ACH between 2 Broker's Checking Accounts

Discussion in 'Retail Brokers' started by qll, Feb 8, 2007.

  1. qll


    Most credit cards don't allow ACH payment from Savings account, but it still works by entering saving's Routing and Acct#.

    I wonder if broker's checking account has this loophole as well. If I entered the rounting and account from the checks I got from my broker, can I use it for ACH? So I can add checking# from BrokerA in BrokerB's ACH setup. That means I can ACH between two brokers now.
  2. Brokers don't do ACH's between each other...we do, securities,ect....usually about 15.00 to 20.00 and can be done in minutes.
  3. qll


    I don't see the option of DTC. I don't care about the transfer fee. Speed is important. I heard transfer takes 2-6 weeks to be done. I can not accept this slow speed.

    I have one option is to ach to my checking then ach to the other broker. This however will waste 1 day time than direct ach.
  4. GTC


    If you do not care about the transfer fee, and speed is more important for you, you may consider wire transfer.
  5. JM64


    Schwab does ACH transfers from a brokerage account to your checking account......usually takes just one biz day to hit.!!
  6. you can wire from one brokerage account to another as takes one your broker (receiving) and get their wire or DTC instructions