via allposters.com

Many people use online banking to transfer money between their bank accounts, but sometimes when you’re running around, it’s easier to make the transfer over the phone.

When you move money from your checking to your savings account, no real money travels anywhere. It’s only a change in the bank’s records, and their only expense  is tracking that change. With computers automatically recording those transfers, it’s pretty cheap. That’s why most banks offer free transfers through online banking. There is little costs to them because you tell the computer what to do.

But when a customer service agent tells the computer what to do, it’s a different story. The bank is paying that person to answer phones. And now that you can make the transfer yourself through online banking, they figure the cost for their employee to make the transfer should go to you:

“You want me to transfer the money? Done! Just so you know, there’s a five dollar charge for that.”

It’s not ideal, but it’s a reality.

But there are solutions.

First, it’s not impolite to ask the agent if the bank charges you for over-the-phone transfers. Query before the transfer, or, better yet, before you even open the account! (If you search for a new bank with FindABetterBank.com, you can find out if a bank will charge for this by reading the “assisted telephone banking” notes.)

Your other option: Check if your bank offers mobile banking. With most mobile banking programs, you can transfer money between your accounts using your web-enabled phone or through text messaging. At the end of the day, this might be a better choice anyways: you avoid waiting on hold and you receive quick confirmation that the transfer occured.

—