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Making a large purchase with funds from an out of state savings account.

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Making a large purchase with funds from an out of state savings account.

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Old 03-14-17, 05:09 PM
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Making a large purchase with funds from an out of state savings account.

Awhile back I shopped around for the best savings interest rate and put some money in a NASB account, which is an online bank out of Kansas. I have no card except for an ATM card, but, as with most banks, withdrawals are limited to $500 or something.

My question is if I wanted to, say, buy a used car spur of the moment, is there any quicker way to get cash than waiting for a transfer to my checking account?
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Old 03-14-17, 05:56 PM
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Pretty sure a bank to bank transfer would be the quickest way to convert to cash. My investment guy can get money transfered from anywhere pretty quick as long as it is legal. Others may have more expertise.
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Old 03-14-17, 06:04 PM
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I am really leery about using cash for a large transaction. Often, you'll meet the other party in the exchange at a "public" location - and you still could be robbed. I accepted cash for my VW because the guy was pretty clearly a VW-nut (not an everyday nut). Otherwise, I would insist on a cashier's check drawn from a local institution. I know it isn't foolproof. But nothing really is foolproof, is it?
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Old 03-14-17, 06:04 PM
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No, cars and items over that tend to require a loan or credit card, at least that has been my experience.


You have at least three banks in Kansas that operate in multiple states (and I bank at one).


This is probably outside the knowledge of most members, you should ask a financial institution.
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Old 03-14-17, 07:02 PM
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It would be under 10k. I did once go to a dealer to pay cash for a car under 5k and they said credit or loan only. I didn't have a card with that high of a limit, being 16 or 18 IIRC, and obviously couldn't get a loan, not that I wanted to.

I paid cash to a private seller for my last cheap car, but I suppose it all depends on their preference. There are many precautions with such a situation, of course. I guess I'll have to ask my checking account bank if they can do an instant transfer with my savings bank if need be.

Thanks all for the input.
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Old 03-14-17, 08:12 PM
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I know a Nigerian prince that can help you transfer the money.
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Old 03-15-17, 11:47 AM
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I paid dealer for a new truck with a regular check. Did the same with a car 10yrs before.
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Old 03-15-17, 12:01 PM
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Go to the bank's site and read their rules for cashing out. It might require closing the a/c with a single transfer to a local bank, or you might need to ask for payment by check.

If you don't have a local bank to transfer funds to, then your only option MAY be to take at $500/day via an ATM (probably paying a fee of some kind for each transfer.

But, guessing is pointless, start by going to the bank's site so you know what the options are then can try to work them the best way.
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Old 03-15-17, 03:53 PM
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Originally Posted by FBinNY View Post
Go to the bank's site and read their rules for cashing out. It might require closing the a/c with a single transfer to a local bank, or you might need to ask for payment by check.

If you don't have a local bank to transfer funds to, then your only option MAY be to take at $500/day via an ATM (probably paying a fee of some kind for each transfer.

But, guessing is pointless, start by going to the bank's site so you know what the options are then can try to work them the best way.
I wouldn't be closing the account, and I do have a local bank I can transfer to... I was just hoping there was a quicker way than the usual 2-3 days for the funds to be available which I am going to ask today when I stop by. The site pretty much just says "it depends" in regards to how long a transfer takes.
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Old 03-15-17, 04:00 PM
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Originally Posted by tyrion View Post
I know a Nigerian prince that can help you transfer the money.
I think I know the same prince.
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Old 03-15-17, 04:11 PM
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Originally Posted by BenzFanatic View Post
... The site pretty much just says "it depends" in regards to how long a transfer takes.
I wasn't suggesting a course of action, as much as saying that you needed to find out what options you really had.

On the bright side, my experience has been that the stated time delay for transfers is to the long side, and all mine happened a day or two faster than promised. Of course it depends on the receiving bank as much as the sending bank, so err to the max when planning.

BTW- if you ask, there may be a faster transfer available for a fee. It might be worth it to you depending on the circumstances.
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Old 03-15-17, 05:29 PM
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Originally Posted by FBinNY View Post
I wasn't suggesting a course of action, as much as saying that you needed to find out what options you really had.

On the bright side, my experience has been that the stated time delay for transfers is to the long side, and all mine happened a day or two faster than promised. Of course it depends on the receiving bank as much as the sending bank, so err to the max when planning.

BTW- if you ask, there may be a faster transfer available for a fee. It might be worth it to you depending on the circumstances.
Thanks for the input. I missed the bank today so I won't be buying a car for at least another day or two.
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Old 03-16-17, 05:20 PM
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Is your ATM card a debit card too? If you're buying from a dealer you won't have to hassle with the delay this way.
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Old 03-16-17, 07:15 PM
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Originally Posted by no motor? View Post
Is your ATM card a debit card too? If you're buying from a dealer you won't have to hassle with the delay this way.
It isn't. I think I can request a debit card for the account though. If I went through a dealer I'd just put it on credit for the points, haha.
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Old 03-16-17, 07:37 PM
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Originally Posted by FBOATSB View Post
My investment guy can get money transfered from anywhere pretty quick
Impressive. How quick does it take him to drive to Western Union?
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Old 03-16-17, 07:55 PM
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Originally Posted by LiquorLad View Post
Impressive. How quick does it take him to drive to Western Union?
Bank to bank transfers within the USA are just a few minutes short of real time. If I have the destination bank info, I can go on line, enter the info and it'll be out of my account immediately and credited at the destination bank within minutes.

Two years ago I needed $7000 fast cash to take advantage of a deal at a trade show. Found a hot spot, looked up a local bank and drove there. Talked to someone there about what I needed, showed some ID, went on line to my bank in New York, and set it up.

They graciously offered ma a cup of coffee, and before I finished it, told me a teller had my cash counted out and was waiting for me

And, I'm not special, nor is my account very large. It's just that the technology is that good these days.

BTW - total cost for the deal was a $25.00 Fedwire fee. If I gave them 24 hours it would have been free.
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Old 03-18-17, 08:37 AM
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Originally Posted by noisebeam View Post
I paid dealer for a new truck with a regular check. Did the same with a car 10yrs before.
I've done the same... recently... within the last year actually.

One should NEVER be forced to take out a loan... any company that says that should be walked away from.

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Old 03-18-17, 08:43 AM
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Originally Posted by BenzFanatic View Post
I wouldn't be closing the account, and I do have a local bank I can transfer to... I was just hoping there was a quicker way than the usual 2-3 days for the funds to be available which I am going to ask today when I stop by. The site pretty much just says "it depends" in regards to how long a transfer takes.
It really should happen in seconds... but the fact that a human must initiate and verify the transactions at both ends makes it take more time... and then they exaggerate that time too... to 2-3 days.

The on line brokerage firm I used to use said the same thing... but if I went to a local branch of their office, I could get a check in an hour.
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