Results 1 to 10 of 10
  1. #1
    Join Date
    Mar 2002
    Location
    New York
    Posts
    1,700

    Automated Bank Wires

    A client of mine wants to do automated wiring of funds from their bank account to the users bank account.

    I know it's possible as Paypal and numerous other online merchant processors do it.

    But, I am curious if anyone offers it as a merchant account sort of thing. (Like Authorize.NET) Where I can use their API to connect and send the wires via their systems.

    Does anyone know what I am talking about, or think they have a solution?

  2. #2
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    Most merchant account processor offer ACH as another means to accept money. Check with your processor. It is a bit different than just a merchant account because the funds are transferred thru ACH which is governed by NACHA. And plus you need to have a signature to state it is OK to deposit money into your account.

  3. #3
    Join Date
    Mar 2002
    Location
    New York
    Posts
    1,700
    Well how does Paypal do it then?

  4. #4
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    How does Paypal do what? Transfer money? Deposit money into a checking account without a signature? Move money from one paypal account to another?

    If it is just one account - check with the bank to see what they would charge for a transfer

  5. #5
    Join Date
    Mar 2002
    Location
    New York
    Posts
    1,700
    Sorry for not being as clear. I was curious as to how Paypal deposited money into a checking account without a signature.

  6. #6
    Join Date
    May 2003
    Posts
    452
    I know at Bank of America they allow it.

    Go in, request the telephone wire transfer package, and you can setup recurring wires and setup for telephone wires.

    You still pay the $20 fee per transaction though.

  7. #7
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    Well you are "supposed" to have a signature. I canot remember if an electronic signature would suffice or if it is supposed to be a wet signature. (Sorry I missed that in one of those meetings.) The rules of NACHA are pretty interesting as well as some of the rules for each state.

  8. #8
    Join Date
    Mar 2002
    Location
    New York
    Posts
    1,700
    Still doesn't answer my question, as I need internet wires and the $20 fee can't cut it as thats way to much money for just one transfer.

  9. #9
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    How many transfers/ average amount a month to this customer? Does the customer have a merchant account?

  10. #10
    Join Date
    May 2003
    Posts
    452
    Originally posted by coreybryant
    Well you are "supposed" to have a signature. I canot remember if an electronic signature would suffice or if it is supposed to be a wet signature. (Sorry I missed that in one of those meetings.) The rules of NACHA are pretty interesting as well as some of the rules for each state.
    And BoA if you complete some forms (package) they allow for wires to be done over the phone. In that package you can put recurring instructions.

    Still doesn't answer my question, as I need internet wires and the $20 fee can't cut it as thats way to much money for just one transfer.
    I don't *think* you can get around that fee. Wires are generally not for small amounts.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •