question about online transfer fee between different banks

Hi.
The Chase account that I have is a basic checking account requiring me to use a debit card for 5 monthly transactions and no minimum balance requirement.

Now, i set up a monthly transfer with Chase to ING last month, and they charged me $3 online transfer fee. I don't have such auto transfers set up between any other banks, so I don't know if this particular fee is specific to ING. Now, I am contemplating whether I should cancel this monthly auto transfer.

I am not sure what an ACH transfer is.

Hi rishabh,

ACH stands for "Automated Clearing House" the Federal Reserve system through which direct deposits and auto-debits pass. "Auto transfers" are simply a product name given to ACH transfers initiated by Chase.

Unfortunately, it is fairly common for banks to charge for ACH transfers FROM their accounts TO a another bank--so called ACH "pushing". On the other hand, "pulling" money is often cheaper, or even free at those same banks. So if your goal is move money from bank A to bank B, you're often better off "pulling" the money to bank B, rather than "pushing" it from bank A. So that's something to keep in mind.

Unless they have recently changed, ING doesn't charge for pushes or pulls. So one way to avoid the fee would be to cancel the auto-transfer push from Chase, and replace it with a pull from ING.

Hi rishabh,

ACH stands for "Automated Clearing House" the Federal Reserve system through which direct deposits and auto-debits pass. "Auto transfers" are simply a product name given to ACH transfers initiated by Chase.

Unfortunately, it is fairly common for banks to charge for ACH transfers FROM their accounts TO a another bank--so called ACH "pushing". On the other hand, "pulling" money is often cheaper, or even free at those same banks. So if your goal is move money from bank A to bank B, you're often better off "pulling" the money to bank B, rather than "pushing" it from bank A. So that's something to keep in mind.

Unless they have recently changed, ING doesn't charge for pushes or pulls. So one way to avoid the fee would be to cancel the auto-transfer push from Chase, and replace it with a pull from ING.

Okay, great. Thanks!

Hi rishabh,

ACH stands for "Automated Clearing House" the Federal Reserve system through which direct deposits and auto-debits pass. "Auto transfers" are simply a product name given to ACH transfers initiated by Chase.

Unfortunately, it is fairly common for banks to charge for ACH transfers FROM their accounts TO a another bank--so called ACH "pushing". On the other hand, "pulling" money is often cheaper, or even free at those same banks. So if your goal is move money from bank A to bank B, you're often better off "pulling" the money to bank B, rather than "pushing" it from bank A. So that's something to keep in mind.

Unless they have recently changed, ING doesn't charge for pushes or pulls. So one way to avoid the fee would be to cancel the auto-transfer push from Chase, and replace it with a pull from ING.