The best way to pay for a large purchase, and take immediate possession of the item, is to make a wire transfer. Charles Schwab will do these for clients with an account. It takes only minutes and you do it at your own computer.
You need the routing number, the account number, and the name of the bank of the transferee(seller). The routing number is the first set of numbers at the bottom left of the transferee's check and the account number the next set. Be careful, as once you push the button, the transfer is made (actually, there is a human at Schwab who will be involved and errors can be corrected if done quickly). My sister-in-law once transposed a digit in her account number and I sent off funds to pay for a farm deal. Fortunately, the number she gave me did not match any account at the bank. However, my money circulated in the ether for a few days and her bank charged me a fee as if it was a bounced check.
Schwab offers this as a service without charge. In addition, Schwab offers free checking and debit cards. The only disadvantage is that it has neither cash at its offices nor its own ATM's. Instead, as another poster mentioned, you use other bank's ATM's and Schwab refunds their fee. I don't know if there is a minimum balance required in the account to qualify for these "freebies".
|