Im trying to send funds to a new online brokerage account I just opened and my options are sending a check (which would take botu 5 days total for the money to get deposited into the account), wire transfer, and ACH.

 

I really would like to wire transfer the money, but I have TCF and the website sucks and doesnt have anything on it for that, and doesnt even say whether its an option with personal banking.

 

Should I just go to a branch? Im not sure if I can get to one before it closes and I would like to settle it today. I tried calling customer service (they have no email account for this question), and it takes about 10 minutes just to get to a person, and theyve never been very helpful and since Im at work I dont want to waste alot of time on it.

 

 

ACH is by far the best funding option if you can get it done. Money moves very quickly between your bank account and your brokerage account that way. I'd try going to a branch, but take all of your info for both accounts so that you can be sure to be able to get it done easily.

ACH is by far the best funding option if you can get it done. Money moves very quickly between your bank account and your brokerage account that way. I'd try going to a branch, but take all of your info for both accounts so that you can be sure to be able to get it done easily.

Agreed, ACH is definitely both fastest and easiest.

 

ACH is by far the best funding option if you can get it done. Money moves very quickly between your bank account and your brokerage account that way. I'd try going to a branch, but take all of your info for both accounts so that you can be sure to be able to get it done easily.

Yea, thats what Im thinking that Ill have to do. I really cant wait to get off campus and be able to switch to another bank. TCF just blows chunks, but its the only bank with branches on campus and at home for me. I think its terrible that I hate going to my bank's branches because the workers are incompetent and always are confused and take forever. Not to mention the fees they'll hit you with, the poor customer service over the phone, and the terrible website. All with a s***ty interest rate.

 

/rant

Quick answer, do it by ACH.

 

 

Long answer, the fastest way is to do it by a wire (Fedwire). However, the cheapest and easiest way is to do it by an ACH. A wire is a same day transaction while an ACH is a next day transaction. The breakeven equation between the two is:

 

(Wire Cost - ACH Cost ) / (Daily Earning Rate * Days Funds Accelerated)

 

 

*for the record, I am a certified treasury professional (CTP) and I work as a treasury analyst, this is right up my alley.