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Using my credit union's account I can do free ACH push or pull from both of my Bank of America or Wells Fargo checking accounts.

However, I was wondering why doesn't Bank of America or Wells Fargo have free ACH push or pull on their own online banking sites?

They only way to transfer money from or to these banks seem to be wiring of funds – and those do cost a pretty penny for multiple transfers.

I would also be interested to know whether there are mainstream banks with local branches that offer free ACH push or pull?

f1StudentInUS
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1 Answers1

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Credit unions operate for the benefit of their depositors, who are the actual owners of the institution, whereas conventional banks operate for the benefit of their shareholders, who of course are not necessarily depositors. So credit unions will typically give a benefit or service for free if it is free or extremely cheap to them, whereas conventional banks will charge for it if they think it will not lose them depositors.

jprete
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