How do you make Intrabank transfers?

How do you make intrabank transferd?

Best Answer

  • RickO
    RickO SuperUser, Mac Beta Beta
    Answer ✓
    Here's how you do it:

    Step 1: Verify that you have intra-bank transfer allowed for your bank. Open the account settings (menu Accounts > Settings with the account selected in the sidebar. You should see this:



    If you don't see "Available", then your bank does not support intra-bank transfer via Direct Connect.

    Step 2: Create the Transfer transaction. Put "Transfer" in the Check# field. It should look like this:



    Alternatively, click the Edit Details button and the Bill Pay tab. It will look like this:



    Step 3: Click Pay now in Edit Details, or do an account Update. This will transmit the transaction to the bank.

    NOTE: Be aware that the speed at which this gets processed depends on the bank. With my current bank (Salem Five), the transfer happens immediately. In fact, if I do another update a minute later, both transactions show as cleared and the funds are available right away. With my former bank (Citizens Bank), the actual transfer would never happened until at least after the next overnight update cycle and longer if there were a weekend or holiday involved. So try one, and then check on your bank's website to see when the funds actually become available.
    Quicken Mac Subscription; Quicken Mac user since the early 90s

Answers

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Could you provide more information about what you're looking to do? Specifically, are you initiating the transfer from one bank to another via one of the bank websites, or are you asking if you can initiate the actual transaction from Quicken? 
    Quicken Mac Subscription • Quicken user since 1993
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    Jbs1111 said:
    How do you make intrabank transferd?
    please clarify ....
    A - making a transfer within the SAME bank, from one acct to another
    B - making a transfer between DIFFERENT banks
    Are you wanting to make this happen using Quicken to create and submit the transfer ?
    or - are you doing this via the bank website - and you just want Quicken to reflect the transfer ?

    QWin Deluxe Subscription - Win10
  • Jbs1111
    Jbs1111 Member
    Dear Ps56K2,
    Thanks for your quick response to my question. Here is your clarification: My downloads are set up via Direct Connect. I simply want to transfer money in my savings account to my checking account in the same bank.
    I am looking for a way to do this so that the transfer takes place in real time on Quicken and goes to my bank immediately to cover checks that I have written. I have had several bad experiences where the procedure I have been using doesn't work.
    For example, I'll start on my savings account and transfer X dollars to checking. I'll push pay now and I'll get a notice that x dollars was successfully transferred to checking on today's date. Then, I'll write a number of checks from my checking account, forget about the transactions, and four days later I'll find out that the transfer didn't happen and I have overdrawn my checking account.
    The work around I've been using is to transfer money on my bank's website, and pay my bills on Quicken. Surely there is a way to do both ends of the transaction on Quicken, and, by means of Direct Connect, have everything go immediately to the bank?
    I have called the Quicken helpline several times, and the procedure they told me to use didn't work. Could you please detail the correct step by step procedure for me?
    Thank you very much.
  • Jbs1111
    Jbs1111 Member
    Here is your clarification: My downloads are set up via Direct Connect. I simply want to transfer money in my savings account to my checking account in the same bank.
    I am looking for a way to do this so that the transfer takes place in real time on Quicken and goes to my bank immediately to cover checks that I have written. I have had several bad experiences where the procedure I have been using doesn't work.
    For example, I'll start on my savings account and transfer X dollars to checking. I'll push pay now and I'll get a notice that x dollars was successfully transferred to checking on today's date. Then, I'll write a number of checks from my checking account, forget about the transactions, and four days later I'll find out that the transfer didn't happen and I have overdrawn my checking account.
    The work around I've been using is to transfer money on my bank's website, and pay my bills on Quicken. Surely there is a way to do both ends of the transaction on Quicken, and, by means of Direct Connect, have everything go immediately to the bank?
    I have called the Quicken helpline several times, and the procedure they told me to use didn't work. Could you please detail the correct step by step procedure for me?
  • RickO
    RickO SuperUser, Mac Beta Beta
    Answer ✓
    Here's how you do it:

    Step 1: Verify that you have intra-bank transfer allowed for your bank. Open the account settings (menu Accounts > Settings with the account selected in the sidebar. You should see this:



    If you don't see "Available", then your bank does not support intra-bank transfer via Direct Connect.

    Step 2: Create the Transfer transaction. Put "Transfer" in the Check# field. It should look like this:



    Alternatively, click the Edit Details button and the Bill Pay tab. It will look like this:



    Step 3: Click Pay now in Edit Details, or do an account Update. This will transmit the transaction to the bank.

    NOTE: Be aware that the speed at which this gets processed depends on the bank. With my current bank (Salem Five), the transfer happens immediately. In fact, if I do another update a minute later, both transactions show as cleared and the funds are available right away. With my former bank (Citizens Bank), the actual transfer would never happened until at least after the next overnight update cycle and longer if there were a weekend or holiday involved. So try one, and then check on your bank's website to see when the funds actually become available.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Jbs1111
    Jbs1111 Member
    :smiley: I was able to transfer from savings to checking while I had the bank on the phone, but the transfer didn't show up in real time (see your Note). Perhaps the transfer will show up later as it did when you banked at Citizens?
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited April 2021
    I don't have a ton of experience with different banks, but I believe the industry standard practice is to process these during an overnight update. I was VERY pleasantly surprised when I discovered that Salem's process was immediate. There are many great things about Salem, not the least of which are that Direct Connect is free and their savings rates are near the top of the pile for online banks.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Jbs1111
    Jbs1111 Member
    I transferred $1 from savings to checking on 4/29/21 using your instructions. The transaction didn't appear immediately like your bank, but it did show up on my bank's website this morning.
    The front end of the transaction on the bank's website is "PC Banking Transfer To DDA" and the back end is "PC Banking Transfer From ISA". Thanks again for your help.
  • evsteve
    evsteve Member ✭✭
    I've not been able to get this to work. I have a checking acct and credit card at BofA. Both accts are set up for Direct Connect using my BofA userId/Pw and downloads are working fine. When I attempt to do an intra-bank transfer (checking to credit card), by doing pay now under transaction details, it appears to go through the motions but eventually pops up an error: "Your transfer from account B of A could not be completed. Additional information: The specified account number does not correspond to one of the user’s accounts." I've scoured the BofA website looking for some setup or something but not seeing it. Any ideas?
  • Quicken Jared
    Quicken Jared Moderator mod
    evsteve said:
    I've not been able to get this to work. I have a checking acct and credit card at BofA. Both accts are set up for Direct Connect using my BofA userId/Pw and downloads are working fine. When I attempt to do an intra-bank transfer (checking to credit card), by doing pay now under transaction details, it appears to go through the motions but eventually pops up an error: "Your transfer from account B of A could not be completed. Additional information: The specified account number does not correspond to one of the user’s accounts." I've scoured the BofA website looking for some setup or something but not seeing it. Any ideas?
    Hello @evsteve

    I am sorry to hear that you are experiencing this error when trying to transfer between accounts. Thank you for following this thread and contributing to the discussion here on the Quicken Community.

    When you select either of the accounts you are trying to perform this transfer with, and then go to Settings > Downloads through the 'gear' icon in the lower right-hand corner of the Quicken Window, do the last four digits of each of the Account Numbers listed there match the numbers listed in your online profile with BofA for each account?

    Thanks,

    Quicken Jared 
This discussion has been closed.