Wire Transfers Cheaper with NFCU vs. USAA

[Anonymous]

I seem to recall reading on this forum that all USAA wire/bank transfers were free for both incoming and outgoing.  I have now noticed that this is false.  USAA charges $25 for outgoing domestic wire/bank transfers and $45 for outgoing international wire/bank transfers.

NFCU only charges $14 for outgoing domestic wire/bank transfers and $25 for outgoing international wire/bank transfers.

See:

https://www.usaa.com/inet/pages/banking_wire_transfer_instructions?SearchRanking=1&SearchLinkPhrase=...

https://www.navyfederal.org/pdf/ebrochures/2043ep.pdf

This is just one more reason why NFCU is better than USAA.

ETA:  Oops, maybe put this in General Topics.

[pizzadude]

Moving to General Credit topics

[guiness56]

I used to wire my son money monthly and I don't recall ever being charged a fee.

[Anonymous]

Thanks for the info. I am a USAA member and I thought it was free. My thinking has been adjusted.

[Anonymous]

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@guiness56 wrote:

I used to wire my son money monthly and I don't recall ever being charged a fee.

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Perhaps you were lucky.  Or, perhaps you were doing a "funds transfer."

According to USAA, "A funds transfer is the movement of money between two USAA accounts or between a USAA account and a checking/savings account at another financial institution....We don't charge a fee for this service."  

Funds transfers can only be domestic.  International must be done via wire/bank transfer which incurs fees.

According to USAA, "[Wire transfers are] a method of moving money from one person or financial institution to another. A wire transfer can be made from one bank account to another bank account. Wire transfers are usually the most expedient method for transferring funds between accounts."  

So, I guess there is a difference.  But obviously if people want to avoid fees, the best option is a funds transfer.

https://www.usaa.com/inet/pages/faq_Enterprise_Funds_Transfers_index?SearchRanking=8&SearchLinkPhras...

https://www.usaa.com/inet/pages/banking_wire_transfer_instructions?SearchRanking=1&SearchLinkPhrase=...

[guiness56]

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@Anonymous wrote:

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@guiness56 wrote:

I used to wire my son money monthly and I don't recall ever being charged a fee.

---

Perhaps you were lucky.  Or, perhaps you were doing a "funds transfer."

According to USAA, "A funds transfer is the movement of money between two USAA accounts or between a USAA account and a checking/savings account at another financial institution....We don't charge a fee for this service."  

Funds transfers can only be domestic.  International must be done via wire/bank transfer which incurs fees.

According to USAA, "[Wire transfers are] a method of moving money from one person or financial institution to another. A wire transfer can be made from one bank account to another bank account. Wire transfers are usually the most expedient method for transferring funds between accounts."  

So, I guess there is a difference.  But obviously if people want to avoid fees, the best option is a funds transfer.

https://www.usaa.com/inet/pages/faq_Enterprise_Funds_Transfers_index?SearchRanking=8&SearchLinkPhrase=transfer%20funds

https://www.usaa.com/inet/pages/banking_wire_transfer_instructions?SearchRanking=1&SearchLinkPhrase=wire%20transfer

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Now I don't know which I used lol.  It wasn't something that was set up on a monthly basis, I had to go in and do it each month.

And yes, it was done from one bank account to another bank account in another state.

[takeshi74]

It would have been a funds transfer.  Funds transfers can be one time or automatic.  I used to use them all the time but don't really have as much need for them these days.  They definitely charge for wires.

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@Anonymous wrote:

This is just one more reason why NFCU is better than USAA.

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Better's always subjective.  That's true if one needs to regularly use wire transfers.  I've never needed one so far.  YMMV.

NFCU (and even USAA) is a nonstarter for many.

[Revelate]

Unless you have substantial deposits/assets with a given bank, wire transfers are always for a fee.  Every financial institution I've dealt with currently or in the past has charged for them... exceptions are made for things like Chase Private Client where wire-transfers are free.

When I have referred to shuffling money around with USAA being free incoming and outgoing: that is ACH or what is now listed in their interface as funds transfers.  

What do people typically need wire transfers for anyway these days?  Historically they were the only game in town; however, now other than a real emergency, in which case $45 or whatever is irrelevant in my opinion I don't see their being needed.  Moving money around when payment dates are known isn't a substantial chore for me a week in advance.

ETA: USAA's benefit in this isn't unique to ACH's, I'm pretty certain I could do the same out of Fidelity or Schwab for that matter if I had to, but of the 7 checking accounts I have litterred across the Internet, USAA is the only one with this benefit.  Others are free incoming, fee outgoing, and some are fee for both, unless you use their BillPay service (Chase / BOFA).

Also like Takeshi I don't have much use for outbound ones anymore; occasionally I'll replenish the USAA account where I have my insurance / secured loan / a credit card with, but virtually all of my financial obligations can be paid direct ACH anyway... only exception being DCU but they're free ACH incoming, so I simply use the same process with them as USAA.  I find this more convenient than BillPay, may just be old fashioned in this regard.