nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Transfer from Bank A to Bank B?

Bob.

What is the easiest or best way if they are different to take money from my checking at bank A and send to a money market account at my brokerage? And having two brokerage money market accounts, select which if I can or if not send it to the sweep account or core cash account.

I don't want to make an error on this so checking first.

Thanks.

Find more posts tagged with

Accepted answers

All comments

Boatnmaniac

I do this type of transfer frequently. What you'll need to do is set up external transfers with either the brokerage or with the bank. I've actually set up the process in both for flexibility (so I can originate transfers from both financial institutions).

During the set up process you will be prompted to fill out an electronic form where you want to have the money sent to or pulled from. In that form you specify the account number and routing number of the other financial institution. They will then make a couple of small (<$1) deposits in that account followed by a withdrawal of the total amount. In 1-3 days those deposits will show in the receiving account and you will need to then go into the originating account and enter those deposit amounts there. That then confirms for the originating financial institution that the account that you set up really is yours and then you will be authorized to make push or pull transfers from that linked account to the originating account. This process is very simple and the financial institution will walk you through it.

Some banks and brokerages (such as Fidelity) now have another option to complete the authorization process. They will use a reauthorization process similar to Quicken's EWC+ process by which they will push you to the other financial institution's website where you will need to log into your account and select the accounts you want to be authorized. Fidelity uses a 3rd party credit card company (actually, I think it is a subsidiary of Fidelity) to complete this process.

In your online account there should be menu option for transfers or external transfers. Select the external transfers and just follow the prompts. As my wife likes to say, "Easy, breezy!"

Boatnmaniac

BTW, when making an external transfer to the brokerage account it will be treated as cash deposit. The brokerage will automatically move that into the Sweep or Core Fund without you needing to do anything.

Bob.

Thanks for the reply!

Actually I have done that through Fidelity's web site in the past. In both directions. So already approved.

What I wish to do is that in Quicken and avoiding going to the bank or brokerage web site. Sorry I did not mention that. I thought it was implied asking here.

John_in_NC

Howdy, @Bob.

Even if you have setup external transfers at Fidelity, do you know if your checking account supports Direct Connect with online Bill Payment? That is rarer, and the only way you can initiate transactions within Quicken.

If you connect to your checking account via Quicken Connect, then you will have to continue to go through your respective financial institutions' websites to perform the transfers.

Bob.

I do have Direct Connect and pay all my bills and have for 15-18 years with that account through Quicken. Perhaps should have mentioned that. Just not understanding how to pay to Fidelity Sweep. Its not something I have in Bills and Income. Not a reoccurring bill. Not something I get an eBill for. I do not believe ever used as a payee.

I must be missing something simple. If I could set it as a Payee, then what, new transaction in Checking Register? Other way to initiate the payment? And would be nice to be able to do the reverse, but since Fidelity is not Direct Connect I doubt I could "pull" from that account.

NotACPA

Except that Fidelity Investments no longer supports Direct Connect (DC), only Express Web Connect+, and DC is required to originate these transactions from within Q. Fidelity can still receive the transfers from your other bank (assuming they support DC), but you can't originate at Fidelity from within Q.

Bob.

Understood and I thought I said as much above.

So how do I set this up for my Direct Connect checking to send money to my Fidelity brokerage? Exact steps to set and execute? No one seems to be addressing that.

I pay a credit card bill by getting an eBill and paying from Bills and Income.

I pay a manual bill by setting it up in a reoccurring bill and paying manually when due.

Sending money to Fidelity Brokerage is NOT a bill. How do I do that? I thought it would be a simple question that seems to be getting complicated.

Boatnmaniac

(Edited to change references to "PNC" to "bank" or "the bank".)

My understanding is that transfers with DC Bank Bill Pay have always only been able to be done between accounts at the same financial institution. They cannot be done between accounts at different financial institutions.

However, you might be able to set up Fidelity Investments as an Online Payee in QMac. But I don't know if the bank will send the money by ACH transfer or if they will mail a check to Fidelity.

Any, in your online Fidelity account, click on Routing number directly beneath the Account Name and you'll get this popup:

Maybe you could try setting up Fidelity Investment (maybe as "Fidelity Investments partnering with UMB Bank") as an Online Payee in QMac. If it requests the routing number enter it but that might not be necessary.

