My paycheck goes direct deposit into Wells Fargo Bank. I have a bank account at Bank of America that I need to feed. However, it costs $25 to wire money from WFB to BofA.
How can I get money from my WFB account to BofA without paying a fee? My best guess is Zelle - I have 2 phone numbers. Attach 1 number to WFB and 1 number to BofA and do it that way?
You could also use an ACH transfer, which should be free of charge. The only catch is that it could take several business days to make the initial bank-to-bank link, and transfers generally take 1-2 business days (they can take longer but in my experience the money starts showing up the next business day if I initiated the transfer early enough in the day). So this won't be an option if you need that money at BofA ASAP.
In addition to all the other good answers, some of the newer payroll systems also support directly depositing part of your paycheck into another account. It might be worth exploring this as an option
The ACH solution in StanH's answer is a good one and I’ve had personal experience with WF ACH transfers to other banks. It worked just fine. The downside is it could take an extra day or so.
My solution to this problem was mobile check deposit. My WF checking came with a small supply of free checks. It might not be an attractive option if you have to buy checks, but they can be found for pretty cheap online. When you need to transfer money, write a check to yourself and mobile deposit to your BOA account. This solution also depends on the funds availability policy of mobile check deposits at BOA. My other bank made checks available the day of processing as long as they were mobile deposited by 7pm. It worked great!
• Withdraw the money as cash then deposit it on the other bank. (I use this having no fee to withdraw and no fee to deposit using the atm... and being cash ther's no time between the operation and the moment the money is available on second account)
• Use ACH (what in EU is called a "SEPA Transfer") It may take a couple of days but it's usually free.
• Write yourself a check and cash it on the second bank
• Use Paypal and bind it to both accounts, load paypal from the first then deposit on the other.
I use Paypal to transfer money between my accounts. You simply add your bank accounts to your Paypal account, then you can withdraw from one to feed the other for free. Only downside is that it does take a few days (usually 1-2) each time.
