Why can’t I transfer money from my savings to checking? This is the first question you will ask the bank if you cannot access your cash from the savings account. Of course, you can effortlessly transfer money from your savings to your checking account, but you must follow all the rules.
For example, one of the primary reasons for a failed money transfer is timing. Therefore, you must ensure that your withdrawal requests are made during business hours. Also, giving the incorrect details of your account makes it harder for you to transfer funds from the savings to your current account.
Besides these reasons, transferring money from your savings to a checking account should be effortless. You can choose to complete the process by visiting the bank or using digital means. If you are about to start your money transferring process, this article will help you.
How to Transfer Money from Savings to Checking
Suppose your savings and checking accounts are within the same bank. Transacting across the different accounts should be effortless.
The main ways to transfer the cash are;
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By Visiting the Bank
Once you get to the bank, get a transfer form from the counter to fill in your details. You must specify the account you are transferring money from and where you want to deposit it. You will also indicate in the form the amount you wish to transfer.
Avoid missing a digit when filling out your account number because the transaction will be impossible. Besides, if you are unsure about these details, the teller can give them to you if you show your ID.
Once you fill out all the forms, give them to the teller to process your transaction. However, you will wait 24 hours to get the money in your account.
Transferring Digitally
If you cannot access the bank to transfer your cash, use digital money transfers. Accessing money from your bank has been made easier by technology. Instead of visiting the bank physically, you can download and set up an online banking app. From the app, you can access all your accounts and initiate transfers.
Log in to your account using your computer or mobile phone. However, be cautious about the safety of the internet so as not to get hacked. For example, avoid using public Wi-Fi when logging into your bank account.
You should also set up a strong password and ensure you don’t use it to open other sites. If you don’t have an online bank app, you can download and set it up first.
Check for transfers or tasks on the main menu and click on them. You can select the account you want to draw money from and where to deposit and enter the amount.
Transferring money digitally is instant for most banks. Others will tell you to wait until the next business day. However, this method is simple and fast.
Why Can’t I Transfer Money from Savings to Checking?
When transferring money from savings to a checking account, you must consider some factors. For example, the timing is everything for your transaction to be complete. Failure to adhere to time will slow your transaction or make it impossible.
Timing
Banks have guidelines on when to deposit or withdraw money across your accounts. When you request a transfer, it is processed within working hours, and you can instantly get your money.
However, if you initiate your transactions after the cutoff time, you will have to wait until the next business day to get your cash. These times are different based on whether you transact in cash or a check.
The same rules about timing apply if your accounts are in the same bank. The bank needs enough time to process and complete the transactions, and it must be during working hours.
Missing Paperwork
If you do your transfers through the bank, ensure you fill in the correct details on the withdrawal forms. Missing digits of your bank account or misspelling your name can land you trouble by delaying your transaction.
Also, ensure you submit all the documents per the bank’s requirements. Finally, confirm with the teller your account details if you are unsure, but you must produce your ID card to prove your identity.
Bank Holidays
Most institutions don’t operate during the holidays, including banks. Therefore, if there is an upcoming national holiday, ensure you initiate your transfer earlier to avoid delays. The bank will only operate during business days.
Transferring Your Money from Savings to Checking Is Not a Good Idea
Banks and other financial institutions advise their customers to avoid transferring money from their savings to checking accounts. The money is safer in the savings account because you don’t have easy access to it, which returns some benefits.
However, times get tough, and you need to use the cash in your savings. Some of the reasons people use money in a savings account are;
Emergency Expenses
The main reason to save money is to cover emergencies. However, having less money to buy items is not an emergency and should not guarantee you to use your savings. However, if you get a medical bill or are visiting a sick family member, these qualify for emergencies, and you can withdraw the cash.
Buying a Home or a Car
Another primary reason to save money is to buy an expensive asset without a loan. For example, you can buy a house using your savings. It is advantageous because cash investments don’t leave you with loans and interest to pay.
You can also buy a car using the saved funds in your account. Saving for a car might take a long time, but it will be a great advantage down the line. Once your savings are enough, you will transfer the money to your checking account and wire it to the seller.
Major Life Events
Most people prefer to save for their major life events. For example, you could be saving to get a baby or for a big event like a wedding. Once the baby is born, you will transfer the funds from its savings account to the current account to cater for her bills.
Also, there will be other bills to pay for your baby until they are old enough to take care of themselves. These include her school fees and huge events like graduations and birthdays.
You can also save money for your wedding. It reduces the need for family members to contribute money for your big day. Besides, when you save enough amounts for your wedding, you will feel ready for the big day.
To Pay Debt
It is a wiser idea to use your savings to pay the debt. Debts accrue interest, and you end up paying more amounts than borrowed. However, do not withdraw all your savings to pay debts. You can leave about $1000 to $2000 for emergencies.
Final Words
When your money transfer fails, you ask, ‘ Why can’t I transfer money from my savings to checking.’ The teller will check your transactions to ensure they were initiated correctly. Then, they will tell you the reasons for your failed transaction.
