For those who automatically transfer funds into money market account each month...

[KingGheedora]

My paychecks get direct deposited into my BofA checking account. I want to open a money market account and start moving X amount of dollars from the checking to the MM account automatically each month.

Looking at BofA online's tools, it appears that i would be charged transaction fees for transferring funds to non-BofA accounts. Is there a way to do this without paying the fees? Is it possible to "pay" money into a MM account (basically, use online bill pay to get the money into the MM account)?

How do you guys set up your stuff?

 

[jlee]

Get a better bank.

 

[KingGheedora]

Your bank doesn't charge you to transfer funds to an account at another bank?

 

[PurdueRy]

Originally posted by: KingGheedora
Your bank doesn't charge you to transfer funds to an account at another bank?

No (citi)

 

[Aimster]

Fees? lol

pncbank doesn't charge me
same with bb&t

 

[LinuxIdiot]

Alot of banks now include Bank-to-Bank transfers. To avoid the fees of sending funds, I setup all my accounts at all my banks that have this service. They offer no fees to deposit funds to their accounts. When I want to transfer from BofA to WaMu, I just log into WaMu and setup the transfer. I get an ACH withdrawal on BofA and it doesn't get fees

 

[PottedMeat]

Credit Union?

 

[BTA]

Can't you change your Direct Deposit to just deposit the amount you want straight into the money market instead of the BoA account first?

 

[nerp]

Just setup a capital one online banking account, transfer to there first then transfer to your MM. Or ditch BoA like any other sane person and go with a real bank.

 

[edro]

Sharebuilder (INGDirect) doesn't charge fees if you have recurring deposits.

 

[rasczak]

Originally posted by: edro
Sharebuilder (INGDirect) doesn't charge fees if you have recurring deposits.

t

 

[Queasy]

Originally posted by: BTA
Can't you change your Direct Deposit to just deposit the amount you want straight into the money market instead of the BoA account first?

This. I have a portion of my paycheck deposited into my regular bank account and another portion direct deposited into my credit union account.

 

[Pepsei]

Originally posted by: edro
Sharebuilder (INGDirect) doesn't charge fees if you have recurring deposits.

do this... and i move money from my wells fargo account to INGDirect every month.

 

[jlee]

Originally posted by: KingGheedora
Your bank doesn't charge you to transfer funds to an account at another bank?

Nope. That's how I make my truck payment & rent.

As others suggested, you could also do it right off the top through your accounting/payroll dept's direct deposit stuff. :thumbsup:

 

[JTsyo]

Set it up in your MM account. Most banks don't charge when you bring money in.

 

[Jadow]

Do what I do, it's the best.

Find a local bank or CU with a free checking account and free ACH transfers to other banks (most are free). Sign up for that.

Then sign up for an HSBC Online Savings and Payment account. Have direct deposit go into HSBC, do most of your banking through HSBC, and if you happen to need to write a paper check, or cash a check locally (rebates, etc...) just use the local account for that and you can xfer back and forth between HSBC and the local as much as you need.

 

[nickbits]

If you can initiate the transfer from the receiving bank, there are no fees from BoA. I do it all the time with my ING account.

 

[lstratos]

Originally posted by: nickbits
If you can initiate the transfer from the receiving bank, there are no fees from BoA. I do it all the time with my ING account.

i was just about to transfer funds when I saw the 3 dollars fee..

I guess ill do it from the ing side.. man these banks and bank fees suck..

I have wamu also and wamu is becoming chase.. and on the faq, chase will charge the 3 dollars fee