Recently, I have been moving my assets around to different banks, seperating out what I consider temporary versus permanent cash.
My Chase account is the primary receiver of money, and from there, I distribute the money to my investment accounts, credit cards, etc. While this has been successful, I had wanted a better method to transfer funds between accounts in different banks rather than writing checks and walking into brick and mortar facilities to cash them.
I saw that Chase offered online transfers, and thinking they were the same as the e-bill pays I had been performing, I linked my Citi account to my Chase account. I then went through the procedures and transferred $1,500 in my Citi account.
After two days, I noticed a $3 fee related to the transfer. When I called Chase, they promptly told me that:
- There was a fee to transfer money online
- I agreed to the fee in some jumble of legal disclaimers (who ACTUALLY reads them?)
- The price is stated in small font somewhere on the website
Of course, per the norm, banks can nickel and dime you out of anything, so after about 30 minutes, I gave up on getting my $3 back.
But it angers me that the fee is equivalent to a 0.2% charge on moving my OWN money around.
Watch out for these so-called "conveniences" in your online banking activities.