topic Re: My Balance Transfer to Checking Account Experiment in Credit Cards

My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 19:54:56 GMT

I just did two seperate balance transfer transactions online. I requesed a balance transfer from my Discover card to my Chase checking account and I made another transfer request from my FNBO Discover card to my Chase checking account. I made the requests for relatively small amounts. I am basically doing this as an experiment to see if the funds will actually transfer into my cheking account with no issue.

FYI, I plugged in my checking account number (the full number as shown on my checking account statement) into the box that asks for creditor account #. I put my bank's deposit mailing address as the creditor address. The computer took the transfer without any issue and I received the confirmation and usual message that it can take up to two weeks to be processed. I will wait and see if the funds get deposited into my account and if it is treated as a balance transfer at the promotional rate or a cash advance.

I've done balance transfers into my cheking account a number of times but usually by writing BT checks to myself and then physically deposting it into my account. I've also done it online using the Citi direct-deposit to checking option. However this is my first time requesting a BT online on a card that doesn't offer direct-deposit to checking balance transfers. I am essentially using my checking account number as the credit card number to pay off in this case. I am eager to see if it will go through as a balance transfer or get treated as a cash advance. If the latter is the case, I'll just pay back the card immediately to avoid the interest. I'll keep you posted...

Re: My Balance Transfer to Checking Account Experiment

youngandcreditwrthy — Thu, 07 Mar 2013 14:11:04 GMT

I almost tried this the other day.
I like Discover's "Cash Over" option.

I like to use the checks too bc the terms are usually stated on the checks lol!
Plus, I can make a payment to whatever account I need to more quickly than the bank themself can! Lol
Hope you don't get any cash advance charges!

Re: My Balance Transfer to Checking Account Experiment

tray — Thu, 07 Mar 2013 15:26:18 GMT

This past Monday I did a balance transfer for the very first time from my Discover card recieved a mailing promo with convenience checks 0% apr for 12 months with a temporary cli of $3,000.00 for doing balance transfer for 12 months with 2% balance transfer fee, I deposited one of the checks in my checking account Monday evening, next morning amount was available in checking, blance transfer was for $3,000.00 balance transfer fee showing on line $60.00. I am already paying off other creditors and just like above poster this is much a quicker process. Now just waiting on cli to post per discover within 7 days. I say Discover wasy to go

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 20:05:43 GMT

@Anonymous wrote:
I just did two seperate balance transfer transactions online. I requesed a balance transfer from my Discover card to my Chase checking account and I made another transfer request from my FNBO Discover card to my Chase checking account. I made the requests for relatively small amounts. I am basically doing this as an experiment to see if the funds will actually transfer into my cheking account with no issue.

FYI, I plugged in my checking account number (the full number as shown on my checking account statement) into the box that asks for creditor account #. I put my bank's deposit mailing address as the creditor address. The computer took the transfer without any issue and I received the confirmation and usual message that it can take up to two weeks to be processed. I will wait and see if the funds get deposited into my account and if it is treated as a balance transfer at the promotional rate or a cash advance.

I've done balance transfers into my cheking account a number of times but usually by writing BT checks to myself and then physically deposting it into my account. I've also done it online using the Citi direct-deposit to checking option. However this is my first time requesting a BT online on a card that doesn't offer direct-deposit to checking balance transfers. I am essentially using my checking account number as the credit card number to pay off in this case. I am eager to see if it will go through as a balance transfer or get treated as a cash advance. If the latter is the case, I'll just pay back the card immediately to avoid the interest. I'll keep you posted...

I am pleased to announce that the experiment was successful! I did the balance transfer transactions online using my checking account number and the balance transfer funds arrived in my checking account in 3 days. I can confirm that the transactions posted on both credit cards as balance transfers and not cash advances.

I've always wondered if this was possible and apparently it is. I checked my bank accout acitiviy online and they even posted an image of the balance transfer check that was sent to them. Most important of all the transactions were treated as balance transfers by both creditors. This could be a convenient way for me to directly access my promotional apr balance transfer funds in the future when I need it.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 20:15:05 GMT

i am confused (sorry, noob here).

so if i am to do this as well, all i need is my checking account number, no need for the routing number?

do they mail you the check and you deposit it at the branch yourself?

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 20:35:20 GMT

I'd be interested to know that as well. I was considering BTing a couple things for my wife but if this an option, I would like to know more first.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 20:50:50 GMT

This "trick" is very useful for consolidating multiple balances onto a single card. Suppose you have a BT check, you can certainly write it to yourself, deposit it to your checking account and pay whatever from there. It works 99% of the time.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 20:56:38 GMT

@Anonymous wrote:
i am confused (sorry, noob here).

so if i am to do this as well, all i need is my checking account number, no need for the routing number?
do they mail you the check and you deposit it at the branch yourself?

The transaction is done online as a regular balance transfer. The balance transfer check is mailed by the credit card company directly to your bank where you have the checking account just as they would mail it to another credit card company to pay off another credit card. You need your complete checking account number as it appears on your checking account statement. Put your bank's deposit mailing address (search for it online if you don't know it) as the creditor address on the balance transfer form online. It will be treated as a regular balance transfer and the balance transfer check will be sent to your bank's deposit address where it will then be credited to your checking account. Both transactions took only 3 days in my case and it went through with no issues.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 20:59:53 GMT

@Anonymous wrote:
This "trick" is very useful for consolidating multiple balances onto a single card. Suppose you have a BT check, you can certainly write it to yourself, deposit it to your checking account and pay whatever from there. It works 99% of the time.

