My Balance Transfer to Checking Account Experiment

[enharu]

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.

[Anonymous]

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@enharu 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.

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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.

[SamsungHDTV]

Thanks for sharing this.

[Anonymous]

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...

[Stralem]

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.

[Anonymous]

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? 

[Anonymous]

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!

[Stralem]

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.

[Anonymous]

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

[taxi818]

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@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

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Is this legal? Will you get cash advance fee?