DEBIT cards: hazards transferring money fm one to another?

[oscar111]

Hi,
I am a half-newbie to the world of credit and debit cards, and i need some sage advice from you experts out there.

Are there hazards from identity thiefs if i {for the first time} try to move money from one debit card at bank no. one, to debit card at bank no. two?

I think i can do it using the telephone. Also, does one usually start with the giving or the receiving bank?

Can i do it at an ATM too?

A big thanks to all who can help this "babe in the woods" as i toddle into the big bad world of finance. I am not very good at math, nor good at outwitting ID thieves.

oscar

[oscar111]

1. kik

kik

[beyurslf]

2. Are you closing the account at bank 1?

[oscar111]

3. no, just moving money around

let me know any comments, please!

I am hoping this is a common thing for credit/debit card junkies to do. That will make it easier when i try to get it done, if it is a common thing to do.

[lizziegrace]

4. Moving money from one account to another

at the same bank? I don't think you can do transfers between institutions with a debit card. It's either a wire transfer, an on-line transfer (like a bill payment) or a check or cash deposit from one to the other.

[oscar111]

5. it is between banks. Using debit cards, two of the biggest three.

anyone?

[oscar111]

6. kik

kik

[Midlodemocrat]

17. I have debit cards at Bank of America and Wachovia

however, because I have checking accounts at both as well, I move the money via the checking accounts. Is that what you are talking about?

[oscar111]

19. each debit card is tied to a checking acct at each bank.

I havent gotten the blank checks yet from the bank i intend to transferr from, so i cant do the check method.

[Midlodemocrat]

20. If you register for online banking at both banks,

I would think you would be able to do outside the bank transfers. You can with BoA. Sometimes there is a fee involved.


Might be less hassle to go withdraw the cash and then deposit it into the account where you want to put it.

[oscar111]

7. kik

kik

[Whoa_Nelly]

8. If there are two banks you are talking about

Either write a check from one bank and deposit it into the other bank account, or simply withdraw the amount you want from bank #1, and make a deposit at bank #2.

It's really difficult to understand what you're getting at in your original post because it's almost as if you're writing in a secret way. Identity thieves aren't out there watching you move money around. But, if you are doing something from state to state, simply use your teller at bank #1 to help you.

[oscar111]

10. I was hoping for the fast, easy method of phone automated transfer

... if such is possible.

so much faster than any other way you just named.

banks have automated phone "trees" of button pressing choices that do a lot of things . I am hoping that they will do this on monday or tuesday. I couldnt get my banks "tree" to work on this weekend day.

[pitohui]

15. it almost sounds like he's asking us how to launder money

i am v. uncomfortable w. offering any advice in this thread, this person needs to talk to their bank in person if he has a legitimate question

what you suggest is the simple common sense method any normal person would use to distribute money between accounts

i am not comfortable that is what is being sought

[oscar111]

16. sigh. Try to do anything a bit unusual these days, and someone will

think you are one of the many crooks out there. I did not even know it was unusual. Another reason to condemn our complex glitchy banking system.

there are many real crooks out there, but i am not one of them. Just a newbie to debit cards and
this corner of the complex banking world.

If you go back a few months in my posts, you will find i had to ask another newbie type of question about debit cards. I ask them here partly because i want to know what is going on before i talk to bankers, so i can avoid having them look at me like i am trying something crooked, and to avoid having them rip me off.

both , i have encountered before from bankers.

[seaglass]

9. OK - I just checked with B of A and they do have a process

in which you can transfer funds from B of A to another financial institution or vice versa. If you are transferring to B of A there is no fee, if you transfer to another institution there is. There are also limitations on the amount that can be transferred.

This can be done online.

So it seems to me that if you wanted to do this over the phone you should contact the sending bank, see if they can do it and see what the fee is (if any).

[oscar111]

12. wow! THanks Hope, that gives me hope!

and phone is so much more secure from IDthieves than online.. so phone is the way to go IMHO.

thanks for going to the trouble to find this out for me!!!

you are a fine soul.

[lizziegrace]

13. It's been my experience that transferring funds over the phone

is not usually done. A wire transfer (or any transfer to another institution) would require you to go to the initiating bank and sign for the transfer. The other option is to do it online which requires that you have online banking access with passwords, etc. I would be very surprised if a bank would tranfer funds to another bank simply by an individual placing a phone call. (The exception might be a person or corporations who has huge funds on deposit and has a personal banker at the institution.)

To clarify, I would think you're more at risk by using the phone than going to the bank and producing identification or going online and logging on to their network.

[seaglass]

14. I agree. I would definitely feel more secure doing it online

(and taking it into my own hands to do it right) than doing it over the phone.

I'm not optimistic that this can be done over the phone but it doesn't hurt to ask.

[Midlodemocrat]

18. Yup. I do it quite a bit, actually.

I transfer money from BoA to Wachovia so I can fund the kids' Visa Buxx cards for their allowances. Much easier than getting cash and handing it out to them.

[LynneSin]

11. The best way to find out is to contact your bank

as for indentity theft - I've not had any issues with online banking but I have a pretty secured firewall around my computer.