What bank do you use? If you could do bank->bank internal transfers, would you?

[deftx]

If you could do an internal transfer from, say, BofA to BofA, with the purpose of funding an exchange account like MtGox, would you prefer this option?

Internal bank transfers often happen instantly. For some users that want to jump on opportunities to exchange, this would be ideal. Unfortunately, based on my experience, many banks don't do this very well and often muck up the memo field due to teller or user error. However, if you had this option, would you do it? If so, what bank do you currently use?

Currently, exchanges take a few days to fund your account because of straight wires, international wires, and Dwolla. In my experience, funding my Dwolla to MtGox took around 3-4 days. This is not ideal at all.

Thoughts, votes, and other comments welcomed!

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[BiggieJohn]

the concept of giving ANYONE my bank account number absolsutly terrifies me.

I trust paypal with the info.
Dwolla I gave a throwaway account that I keep less then $100 at a time.


giving an individual my account number for a member to member transfer, I dont think so.
If you give them enough info to complete the transfer they also have enhough info
to create ACH transactions and empty your account in seconds.

[deftx]

the concept of giving ANYONE my bank account number absolsutly terrifies me.

I trust paypal with the info.
Dwolla I gave a throwaway account that I keep less then $100 at a time.

giving an individual my account number for a member to member transfer, I dont think so.
If you give them enough info to complete the transfer they also have enhough info
to create ACH transactions and empty your account in seconds.

In the case of withdrawals, yes, you would. There are protections from the bank often times that prevent fraud if you detect it. You run the same risks with VISA cards.

In the case of funding a trade account, all the trader sees is the last 4 digits of the account number usually.

This all hinges on the reputation of the exchange. I am assuming the exchange is reputable in this poll.

EDIT: PayPal has too many charge-backs and is known to cancel accounts outright. This is not an option for an exchange on a large scale. Even credit cards through merchants are scary because of charge-backs.

[¢A$HÅ]

I would use a credit union or some small local bank.

A better idea, which is faster if I'm not mistaken, is to have the client make a cash deposit into your account. Is should show up quickly, and if they have access to their own bank in that town/city, they can go make a cash deposit into your account at that bank even easier than they can transfer funds from their account to yours. The client doesn't even have to give their real name this way.

[deftx]

I don't have an account. If I did, I would use a credit union or some small local bank.

A better idea, which is faster if I'm not mistaken, is to have the client make a cash deposit into your account. Is should show up quickly, and if they have access to their own bank in that town/city, they can go make a cash deposit into your account at that bank even easier than they can transfer funds from their account to yours.

If this is faster, then great! The only final issue (assuming the exchange is running lawfully, of course) is making sure the tellers put proper memos on the deposits, and hoping that memo makes it to the other side

I used to write an app to process wires for a customer of mine. We processed 200-800 wires per day. People sometimes direct deposited on our accounts. It often had NO information on it. Wires were sometimes just as bad. Many banks would truncate the wire data and it would take sometimes months for us to match them to customers. Shame how it doesn't work better.

[tictok]

Hi I'm in the UK

To transfer funds into MtGox from the UK I used the Halifax online.
I have a barclays account too but they could only do international transfer over the phone. As it was about 2am in the morning, the Halifax was the best way to get my UK£ turned into euros and sent to MtGox...

[deftx]

How long did it take total?

[tictok]

I think my original transfer from Halifax online bank to Mt Gox french bank account was on monday evening / tuesday morning.
The currency showed up as US $ on MtGox in the early hours of this morning, so 3 to 4 working days, plus a couple of days over the weekend.
I imagine it takes longer than normal with my cash first going to their french account as euros, before later landing in the main account as US$.

Hope that helps

[fonzo]

ING direct in Australia does near instant transfers between members.