i was just depositing. The manager came out and said I could write a check or money order, and they would take it, WTF, aint nobody got time for that shizzz!! I told my sis to quit banking with effin chase lol