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iBoo 6,548 March 8, 2014 at 07:19 PM
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Last Edited by iBoo October 2, 2016 at 11:21 AM
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#2
usually you need account name,account number and routing code at bottom of check book
bank name and bank address
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#3
Quote from samsaspa View Post :
usually you need account name,account number and routing code at bottom of check book
bank name and bank address
why do you answer the questions that no one is asking?
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#4
Quote from iBoo View Post :
Hi,

I have a relative who wants to send money to my bank account. I don't know whether its an ACH, EFT, or a wire transfer.

I decided to use Discover bank to receive funds from my relative. All they requested from me was my account # and routing # found on my Discover bank check. What I don't know is whether or not they initiated a wire, ACH, or EFT transfer. As for using my Discover bank, they use a 3rd party bank(MELLON BANK) to do their wire transfers and I would have to provide them with an account #, routing #, and swift code if the sender is not from the US.

If its not a wire transfer, then what type of transfer can be done? What kind of transfer that lets you transfer money to someones bank account without the need of a verification deposit?

I feel that the transfer (if its a wire transfer) will NOT go through my Discover bank ( if its a wire transfer ).
Is the transfer from within the USA? If its international, go with a wire transfer. If it is withing US, they can do a ACH with account# and routing number. Look up what routing number you need for Direct Deposit in Discover Bank.
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#5
If it's international you will need a SWIFT CODE and will use wire transfer , you need complete name /address/phone number of the bank - you also need your complete name/address/phone number/account number. And this is very important , sometimes your check routing number needs to be the standard routing number banks used per state. Call your bank and tell them what state you're from so you can get that routing number, good luck.
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#6
Quote from samsaspa View Post :
usually you need account name,account number and routing code at bottom of check book
bank name and bank address
Yes you are right, I gave relative my account name, account number, and routing number code at the bottom of a checkbook. I think she did the transfer on friday and i'm expected to receive it on monday. (One business day? o.O)

Quote from daniel32 View Post :
Is the transfer from within the USA? If its international, go with a wire transfer. If it is withing US, they can do a ACH with account# and routing number. Look up what routing number you need for Direct Deposit in Discover Bank.
Yes the transfer is from within the USA. How does one person do an ACH transfer to someone's account with just only the account number and routing number without trial deposits? Lets not to mention that its from a Bank of America to my Discover.



Quote from JojetA View Post :
If it's international you will need a SWIFT CODE and will use wire transfer , you need complete name /address/phone number of the bank - you also need your complete name/address/phone number/account number. And this is very important , sometimes your check routing number needs to be the standard routing number banks used per state. Call your bank and tell them what state you're from so you can get that routing number, good luck.
If its international, Discover is using a 3rd party bank to do their wire transfers. I have this information but didn't give to them assuming this wasn't a wire transfer that they weren't going to initiate to my bank.
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#7
for international you don't need a swift code you use an iban number

most American banks here don't know what a swift code is,in Europe a swift code is common

the bank now reports all international transfares to the government,they might take a copy of your id
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#8
Quote from iBoo View Post :
Yes you are right, I gave relative my account name, account number, and routing number code at the bottom of a checkbook. I think she did the transfer on friday and i'm expected to receive it on monday. (One business day? o.O)



Yes the transfer is from within the USA. How does one person do an ACH transfer to someone's account with just only the account number and routing number without trial deposits? Lets not to mention that its from a Bank of America to my Discover.





If its international, Discover is using a 3rd party bank to do their wire transfers. I have this information but didn't give to them assuming this wasn't a wire transfer that they weren't going to initiate to my bank.

you don't need trial deposits. All you need is to give boa your routing/account number you want to send to. Also they can pay you using an email address (P2P email transfer). https://clearxchange.com/ will send you an email, you give them your discover account info, money in your account in 2 days. P2P is free (P2P is also ACH, but only difference is receiver gives bank account info to BoA and not the sender. So sender never sees account info. This is highly secure than regular ACH). BoA might charge a fee to ACH, paid by sender.

2 screenshots attached. Left one is regular ACH. Right one is P2P.
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#9
Quote from daniel32 View Post :
you don't need trial deposits. All you need is to give boa your routing/account number you want to send to. Also they can pay you using an email address (P2P email transfer). https://clearxchange.com/ will send you an email, you give them your discover account info, money in your account in 2 days. P2P is free (P2P is also ACH, but only difference is receiver gives bank account info to BoA and not the sender. So sender never sees account info. This is highly secure than regular ACH). BoA might charge a fee to ACH, paid by sender.

2 screenshots attached. Left one is regular ACH. Right one is P2P.
So you can actually ACH push to someone else bank account or ACH push is only for when both accounts are under your name?
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#10
Quote from iBoo View Post :
So you can actually ACH push to someone else bank account or ACH push is only for when both accounts are under your name?
ACH = direct deposit (electronic transfer of money).
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#11
If it's within the USA look into Dwolla. Fees are super low, way lower than your bank will charge your or paypal. $0.25 for anything over $10. It takes a few days (ACH into their system, Transfer, ACH Deposit to your bank account) but if you can think ahead or wait its well worth it in the low fees.
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