What does wiring funds mean?
I am planning to open an online savings account and I needed to link my bank account to the online savings account (either iGObanking or HSBC). When I transfer the funds over to the online account, is it consider the same thing as wiring? and will they charge a fee to do that?
2007-09-06 15:27:50 · 2 answers · asked by Jimmy 2 in Business & Finance ➔ Personal Finance
Technically it is not a wire.
It is an "ACH". ACH stands for Automated Clearing House. They are slightly different from wires as wires are instantaneous and ACHs take at least 1 day. ACHs are also much cheaper for the bank to do so there is generally no fee.
I have had an ING and an HSBC account for years and I have never paid a fee to transfer money.
2007-09-06 16:10:53 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
There is no fee. It's through the ACH system and takes 2-3 days.
HSBC is very good.
www.GMACBank.com is also worth looking at.
All are FDIC insured.
2007-09-06 16:47:08 · answer #2 · answered by Common Sense 7 · 0⤊ 0⤋