What likely will be required for setting up the Online Payee is entry of the correct mailing address for Fidelity but I don't know which of these is the correct one to use for your account.: https://www.fidelity.com/customer-service/mailing-addresses?ccsource=FA

If the bank accepts the Online Payee set up then you could try a small test payment of $1-$2 using DC Bank Bill Pay. The test will not only tell you whether or not it is successful in making the deposit to your investment account but you should then know if the bank did an ACH transfer to Fidelity or if they mailed a check to Fidelity.

But note that Fidelity recommends not mailing checks for deposits (they mention this in several places in their website). Instead they recommend using the external transfers process I mentioned in my previous post. And if that is not something you want to do, then you could write out a check yourself and use Fidelity's Mobile Deposit.

Bob.

I agree on transfers. Only the same institution. Easy to do checking to savings. But Bank A checking to Fidelity MM seems to be tricky and should not be :) Should work. I just cannot find the steps.

So let me read the rest of your post.

I can get the routing number off my MM Checks. But I don't think the financial institution name would be proper for me. Have to go look at that.

And I would much prefer a Quicken transaction to writing a check. I know I can get this work :)

Thanks @Boatnmaniac as always.

Bob.

OK, now I understand bank name. Will give this a try.

Bob.

OK, here is the UMB with Fidelity address:

United Missouri Bank
1008 Oak Street
ACH Department
Kansas City, MO 64106

816-860-3606

Set up as an online Payee. Unsure why it kept selecting Bills and Income Payee but would not let me unselect that. Quicken also complained the name was too long for online bill pay, so I made it Fidelity Inv with UMB Bank.

Requires selecting 7 days in the future to pay. So I am assuming that my checking will not send until then? Would much rather select tomorrow so if a way to do that would be great. I am not scheduling this, just trying to initiate now. I sent $1. So let's see what happens.

It IS more difficult than imagined. But your clues @Boatnmaniac got me on the right track.

Now if I could understand why this payee needs to be Bills and Income and if not, how to initiate this without Bills and Income, pay with Bank Pay it might help get it sent faster.

Bob.

I tried creating a payment in the Checking register to see if I could send today but I don't think it did anything. Maybe, but doubtful. Appears can only be done from Bills and Income and then a week hence.Will see, but if I missed something that would allow sending from the checking register today please advise. I did an OSU and saw no status change on that payment.

Boatnmaniac

(Edited to correct references to "PNC" to "bank" or "the bank".)

I'm pretty sure that the Online Payee was set up as a Bills and Income payee because DC Bank Bill Pay can process online transfers only within the same financial institution and not between financial institutions. Online Payees are not needed for transfers because the payee is the same institution for both accounts. Since you set up the Online Payee the "transfer" will actually be a bill payment, not a transfer in the traditional sense.

If what you are trying to do is make the bank treat and process this just like online transfers between accounts held at the bank then you will not be successful. That is beyond the capabilities of DC Bank Bill Pay. What I had suggested trying was to use the Bill Pay process to move money from the bank to Fidelity to see if that would work. In theory it should but I don't know if it will.

Unlike actual transfers, which the bank can process on the same or next business day (depending on the time of day the online transfer is sent to the bank), Often he bank's bill payments are set up for delivery dates, not on transaction initiation dates. The bank guarantees that the debits from these bill pays will not occur prior to the delivery date. So what they download into Quicken when the online bill payment is sent to them is the planned delivery date, not the date they are the bill pay command is sent to the bank. Of course, you can see the process-by date by clicking on the lightning bolt in the check number column but the transaction date will only be the delivery date.

Generally, the bank requires 4 days minimum to process deliveries of electronic ACH payments and 7 days minimum to process deliveries of payments made by check. The bank decides which bill payments will be made by ACH and which will be made by check. They will default to ACH when they already have the electronic ACH information for the payee in their system. There is nothing we can do to change these defaults.

The fact that you got a 7 days lead-time is a pretty clear indication that:

The bank does not consider this to be a transfer but as a bill pay.
The bank will not be sending it electronically via ACH because they don't have any ACH information in their system for Fidelity using the Payee name and address you used. If they did have that ACH information they they would have provided a 4 day minimum lead-time.
That the bank will be printing out and mailing a check.

