November 2015: ACH Transfers

Every bank tracked by Corporate Insight offers one-time and recurring transfers to accounts at other banks via their websites. The banks offer between four and 20 frequency intervals for recurring transfers, giving clients plenty of control over automatic money movement.

Next-day delivery is offered by six banks, with all but one firm charging a fee between $6 and $10. Three offer standard two-day delivery. The remaining 83% of banks offer standard three-day delivery. In terms of fees for standard delivery, 44% charge a $3 fee to move funds.

The standard options for verifying external accounts are trial deposits and verification with login information. Sixty-seven percent of firms allow users to enter their login information for an outside bank account and instantly verify the account.

The vast majority of banks provide help resources alongside their transfers interfaces. Almost three-quarters of banks offer FAQs. Generally, most resources anticipate user questions and proactively describe how to use the transfers tool. Only three banks –link to live chat from the transfers page. More firms could offer live chat help to answer any question a client might have regarding transfers.

One firm excels beyond industry standards by allowing clients to send fee-free expedited transfers. As most external transfer features become standard, fee-free next-day transfers clearly stand out among competitors.