|Quick navigation:||Deposit accounts||Credit cards||Brokerages||Other bonuses||Referral exchange|
WHY IS EFT (ELECTRONIC FUNDS TRANSFER) ILLEGAL?
Posted 09 February 2005 - 07:33 PM
I am new to the country and I came from Europe. The other day I was in a WAMU branch trying to open a checking account. During the process, I told the guy that back in Europe, I had an online banking from a local bank where I can transfer money to anybody in any bank in the country. And the fee is like 50 cents.
Personal banker first did not understand what I said. So I repeated myself and he understood and scratched his head and said "this is illegal in the US"
So I asked the guy what they offer as online banking.
1) I can not send money to my other accounts in other banks.
2) I can not send money to other people in the same bank
3) I can not send money to other people in other banks.
Do you guys call this online banking?????
Why is EFT illegal in the USA?
I am really shocked to hear all these and I hope these are not true.
Posted 09 February 2005 - 10:40 PM
Posted 09 February 2005 - 11:32 PM
It's just a method of transferring money here. ACH is a form of EFT.
ACH is automated clearing house(?) that banks often use to electronically transfer funds.
Your bank just might offer this feature at this time. I thinik BoA might begin to offer it. Look around for a bank that offers these services if you really need it.
Posted 11 February 2005 - 07:26 AM
You can using ACH transfers or wire transfers.
You can using wire transfers or, in some cases (PCBanker, Stonebridge Bank), using Cross-Customer transfers.
You can using wire transfers.
Check a little bit out-dated lists of banks that offer free ACH transfers and free wire transfers.
Posted 15 February 2005 - 10:14 PM