Problem: I have a checking account at Bank A and at Bank B, and I want to transfer money between the two.
A bank-to-bank transfer takes three days and costs $5 per a transfer. There’s an option to setup an account through another interbank organization, but I really don’t want to sign up for yet another account. Plus I would have to sign up twice…once for Bank A and once for Bank B.
I received a single check when I opened the account at Bank B, but I need to facilitate these transfers several times. I could order checks, but that costs money and takes time.
Question: How can I relatively easily transfer money without signing up for anything or paying any money?
Andrew’s Creative Solution: Create a check for Bank B on the computer — I used FreeCheck: http://www.sandeen.net/freecheck/. Then using the mobile bank app for Bank A, take a picture of the check (on the screen of the computer) and deposit it. I could print it out, but there doesn’t appear to be a need for that.
Reminds me of the story about Patrick Combs who deposited a junk-mail check for $95,000 as a joke and the bank cashed it. Apparently lots of things can pass for a check.