Annoying tic-toc clock.

[Cindy Hamilton]

"Dodd Frank" is a law limiting... collusion (I guess you could call it) between banks. Things you can do are probably illegal here.

Cindy Hamilton

[Jim Joyce]

Exactly what my wife and I do all the time. We have multiple credit union accounts and multiple brokerage accounts. With a few mouse clicks, we can move money from any of them to any of them.

Actually, I bet you can do it very easily. You may need someone to show you how if you can't figure it out on your own, but you can do it because virtually every financial institution uses ACH, Automated Clearinghouse, to move funds around. There shouldn't be any fees involved, but the transfers aren't instantaneous. When I initiate a transfer, it doesn't actually happen until just after midnight.

Moving money to Fidelity is a partial exception to the rule above. When I initiate a transfer to Fidelity, the money shows up there within a few seconds and is immediately available to use. Later that night, just after midnight, it gets debited from my CU account.

[Rod Speed]

Moving money between bank accounts owned by different people isnt collusion.

Its what is done with electronic transfers of the dividends and what checks are about too.

[gfretwell]

I just evolved into this situation but it is what it is. I don't mind having several banks. Call it diversification. It is handy traveling tho. I can find a free ATM just about anywhere.

[gfretwell]

Stick with what you know asshole. Retail banks and brokers are separated by federal law. Dodd/Frank

[gfretwell]

It is not between banks it is between banks and their brokerage firm. After the Clinton law Gramm–Leach–Bliley that overturned Glass Steagall, banks and brokerages merged. During the 2008 melt down the fear was retail banking money could be lost if the brokerage went belly up so they were split apart again.

[gfretwell]

I don't think you are doing it on your phone. I can move money around but it usually involves paper. I don't do it much but before D/F I could do it from my brokerage account. Now I can't. It would be the same transaction if I was moving from the bank to it's sister broker or the broker to my Credit Union from what I understand. For the most part it is a non issue. They are separate pots of money and I don't co mingle them. Same with my other bank accounts. Different sources of revenue, different disbursements.

[Rod Speed]

The best of our banks allow you to use any ATM in the country for free and all the supermarkets and most shops allow you to get cash at the checkout for free too.

[Rod Speed]

We'll see...

? Retail banks and brokers are separated

Irrelevant to which you can move funds between, f****it.

Even you should have noticed that that's what check are for.

Nothing illegal about that.

[Rod Speed]

Irrelevant to what is legal with the transfer of money between accounts.

Even you should have noticed that you can do that with a check.

No reason why it cant be done electronically instead.

[Rod Speed]

Ours are now done instantly.

You'd be wrong, as always.

Because your bank is completely f****ng hopeless if that's the only way it can be done.

That's because your bank is completely f****ng hopeless.

You never do understand.

No one is talking about co mingling, What is being discussed is moving money between accounts, stupid.

You can obviously move money between accounts with a check and so can electronically too, stupid.

[gfretwell]

A "foreign" (not your bank) ATM transaction is $3-5. I agree you can usually buy a pack of gum and get $50 back for free with a debit card if that is all you need

[rbowman]

And they keep trying to get back together. "We promise we won't do anything stupid this time. Honest!"

[Rod Speed]

No here it isnt.

You don't have to buy anything here. The self checkout at the biggest supermarket chain has cashout as one of the two entgrys on the initial screen of the self checkouts.

[Jim Joyce]

From a money transfer perspective, that's not true. Everything is connected.

[Rod Speed]

Or get a clue, stop using cash, pay using a card and get a stick of gum or something if you really do need cash.

But you are too stupid to manage that.

And too stupid to avoid eating out with so much virus around too.

[Cindy Hamilton]

As I said, my situation is much simpler. I haven't been out of Michigan since 2016 and I have been on a plane since 1997.

Cindy Hamilton

[Peter]

...and the interest you earn is greater, the loans you may need are offered at a lower rate, and I find the customer service is much better at credit unions vs. banks if you can find a credit union you qualify to join. NCUA guarantees your savings and money market savings accounts to the same limits as does the FDIC for banks.