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Funny I tried to setup Zelle with TD Bank the other day and they told me not to use it to send money to myself. How do Americans send money from one bank to an
by digianarchist 4y ago
Funny I tried to setup Zelle with TD Bank the other day and they told me not to use it to send money to myself.
How do Americans send money from one bank to another for accounts they operate?
- jjnoakes 4y agoMost bank accounts I've ever had in the US let you set up bank-to-bank transfers via the web site. It only requires a routing number and an account number.
- digianarchist 4y agoTD too but that takes 24-48 hours and you have to go through a weird validation process. Two deposits are made to the receiving bank under and you're asked to confirm. TD also wanted me to come into a branch with a bank statement from my other bank. Not ideal since they don't operate west of South Carolina and I'm in California.
- simmonmt 4y agoThe two deposit thing is pretty standard. A little odd, but it gets the job done and presumably does so using existing ACH interfaces (so they don't need to implement anything new or rely on the receiving bank to do the same)
- dannyincolor 4y agoMost services I use integrate Plaid. I believe Plaid is just a federated authentication glue that accesses your bank's systems and is granted access to account balances and ACH details (routing/bank account numbers). It always struck me as an odd product, since I can just plug my ACH info in directly, but it does provide some level of convenience by allowing, say, a roboadviser app to show the embedded balances of my other accounts.
- justusthane 4y agoPlaid is a disaster waiting to happen—they store your banking username and password, and then use them to log in to your online banking on your behalf where they scrape the info they need. I’m amazed banks put up with it.
- Tyrannosaur 4y agoThe Plaid disaster hasn't waited- it's already started. They've already had to settle at least one class action lawsuit for deceptive practices https://www.plaidsettlement.com/ https://www.plaidsettlement.com/
- astrange 4y agoIt'll use app-specific passwords or OAuth with banks that support that, and both of those can be secured well enough.
- LetsGetTechnicl 4y agoYeah Zelle doesn't really work well for that because I think you can only ever have one Zelle-enabled account because it's based on phone number or email. Some banks offer external bank transfers through their online portal, and sometimes with a small transaction fee. I've been told by my bank with that transaction fee that you can avoid it by using the "bill pay" feature and just inputting your other bank account's routing and account information. I think that all works over ACH anyways.
- digianarchist 4y agoI was hoping to use my catch all domain to resolve that e.g. td@mydomain.com, wellsfargo@mydomain.com which is what I do with Interac. Looks like it got me flagged.