Iāve been able to transfer money through my banking app for a while without issue. Not sure where that came from in the post, cause itās not true lol.
Iāve had direct deposit at every job Iāve worked for over a decade. Before then, I only had one job that didnāt offer it, though I had friends with jobs that did have direct deposit. Very common to have it these days. Some jobs can even get you direct deposit for the amount you worked that very same day, so Iād work 8 hours and by the time I get home, Iād have my pay from that day, and itās like that everyday.
Looked into it some more - I can move money to an external account via the app at no cost, but a āwire transferā needs to be performed in person or over the phone with my bank, and there is a $20 fee. Not sure what the difference is besides the name and how the banks are handling it, but itās the same thing. I can send money to someone at the same or a different bank/credit union for free and without relying on third party apps. Will edit my comment.
Idk what all this talk is about - we have wire transfers in the US. I donāt need a third party to do it either, itās exactly as youāve described, I can do one through the bankās app or on their website, and itās free. Itās not as common though since the information required is: Name of the recipientās account exactly as it is, account #, routing #, and exact name of the bank tied to the routing #. You can save that info though to make it easier to transfer the next time around - itās very useful for close family and friends.
EDIT: Turns out I have two different ways of transferring money. One is just moving money between accounts, can be at the same or a different financial institution, has the same functionality as a wire transfer, is free, and doesnāt rely on third party apps. A wire transfer is apparently done via some federal system and does require paying $20 or so, but I havenāt had to do a wire transfer in forever. Iām not sure why anyone would want to do a wire transfer.
If youāre the kid that lived behind me in my childhood, you wrap the rocks in paper, light them on fire, then try to them at the BBQ pit in my backyard. If anything, the rock and paper combine into a more powerful weapon.