Wire transfers are not the same as ACH transfers. I regular transfer money between Chase, Ally, Capital One 360 and Fidelity and have never been charged a fee because I never do wire transfers. (The default for all these banks is ACH; you must explicitly choose wire transfers.)
EDIT: to answer the modified question. https://www.depositaccounts.com/blog/difference-between-wire-transfer-and-ach.html "One of the fastest ways to send money is via wire transfer. Although a wire transfer can take days, in most cases a wire transfer takes place within minutes. It is a direct bank-to-bank transaction that allows you to move money from your account directly into the account of someone else."
"While it may seem similar to a wire transfer, a transaction accomplished with the help of an automated clearing house (ACH) is not the same thing. ... When you arrange for the electronic transfer of funds, all of the information is included in a batch, which is then sent to the clearing house. All of the transactions in the batch are then handled by the clearing house, rather than as a direct bank-to-bank transaction. ... As a result, your money is not available as quickly as it often is with a wire transfer. The ACH process can be more convenient and is less expensive, but it also takes a little bit longer."
Answer from RonJohn on Stack ExchangeAccording to the terms of the savings account, wire transfers are $30 each. Does this mean if I pay my rent out of the account that it will cost an additional $30? I have a friend with this account who transfers money all the time between different bank accounts without fees, so I'm not sure what exactly it means.
Wire transfers are not the same as ACH transfers. I regular transfer money between Chase, Ally, Capital One 360 and Fidelity and have never been charged a fee because I never do wire transfers. (The default for all these banks is ACH; you must explicitly choose wire transfers.)
EDIT: to answer the modified question. https://www.depositaccounts.com/blog/difference-between-wire-transfer-and-ach.html "One of the fastest ways to send money is via wire transfer. Although a wire transfer can take days, in most cases a wire transfer takes place within minutes. It is a direct bank-to-bank transaction that allows you to move money from your account directly into the account of someone else."
"While it may seem similar to a wire transfer, a transaction accomplished with the help of an automated clearing house (ACH) is not the same thing. ... When you arrange for the electronic transfer of funds, all of the information is included in a batch, which is then sent to the clearing house. All of the transactions in the batch are then handled by the clearing house, rather than as a direct bank-to-bank transaction. ... As a result, your money is not available as quickly as it often is with a wire transfer. The ACH process can be more convenient and is less expensive, but it also takes a little bit longer."
Why ACH transfers are free and wires are subject to fees?
Because ACH transfers can be done in batch, and are much easier and cheaper for the banks than wire transfers which must be reviewed individually, are somewhat safer (partly because of this review) and faster, but are more expensive for the banks to process.
Hey, fellow Redditors! I have a question regarding ACH transfers from Capital One Bank to Chase banks. I'm curious to know if conducting such transfers can potentially help waive monthly fees.
If any of you have experience with this or have insights on whether transferring funds between these two banks can eliminate or reduce monthly fees, I'd greatly appreciate your input.
Looking forward to hearing your thoughts and experiences on this matter. Thanks in advance for your help!
I’m looking to open a capital one checking and savings account and was wondering if capital one charges fees for transferring between the accounts?
Revieved this email from Capital One today. How ridiculous is this? They don't even give a number? I'm not going to risk making an important withdrawl and having them say "Surprise, screwed you." Any recommendations for banks that have unlimited transaction?
"Automated Clearing House (ACH) External Transfer Limits: Your 360 accounts will now be subject to limits on the amount of electronic transfers between your account and external accounts at other financial institutions. These limits are designed to be flexible in order to protect the security and integrity of the service and accounts, as well as you and all other users of the service. Based on confidential fraud and essential risk criteria, they may be modified at our discretion without advance notice.
What transactions will this impact? ACH external transfers are electronic deposit and withdrawal transfers made between your Capital One accounts and your linked external accounts.
What happens if I need to exceed the limit? At Capital One, ACH transfers are just one way to move money. So if you have a transaction that exceeds your limit, we’ll try to help you find an alternative that meets your needs."
Ridiculous right? Notice how they give you the number for the ATM withdrawal which they haven't changed. I think they've limited it to 6 transactions per month. Don't know about a dollar limit. The limit itself isn't ridiculous, it's the fact that they don't actually tell us what it is and it's not easy to find. Bastards.
This applies to checking as savings already has a 6 ach per month.
If you ask me, it's all bullshit, as they already have the lowest apy rates and now this? I think Capital one is seeing that alot of people are transferring there funds out and now are trying to prevent/punish people for doing that, lame. Increase your dame apy rates, that's your own fault for not increasing them don't blame customers for being smart.
I was thinking about signing up for the cap1 360 savings account, because they just started a promo where $10k, 50k, or 100k transfers within 15 days get an increasingly better bonus after 90 days. APY is great compared to the pathetic interest at my credit union. Question is, how would someone transfer $50k let alone $100k within 15 days of account open from a bank/CU to cap1 online bank (external transfer)? From what I understand, ACH transfers are limited to around $1k a day, $10k a week, etc. and I think I read that cap1 requires the external account to be on file for 30 days before wire transfer is allowed. Mobile deposit has $5k daily limit.
I’ve transferred money out of my 360 Checking and 360 Savings accounts into a Fidelity Investments account hundreds of times, yet I’ve never been charged the $30 transfer fee that Capital One’s own website says is charged to all wire transfers (https://www.capitalone.com/help-center/checking-savings/send-receive-wire-transfer/).
Why am I not being charged for these transfers? Will the fees hit me all at once? I did my first transfer in November 2023 and I’ve never had to pay a $30 fee