Transfers Between Your Accounts
Transferring funds between a checking and savings account by telephone, online or at an ATM (automated teller machine) is a common banking transaction. According to Bank of America, there are a couple of ways in which you can make a transfer between your accounts. You can make a onetime immediate transfer or one that is set up to occur at some future date. A recurring transfer allows a fixed amount to be transferred at specified intervals (e.g., weekly, monthly, annually). Bank of America says a typical recurring transfer would be a $100 deposit from a savings to a checking account (or vice versa) that is scheduled to take place biweekly.
Transfers to Other Customer Accounts
It's also possible to transfer funds online from your checking or savings account to another person's account at the same bank. For example, if you want to transfer money to your child's savings account, Wells Fargo says you will need his account number and know exactly how his name is written on the account. The recipient of the transferred money will receive notification that the funds have been sent, as will the name of the person who deposited them. Wells Fargo says you can usually transfer funds to customers who live in foreign countries.
Wire Transfers
If you plan to receive a wire transfer of funds into your checking or savings account, the sender will need to know your account routing number. This nine-digit number can be obtained from your bank, and it is also printed on your checks (the first nine numbers in the lower left corner of your check). The person who is wiring you funds must also list the account number into which the money will be deposited along with the name of your bank, location of your bank and the name on the account exactly as it appears on your bank statement.
When you send a wire transfer to another party, you must complete your instructions in person at your bank because the transaction requires your signature and must be witnessed by a bank representative. There are fees for both sending and receiving wire transfers.
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