If you have accounts at two different banks, the option to transfer money between them online cheaply is becoming more common every year, thanks in part to the rise of person-to-person ACH transfers. Here’s a quick overview of how these transfers work and what you might pay.[…]
Many online-only banks have an incentive to make online transfers to and from external bank accounts free. Because paper checks and cash deposits can be difficult for these banks to deal with, ACH transfers become more crucial for their customers.
“If you couldn’t move money in and out easily, you wouldn’t use” their service, according to Lee Kyriacou, a managing director at Novantas, a banking analytics and advisory firm in New York.
Read the full article at NerdWallet…