Sunday, December 4, 2011

Is there a way to automatically transfer an amount from one person's bank account to another every month?

My roomate and I use the same bank. I'd like to automate rent payments from his account to mine since the expenses come out of my account. When I call the bank they don't seem to understand what I'm asking and suggest that he use the bill pay service to do this or I add him as an authorized user on my account (don't want to do that). Has anyone set this up successfully and if so, what bank do you use?|||Yes, this is done every day. My ex does it to transfer child support to my account. We use a credit union and had to go in and sign some paperwork authorizing the transaction, but it was easy to do. Go into the bank and explain that you need for him to make an automatic deposit (don't go into details, it may confuse them). Ask them for the necessary paperwork to allow him that access. (He will not be able to see your balance or to take money out). Good luck|||It depends on your bank. Most large banks have some way of allowing you to make monthly transfers to another customer at the same bank as yours (both of you use the same bank, might not be the same branch but it is the same bank). You can set up a Bill Pay system where every month $X is automatically sent to your roommate (you can also set it up so you determine how much is sent and when). Or you can transfer money from your account to his account, if you know his account number. Usually there isn't an additional fee involved since the money stays in the bank's hot little hands. Smaller banks might not be able to offer this service--although sometimes if you have a banker you've dealt with before and can go in and talk with, he/she might be able to set something up for you. Of course, online banking now offers a lot more things to customers--without having to talk to any banker or go into the bank at all. If you've got an online account, look at the things available to you to see if any of them fit what you're looking for.|||Do what the bank suggested: let your roommate set up a recurring payment to you.





Or, do what I suggest: [at least with Wells Fargo] you can schedule a recurring transfer from one Wells Fargo account to another. Your bank may not allow the same sort of thing.

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