My Balance Transfer to Checking Account Experiment

[ddemari]

I have a bank of america checking account, savings and cash rewards visa. There is an option on the credit card page to do a direct deposit into my checking account paying a 3% transfer fee. Does this work just like a balance transfer except i am paying myself? This is not like a cash advance right? I am just curious because reading this thread and I have noticed that button before and reading the information it looks like a balance transfer to myself?

[taxi818]

I think there is a way to see if cash advance. Usually cash advance limit is very low. If you can bt more than your cash advance limit. Then you should be good. If they are inky gonna charge 3% then outstanding. How about any interest? A loan from my credit card to my checking account. Would be nice.

[Anonymous]

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@ddemari wrote:

I have a bank of america checking account, savings and cash rewards visa. There is an option on the credit card page to do a direct deposit into my checking account paying a 3% transfer fee. Does this work just like a balance transfer except i am paying myself? This is not like a cash advance right? I am just curious because reading this thread and I have noticed that button before and reading the information it looks like a balance transfer to myself?

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You can always contact BofA and have them set your Cash Advance limit to $0. Then if you try it, and it doesn't go through, youv'e got your answer.

[Anonymous]

Hi.. I work for boa in balance transfer dept. sometimes we offer promotions that are good for direct deposits into your checking account. These are different than bank cash advances that cap out at cash credit line. You have access to your whole credit line with one of these promotions. Most of them are 0% with a transaction fee. The apr is higher than paying off another credit card with a balance transfer promotion, after the promo ends and there is still a balance. But if you need cash call boa up and find out specifics on all your promos. Most ppl are not aware of direct deposit promos. 

[Anonymous]

I requested a balance transfer from my Barclay card to my checking account.  About how long do I need to wait for the balance transfer to hit my checking account?  Thanks