ANSWERS: 1
  • Transferring funds from an account in one bank to another bank's account through a computer, which is known as online banking, is a very simple task. Online banking is much more simple than going to a bank and waiting in a line to ask the teller to transfer money to different bank accounts. All you need to know is how to operate your bank account and a Paypal account.

    Setting Up Paypal Account

    Go to Paypal.com and click "sign up." Put in all the necessary information and create your account. Paypal is like a free bank account and a great benefit of Paypal is that you do not even need to add any financial sources to set one up. When your Paypal account is activated, go to your main page (the page you go to when you log in) and click on "Profile." A few tabs will appear under the profile tab. Click on the tab that says "Add or Edit Bank Account." Now you will have to put in information such as your account number and routing number. Once you have successfully added a bank account repeat this process but now you have to put in the information of the other bank account that you will be accessing. Now you are ready to transfer the money.

    Transferring Money

    For Paypal to allow transfers from bank accounts to go through, the accounts need to be verified. Paypal will ask you to confirm your bank accounts by sending two small deposits to your bank accounts and you will have to tell paypal what those amounts were. Now that your bank account is confirmed, click on "Add Funds" and a couple tabs should appear under it. Select "Add Funds from Bank Account." Type in the amount that you want to add and click on "Continue." You will have to confirm the transfer on the nest page. Now you have to wait for the funds to arrive from your bank account. Be aware that it may take up to a week for Paypal to transfer the funds. Once the money arrives into your bank account, select "Withdraw" on your main page. Click the "Transfer to Bank Account" tab. Now all the bank accounts that you have registered on Paypal will appear. Select the bank account that you want to transfer the money to and type in the amount of money you want to move. Click on "Continue" and you are finished. For Paypal to transfer money into a bank account it takes up to four days.

    Bank of America and Other Banks

    Before you go to Paypal, make an account and start transferring money, check to see if your bank will allow you to transfer money directly to another bank. Banks, including Bank of America. will let you do this. Simply go to your account, click on "Transfers", hit "Outside The Bank", and agree to their terms. Now you can enter the information of the other bank account you wish to send money to and the amount to be sent. Bank of America says that it takes up to three days unless you use wire transfers (same day).

    Source:

    Paypal

    Resource:

    Bank of America: Electronic Funds Transfer Frequently Asked Questions

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