I'm switch from Discover to Ally bank for my savings. I have 15,000+ in an account for emergency fund. I can link the banks together via Ally transfer and merely transfer it all with ACH and it will take 5+ days.

but is it "safer" to do a wire transfer to myself with that amount of money? idk the security risks so this is a dumb question.

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DeluxeXL t1_iuffp85 wrote on October 30, 2022 at 10:31 PM

Just do ACH unless you need the money moved in the same business day. Modern ACH takes only one business day to complete after everything is verified (microdeposit, etc.). The chance of you typing your account or wire routing number wrong is higher than ACH because there is no automated verification at all, and there is no "undo" for wire transfers.

grokfinance t1_iufg9y3 wrote on October 30, 2022 at 10:35 PM

ACH is perfectly fine. Companies and governments use ACH to transfer tens of millions (even hundreds of millions) of dollars at a time everyday. It is perfectly acceptable for 15k. Only advantage to wire transfer would be speed.

93195 t1_iufilxs wrote on October 30, 2022 at 10:52 PM

ACH is fine. Wire is just if you’re in a hurry.

Not sure if it matters, but I always initiate the transfer from the receiving account. One, you can’t screw up where it’s going. Two, for interest purposes, I notice it shows the full amount in the account right away, even if it’s not “available” for 5 days. Not sure if interest accrues from the transfer date or available date, but either way, I like seeing that it’s there.

Pull funds, don’t push them.

irie56 t1_iufg1oj wrote on October 30, 2022 at 10:34 PM

ACH is quick and effective and safe. I do it all the time between my various business, personal and my biz partner's accounts. Unless you have a timeframe on needing the money at the new bank this is the most cost effective and easiest way.

a wire will cost money - take 24-36 hours depending on the time and day of the week.

You can also request a bank check from Discover (assuming you have a physical bank to go to) and deposit in in Ally.

BouncyEgg t1_iufg5f7 wrote on October 30, 2022 at 10:35 PM

It's no safer than ACH.

The only difference is fees and time.

No_Tension_280 t1_iufhuvo wrote on October 30, 2022 at 10:47 PM

My bank charges $30 for outgoing domestic wire and $15 for incoming.

eatingkiwirightnow t1_iufp2lw wrote on October 30, 2022 at 11:39 PM

ACH is actually safer. When you establish an ACH link, the bank and account is verified, either traditionally with test deposits or through instant verification. Then you can simply transfer the money between the banks by selecting from a dropdown menu. Not sure why your ACH will take 5+ days, usually 1-2 days, but they may hold the funds for a few more business days if your account is new.

Wire fund is immediately available same day, but usually the sending bank would charge a fee for that. There is also the low possibility of an error in wiring that can make your money disappear for as long as it takes for the receiving bank to track down. However, usually if there is an error in wiring or the receiving bank rejects it, you get the money back to your sending bank immediately.

I prefer ACH, as I don't like to pay fees and I have anxiety when I type routing and accounting numbers.

Coronator t1_iufwp8o wrote on October 31, 2022 at 12:38 AM

I use wire transfers for brokerages, since most brokerages do not let you trade for a good 5 days after an ACH transferred is started. Wires are pretty much immediate.

For a savings account I don't think it matters. Most online savings banks start paying you interest as soon as you initiate the ACH transfer.

Shoesietart t1_iuga49g wrote on October 31, 2022 at 2:23 AM

My Wells Fargo to Ally transfers take one day and are free.