Karen G
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I keep a no cost, no minimum balance account at Bank of America primarily so I can transfer funds into my kids BofA Accounts, and so I can use BofA's ATMs throughout the US. Both services are free. What is wrong with free? The bigger they are means more ATMs, and the more ATMs they have, the happier I am. The only cost to me is lost interest on my relatively small balance. And at today's interest rates that is next to nothing.
George
You don't need an account with BofA to transfer funds to your kids accounts. All you need is their account numbers. Then, when you want to transfer money, just go to BofA and deposit the money into their bank account.
You don't need an account with BofA to transfer funds to your kids accounts. All you need is their account numbers. Then, when you want to transfer money, just go to BofA and deposit the money into their bank account. I've used that method to transfer money into WAMU accounts before (I am not a WAMU customer) and it always works.
Fern
Fern,
I tried to do this at Wells Fargo. My Father passed and had a small balance in a checking account at Wells Fargo. He didn't have an estate so I did the simplistic paperwork by hand. Everything was in order. His balance was to be split between my sister and I. I did NOT have an account at Wells Fargo...sister did. They would NOT let me put her share in to her account. They agreed that she should get the share...but they couldn't/wouldn't put it in her account. They gave it to me...even though she went in to her local branch and signed paperwork..etc.
It was really ridiculous. She was THEIR customer...and they wouldn't help her.
That said, I do love my credit union. I can pull up online banking and deposit $$ in to my kids' accounts or any one else for that matter...as long as I have their account numbers. Of course, their accounts have to be there already-but that's not a problem for us.
Amazing, and stupid on their part. You were trying to deposit money into their bank for their customer. How dumb can they be?
I have faced this same situation. "Hey, if someone is trying to deposit money into my account, please, LET THEM."
And the response I received from the bank manager was that someone they didn't know was trying to access my account -- if even to put money in. Now that someone has knowledge of my account number and the routing number. Banks (and credit unions and s&ls) want a good reason why someone is trying to access another person's account.
And while I'd still like everyone to please transfer loads of moolah into my account, I can see their point.