Digital technology allows for convenient electronic banking. Electronic deposits transfer money from your bank or other financial account into a different account. This is useful if the person you need to pay is far away or you need the payment to clear quickly. There are two primary ways of depositing money electronically. You can use online banking services or request an electronic transfer from your financial institution in person.
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Log into your account at PayPal or other payment site.
Check your account balance. You may not transfer more than is in your online account.
Click on the link for money transfer. This may be labelled as "Money Transfer" or something like "Send Money" or "Transaction Options."
Enter the name of the bank that will receive the deposit, along with the account number or e-mail address of the person accepting the transfer.
Enter the amount of the deposit.
Type in the date on which you would like the deposit to occur. On some websites, you will be charged a higher fee for same-day or next-day deposits.
Click the "OK," "Done," "Confirm," "Send," "Transfer," "Authorize," "Make Payment" or "Continue" buttons to authorise the deposit. You may need to do this twice, as some websites provide a second page that asks if you are sure you want to make the deposit. Fees should be listed prominently through the confirmation process so you know what the cost of the transfer service will be.
Visit the branch of the bank at which you have the account from which you'll make the deposit.
Tell the teller you would like to make an electronic deposit. Give him your account number and the account number of the person into whose account you want to make the deposit. The teller probably will ask you to write this information on an electronic transfer or wire transfer slip. Ask what the fee will be for the deposit.
Pay the teller any fees associated with the electronic deposit. The fee will vary by institution, and the facility may charge higher rates if you want same-day or next-day completion of the transfer. Many banks charge a flat rate, while some charge a percentage of the money transferred. Because you have an account at the facility, you probably will be able to have the teller deduct the fee directly from your bank account instead of paying for the transfer in cash, by money order or by check. Some facilities will accept credit cards as payment.
Tips and warnings
- Note that the in-person method works at any institution that offers wire transfer services; some of these institutions are not financial institutions and therefore may charge higher fees. For these facilities, you must have a check, money order, cash, credit card or debit card to pay the fees, as you will not have an account against which to draw funds.
- Avoid sending an electronic deposit on Friday. It likely will not clear until the next business day, which may delay your business up to three days.
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