Regarding the Payee set up:

Did Fidelity tell you to use that UMB address? I'm asking because I don't see that listed as a Fidelity mailing address per that Fidelity link I included in my last post. If instead you got the address from UMB my guess is that UMB won't know what to do with the check when it is received.
I logged into my new bank (Old National Bank) and tried to set up a Bill Pay payee there for Fidelity. What came up was just "Fidelity Investments" with no option to select a Fidelity payee with UMB in the payee name. But I got a popup message that Fidelity Investments has several different addresses and that I needed to make sure to enter the exact correct address to be used so the Payee could be set up properly as an ACH payee. (That's where I stopped because I didn't know which address was to be used.) Oh, and the set up process had a field for entering the account number but not for the routing number which I interpreted to mean that either they already had the routing number in their system so they did not need it or that they would not be sending payments via ACH and would instead be mailing the payment.

If what you are trying to accomplish is for the funds for money transfers from the bank to Fidelity to be available for investing by the next business day then I think your only way to accomplish this is to set up the transfers in your Fidelity account to pull funds from your bank account. Fidelity generally allows use of those funds for investing immediately after they have sent the pull transfer to the bank (usually overnight). But there will still be a 1-3 days delay before those transactions from both the bank and Fidelity will be downloaded into Quicken.

Bob.

I don't know why transfers keep coming up. I thought I clearly said more than once that I KNOW transfers are only in the same financial institution. AND I said I have this working as a payee, just takes 7 days (perhaps), it seems. So would like that shorter. And would be nice if could be done from the check register, but that does not seem to work.

I have no relationship with PNC. Not sure where that came from. I never mentioned PNC.

Quicken is who chose 7 days saying too soon to schedule. We do not yet know if a check or AHC will happen. Cannot tell until the transaction completes.

That is the address the routing number is linked to. And specifically mentions AHC Dept.

Will update once transaction completes. That is the correct address for Fidelity Investments with UMB bank.

Thanks!

Bob.

Sorry, realized the title says "transfer" and even though I know that is only intrabank, perhaps I should have said "move".

Boatnmaniac

I don't know why transfers keep coming up. I thought I clearly said more than once that I KNOW transfers are only in the same financial institution. AND I said I have this working as a payee, just takes 7 days (perhaps), it seems. So would like that shorter. And would be nice if could be done from the check register, but that does not seem to work.

The reason why I mentioned "transfer" again, is that you seemed to be concerned about Quicken setting up Fidelity/UMB a Bills & Income Payee. I then replied that is correct because it could not be set up as a Transfer Payee. I'm glad we have agreement on that, now.

I have no relationship with PNC. Not sure where that came from. I never mentioned PNC.

I confused you with someone else who does bank with PNC. I should have simply used "bank" instead of "PNC" in my posts. Sorry about the confusion. I will edit my previous posts to correct them.

That is the address the routing number is linked to. And specifically mentions AHC Dept.
Will update once transaction completes. That is the correct address for Fidelity Investments with UMB bank.

Thanks for the clarification. I look forward to hearing how well this process works for you.

John_in_NC

Let's forget semantics here as we understand that you are trying to transfer $ from your checking account to your Fidelity MMF. Great.

In the first sentence of your first post, you asked which is the easiest way to do this. Good question! Since you have already set up external transfers, go to the Fidelity Website and initiate a "Pull" transactions of the desired amount from your checking into the correct account. You can setup a scheduled transaction representing this if this occurs frequently.

You could try doing this as a "push" transaction via direct connect from you checking account to Fidelity, but I don't think that is "easiest" or most reliable as you won't be sure as to where (which account) the $ will end up. I don't suggest that.

Bob.

Thanks @Boatnmaniac . I am convinced as a payee will work though not as quickly as hoped. I'll post if check or AHC goes through.

Also convinced that the payment I initiated form the check register will not go through as no date scheduled for it. I'd be amazed if that worked.

Shall see. At least I have an available solution inside of Quicken. Timing of funds movement is not critical, but would be nice if I could specify ACH in some way.

Bob.

Thanks Jon. The goal is to do this within Quicken as I believe mentioned several times and that appears to be working though perhaps more slowly than I like. And we KNOW where the funds go - always to the sweep or core MM account. So that is not a question.

Only thing tricky so far since I got set on the right path was finding the address for the Payee and that was not too difficult Googling the Routing Number.

jacobs

I'm with @John_in_NC on this one. Yes, doing it as a payment through Quicken is likely a few fewer clicks. But for moving cash around, I prefer doing it completely electronically via the brokerage; it takes place much faster and you're assured it comes from and lands in the correct accounts, without the chance of anything going wrong with a mailed check. Just my 2¢…

Bob.

Appreciate the 2¢

Still possible it is ACH with Quicken. Will wait to see. Sent two $1 transactions, so not a big risk.,