Can you transfer funds from two different banks at one bank?


Quick Answer

A person can transfer funds from two different banks at one bank if the primary bank has an external transfer service. In most cases, these transfers are done online rather than at the bank branch, explains Matthew Amster-Burton for Mint.com. Alternatively, a person may transfer money between two accounts by writing a paper check.

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Full Answer

To set up external transfers, an account holder uses his online banking portal. He then enters the routing number and account number for his other bank account. The primary bank sends two electronic deposits worth less than $1 to the secondary account. To prove he has access to that account, the account holder confirms the amounts of the deposits with the original bank. Once the secondary account is confirmed, the account holder may transfer funds from the primary account to the secondary account, reports Amster-Burton.

To transfer from the secondary account to the primary account, the account holder must set up an external transfer service with the bank that holds the secondary account, states Amster-Burton. Without verifying the second account, a person may transfer money between two different bank accounts by sending a wire transfer. However, both the bank originating the wire transfer and the one receiving it typically charge a fee.

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