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--- td_bank_notes [2023/09/13 14:55] – raju
+++ td_bank_notes [2024/02/14 21:35] (current) – [today | 2023-09-13] raju
@@ Line 1: / Line 1: @@
-==== dummy ====
+===== dummy =====
-today | 2023-05-26
+==== today | 2023-05-26 ====
 Taking the money out of the bank is a pain.
@@ Line 19: / Line 19: @@
   * You cannot do ACH transfers from their website.
-today | 2023-07-26
+==== today | 2023-07-26 ====
 Depositing money into the account is also painful.
@@ Line 25: / Line 25: @@
   * Compare this with Capitalone where it takes 1-2 business days for the funds to be fully available. Deposited a check on 7/17 (Mon) and it was fully available on 7/19 (Wed).
-today | 2023-09-13
+==== today | 2023-09-13 ====
-Receiving money from others via Zelle is very restrictive.
+Receiving money via Zelle is very restrictive.
-  * My friend tried to transfer $3,500 via Zelle from a BofA account to my TD Bank checking account. It failed. Looks like TD Bank has a limit for receiving money via Zelle.
+  * My friend tried to transfer $3,500 via Zelle from a BofA account to my TD Bank checking account. It failed. We are not sure why.
+The restrictions on the TD Bank side are
+  * outgoing transfer limits: \$1,000 same day transfer (\$5000 per month), \$2,500 next day transfer (\$10,000 per month).
+  * incoming transfer limits: None.
+source: TD Bank customer service reps
+The restrictions on the BofA side are
+  * https://www.bankofamerica.com/online-banking/zelle-transfer-limits/
+==== today | 2024-02-14 ====
+It is not possible to do an ACH transfer from your account to an account owned by another person. The only option to do a third party transfer is to do it via Zelle or through wire transfer.
+Situation: I wanted to transfer money from wife's checking account to my daughter's 529 plan (owned by me). Using Zelle is not an option since my Zelle is associated with another bank account. Using wire transfer is not an option as there is a $30 fee for it.