In an effort to automate my banking life, I'm trying to setup recurring ACH transfers from one bank to another. I need the flexibility to do the transfer every other paycheck (every 4 weeks).

Bank of America offers such an option, however they charge a ridiculous $3 fee. My other accounts at Capital One and USAA offer free transfers, but not at my desired interval. They both offer once-a-month, but require me to pick the day of the month on which to setup the transfer. Of course getting paid every other week does not coincide with this arrangement.

Is there a way to evaluate ACH features at various banks/credit unions?

  • This is a request for a service or product recommendation and is likely to get closed soon.As a general rule, banks love to collect money and hate to disburse it, and so if you might be more successful setting up the recurring transfer from the receiving bank end (Go get my money) than from the sending bank end. – Dilip Sarwate Sep 6 '15 at 3:04
  • I removed the supposed product recommendation nuance. I'm wanting to know if there's a way to see what kind of features a multitude of banking institutions offer? As I mentioned, the receiving bank doesn't offer the 'go-get-my-money' at my desired interval. – InbetweenWeekends Sep 6 '15 at 3:15
  • I don't know of a comparative table, and if there is one on the web you can probably find it as quickly as I could... Just a suggestion to check credit unions too; they tend to be more customer-friendly than banks – keshlam Sep 6 '15 at 3:19
  • Welcome to Money.SE, please take the tour and see what kind of questions are welcome and what is considered off topic. – JTP - Apologise to Monica Sep 6 '15 at 11:48

You appear to want to perform a group of bank transfers every pay period.

Check with your employer. As the years have gone on the ability to handle more exotic direct deposits has grown. My current employer allow me to name three "banks" to split the paycheck. Those banks can be bank, credit unions, or brokerages. The split can be by amount, or by percentages. The order they are listed is important because the balance goes to the last "bank".

Another place to check is to ask the banks what can be done with an incoming direct deposit on their end. My credit union can split the incoming deposit in multiple ways. It is not done with the normal interface but they do have a special form. When they see a direct deposit from a specific source they automatically split it into multiple accounts. They can even send the money to other banks. Again the split can be by amount or percentage.

One benefit with these two approaches is that if the pay date is a day early or a day late due to a holiday, the transfer only occurs when the pay check is processed. Of course that can be bad if the last transfer must be made precisely on schedule or a loan payment will be late.

Also these suggestions do work when the pay is not always on the same date: people getting paid twice a month get paid the last business day on or before the 15th.

If the process of setting this up is too complex this may be hard to manage. Because the form at the credit union is not exposed via the webpage, I do need to make sure that I follow up during business hours.

  • Almost. I'm wanting to do the bank transfer every other pay period, or every 4th Friday. Thanks for the reply. – InbetweenWeekends Sep 7 '15 at 1:57

Bank of America offers free bill pay on the every-four-weeks interval. I was able to add my savings account through this method and have scheduled payments this way.

  • Many banks and credit unions do. Ask. – keshlam Sep 20 '15 at 4:46
  • Unfortunately, I originally tried asking here and was threatened with being off-topic. – InbetweenWeekends Sep 20 '15 at 5:15
  • Ask the banks I meant. Recommending specific vendors would be off topic for us. – keshlam Sep 20 '15 at 6:00

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