Shared Branch Transfers/Transactions

willy12 | Aug 15, 2019 | 143 posts since 2019

I have a maturing CD from Andrews on 8/26. I want to transfer that and add more money via a check to open a Jumbo at Keesler. I have a lot of experience doing shared branch deposits but never shared branch transfers.

Can I do what I am wanting to do and how?

To clarify, I want to transfer $X from Andrews to Keesler and add a check from another bank.

Can they do that? And can I do that at a branch where I am not a member?

Or would it be easier if I went to a CU where I am a member?

Again, I want to take roughly $80k from Andrews and add a $20k check and open a Jumbo at Andrews where I am already a member. And then call and open a new CD the same day.

Can I do all that with no fees? Or would they have to cut a check from Andrews and then charge me a fee for that?

Thanks

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Answers

jamesstewart | Aug 15, 2019 | 64 posts since 2011

I have done similar transactions many times through shared branching from a CU I do not have membership. No fees and the funds move instantly. Just make sure that your current and receiving CU’s have no limits on what you want to do. Share branching is really nice for out of town transfers from a local third party CU.

111 | Aug 15, 2019 | 672 posts since 2019

I can confirm the above comment that you do NOT have to be a member of the CU that you visit to do the transaction(s). And, I've never heard anyone on this site, or anywhere, contradict that.

The other part of your question I'm not as sure about. I've done shared branch transactions involving several checks, from different financial institutions, and even some cash, but I don't recall ever doing a CU-account-to-CU-account transfer like you're speaking of. I would call or email both Andrews and Keesler and ask them this question, and about any daily limits, and about fees, The reason I mention fees is that a few CUs do charge customers a small fee for doing a shared branch transaction that involves them. (It wouldn't be the CU you'd be visiting, but either the "to" or the "from" CU that might do this.)

Of course, if you have a checking account with Andrews it might simplify things - you could just have the funds transferred to that account when the CD matures, then write a check on that account, then deposit that check plus your other check at the shared branch.

willy12 | Aug 15, 2019 | 143 posts since 2019

I called Keesler and they want me to wire. Well, I am trying to avoid $20+ wire fees x2.

They said call Andrews but even if I did that wouldn't it be up to the shared branch policies?

A drive to a local CU is easy. But I dont have a check I can write from Andrews.
I don't have time to wait for checks to be printed. My CD matures monday 8/26 and Keeslers deal may change on Wed so I need to do it no later than tuesday.

willy12 | Aug 15, 2019 | 143 posts since 2019

Ok, No fee to wire out from Andrews since my account value is over $15k.
Fidelity, where my brokerage account is, also has no wire fees.

So, on the 26th, I call early, wire it from Andrews to Fidelity for free and then I walk in a check from my brokerage to a shared branch to Keesler and call & open the CD the same monday.

The andrews rep was unaware of any new CD specials that might be ahead at andrews.

I think this strategy will work.

But, I recall something from Keesler about free wires there so I need to ask them if its wires in too.
But the rep I talked to did not mention it, she just said a $20 fee.

willy12 | Aug 15, 2019 | 143 posts since 2019

Now Keesler says there is no fee for incoming wires.

So no fee wires out of Andrews and too Keesler. Sounds like I can avoid the 3rd party branch altogether?

This is all assuming they don't change their rate next wed.

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