How to Send Money Using a Checking Account

You can easily send money to friends and family using your checking account.

Often situations arise in which you will need to send money to friends and family members as quickly and conveniently as possible. Of course, you can write a check and send it the old fashioned way---through regular mail. But you can also send money to friends and family directly from your checking account without fear of checks getting lost in the mail. Sending money this way is a convenient, electronic process that can take the headache out of sending money where you need it to go.

Things You'll Need

• Checking account
• Recipient's account and routing numbers

Instructions

1. Open a checking account if you don't already have one. Be sure to choose a financial institution that allows you to send money using your checking account. Most banks provide this service in the form of ACH (automatic clearinghouse) or wire transfers.

2. Familiarize yourself with your bank's transfer process. If your bank provides this service, find out exactly what information you will need to process the transfer and how long it takes for the recipient to receive the funds. Some institutions charge fees for this service, so inquire about any potential fees to send money.

3. Obtain the account and routing number of the recipient's checking or savings account. The routing number is a nine-digit number used to identify the financial institution, and the account number is the unique number assigned to the account holder to identify her account (the number of digits in an account number can vary). The recipient of the funds can verify this information from the bottom of one of her checks or deposit slips, or by contacting her banking institution directly. Be sure to advise the funds recipient that she needs to provide you with accurate account and routing numbers, since you will be relaying this information to your bank to initiate the transfer.

4. Initiate the transfer process. Some banks allow you to send money online, while others require you to call or come into the bank to initiate the transfer.

5. Confirm receipt of the funds. The funds transfer process takes between 24 hours to several days. Confirm the processing time with your financial institution, and advise the recipient to check his account after the processing time has passed.

Tips & Warnings

• If the processing time quoted by your bank has passed and the recipient has not received the funds, contact your banking institution to confirm that the transfer went through properly.

References

• Bank of America Wire Transfer FAQs
• Chase: Domestic and International Wires
• Wachovia: Wire Transfers
• Wells Fargo: Transfers Questions
• Citibank: Wire Transfers