Writing balance transfer checks out to yourself is nothing new. I've done that several times but not all banks will issue the checks. What I am talking about is online balance transfer transactions using your checking account number to have the funds sent directly to your checking account and most important of all, get posted as a balance transfer. I managed to accomplish this with my experiment.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 21:02:31 GMT

@Anonymous wrote:
@Anonymous wrote:
This "trick" is very useful for consolidating multiple balances onto a single card. Suppose you have a BT check, you can certainly write it to yourself, deposit it to your checking account and pay whatever from there. It works 99% of the time.
Writing balance transfer checks out to yourself is nothing new. I've done that several times but not all banks will issue the checks. What I am talking about is online balance transfer transactions using your checking account number to have the funds sent directly to your checking account and most important of all, get posted as a balance transfer. I managed to accomplish this with my experiment.

Yep, online BT works too. You just have to read the disclosures; not every transfer is coded as a BT.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 21:07:39 GMT

Ah ic.

Thanks a lot!
So no routing number was required? I was just worried the check might go to the wrong place into someone else's account haha.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 12 Mar 2013 21:22:28 GMT

@Anonymous wrote:
Ah ic.

Thanks a lot!
So no routing number was required? I was just worried the check might go to the wrong place into someone else's account haha.

No routing number is required because the balance transfer check is mailed out by the creditor to your bank. It is not an ACH transfer. You have to enter your bank's deposit mailing address when doing the transaction. Providing you entered your complete checking account number (as shown on your checking account statement) correctly, your bank will credit your checking account with the funds upon receiving the balance transfer check. It is no different than if you had mailed a check to your bank to be deposited into your account.

The creditor will treat it as a regular balance transfer... at least they did in my case. As far as they know, they are paying off your account with XX bank. They really don't know if it's a checking account or not.

Re: My Balance Transfer to Checking Account Experiment

SamsungHDTV — Tue, 12 Mar 2013 21:50:12 GMT

Thanks for sharing this.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Thu, 13 Jun 2013 20:33:12 GMT

This is not working anymore, or it's just my new Discover IT card... There is no balance transfer option available online and at this time Discover doesn't have BT checks available.
You can do BT only over the phone, but not to checking account or debit card.
I'm so disappointed...

Re: My Balance Transfer to Checking Account Experiment

Stralem — Thu, 13 Jun 2013 20:47:12 GMT

If your card is new, then you probably just need to wait. Discover requires the checking account to be used to first be "verified", which for them means they must have received three payments from it.

But I'm thinking about the Cash Access feature which may not be what the OP is talking about.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Sat, 15 Jun 2013 17:13:23 GMT

I think I found a way. Beside new Discover card I have Citi preferred CC witch came with two BT checks valid untill 6/25/2013.

I think I could write myself Citi BT check and than deposit to checking account. After that I should be able to BT that same amount from Chase to Citi and do another BT check from Citi to checking. I never used BT checks before and I'm wondering do I need to write my checking account no. on my BT check or do I simply write my name and amount I'm transfering?

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Tue, 17 Dec 2013 12:22:44 GMT

Thanks for posting about this experiment! I was needing to make a balance transfer from FNBO to my checking account but have no more checks left to write to my account. When I called about the BT, they told me to put my checking account number and BOA as the company and account number and they would send them a check. It has been worrying me if it would really work so I kept going back and forth on whether to do it or not. I have another bt card with checks but the fee is higher. Luckily I saw this post and felt better about doing it. Hopefully, mine will go through fast like yours did!

Re: My Balance Transfer to Checking Account Experiment

Stralem — Wed, 04 Jun 2014 03:30:40 GMT

Old thread, I know, but I'm experimenting with a transfer from Barclays to my Chase checking account.

The form gave an option for either applying the transfer to a credit card or "other loan". It would not accept my checking account number using the credit card option.

With the other loan option, it accepted my account number, but the deposit address confused me a bit. I called Chase a few minutes ago, and the rep said to give 1 Chase Manhattan, New York, New York 10005 as the receiving address even though I'm in Chicago.

Whatever...

We'll see how it goes in a couple of days. Will update then.

Re: My Balance Transfer to Checking Account Experiment

Anonymous — Sun, 14 Sep 2014 20:25:14 GMT

Did it go through? am also looking to transfer from my barclay card but dont have BT checks anymore.

Re: My Balance Transfer to Checking Account Experiment

taxi818 — Sun, 14 Sep 2014 21:36:03 GMT

@tray wrote:
This past Monday I did a balance transfer for the very first time from my Discover card recieved a mailing promo with convenience checks 0% apr for 12 months with a temporary cli of $3,000.00 for doing balance transfer for 12 months with 2% balance transfer fee, I deposited one of the checks in my checking account Monday evening, next morning amount was available in checking, blance transfer was for $3,000.00 balance transfer fee showing on line $60.00. I am already paying off other creditors and just like above poster this is much a quicker process. Now just waiting on cli to post per discover within 7 days. I say Discover wasy to go

Is this legal? Will you get cash advance fee?