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dan_greenberg1500

Balance Transfers

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I was thinking of doing a balance transfer since my new BofA card has a 12 month no interest special on transfers. I was reading some past threads about people just requesting the cash to be put in their account and have their other cc's paid off that way instead of one creditor sending another a check. Is that always possible or does it vary by creditor? Also if it is allowed how long from the time you request it until the funds hit your account?

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I was thinking of doing a balance transfer since my new BofA card has a 12 month no interest special on transfers. I was reading some past threads about people just requesting the cash to be put in their account and have their other cc's paid off that way instead of one creditor sending another a check. Is that always possible or does it vary by creditor? Also if it is allowed how long from the time you request it until the funds hit your account?

Many credit cards will direct deposit to your checking account (NOT ALL...but many)

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Why not just do a DD and pay the target yourself? It will allow for better record keeping, and minimize AA.

 

Issuers can tell when a large payment is from a BT check, and accounts off with BTs is a risk factor best avoided in the current environment.

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Do you need a BT check to complete for this transaction (BOfA BT deposit to checking) or will the CSR do it on the phone with your acct & routing number?

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I've done that twice with BOA. I call and do it because most of the BT offers with have a no max fee. I can usually get the CSR to waive or max the fee at $100 or something.

 

The money shows up really fast, within the week I request it, immediately available for use with my CU since it is treated like a direct deposit (although YMMV).

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I've done that twice with BOA. I call and do it because most of the BT offers with have a no max fee. I can usually get the CSR to waive or max the fee at $100 or something.

 

The money shows up really fast, within the week I request it, immediately available for use with my CU since it is treated like a direct deposit (although YMMV).

Excellent! Thank you!

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