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[Discussion] Most inexpensive way to send money domestically to 3rd party bank account

July 02, 2020 at 09:11PM

Hi,

The typical free transfer options between banks are for own accounts, but in my opinion transfers to external accounts that are not in your name and outside of Zelle are not very well documented, except maybe for wire transfers.

Long story short, I need to pay my employer for our employee stock program. I have their routing and bank number at Chase and I need to put my employee number in the notes / memo.
I will have the money in the account by Monday and the transfer needs to be completed by Friday the latest.
My checking accounts are with BoA, Chase and Fidelity (CMA).

Of course I can wire money but it is quite expensive ($30 BoA; $25 Chase, even from Chase to Chase; $0 Fidelity, but no memo field).
My options seem to be as follows:
1. Fidelity wire transfer: $0, but no memo field. Called in and they said it is not possible to leave a note online, I would need to do the wire transfer over the phone. Would rather not do that to avoid issues with amount and employee number.
2. BoA: ACH in 3 days for $3, in 1 day for $10, (almost instant) wire transfer for $30: currently my preferred option as I could leave a note. If I use the $3 ACH transfer on Monday the money should arrive by Wednesday, latest by Thursday.
3. Chase: could not find a way to do an ACH transfer on a personal account, also could not find a way to send money to the Chase account of my employer without the $25 wire transfer fee. Found the Bill Pay option but am a bit wary of that.

Any thoughts or advice?

Thanks in advance!

submitted by /u/HeartF1st
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