Domestic transfers and payments in USD

Benjamin Rivera4 · 2005-03-15T06:07:58+00:00

I’ve got this guy's full name, his phone number, and his checking account number over at Chase. So, how am I supposed to wire him money directly into that acco…

quiettiger44 Newcomer

6 messages
joined Jun 2009

#61 · Jun 17, 2009

Charge number field—I’m leaving this blank.
The authorization number is provided by whoever you're processing payroll for. Usually, it's just the recipient's checking account number.

rapidfalcon22 Member

20 messages
joined Jun 2009

#62 · Jun 17, 2009

quiettiger44, thank you so much. 🙂

Since this payment is for an author's royalty, the creator should be eligible for a tax refund... I was wondering if there is a specific code I should enter under the contract type 😕 to indicate it's specifically for royalties... Also, could I perhaps use the author's Social Security number in the approval number field, because when I'm using net banking through JPMorgan Chase, the system doesn't actually ask for the recipient's name —there isn't even a dedicated space to input their full name —it just asks for the account number
...

Jerry Sullivan4 Newcomer

3 messages
joined Jun 2009

#63 · Jun 17, 2009

I’d love to set up something similar for myself.
Basically, I don't want the payment coming under my own name, but rather showing a business name like JPMorgan Chase instead.

Is this kind of payment method an option if I only have a standard checking account at Bank of America?

What do these numbers at the bottom actually mean? I'm looking to swap them out for my own info...
model -02?
Recipient account number 2360000-3219426870?
Authorization reference number 3219426870?

Ronald Allen Active Member

160 messages
joined Oct 2010

#64 · Jun 18, 2009

Jerry Sullivan4 said:I’d love to set up something similar for myself.
Basically, I don't want the payment coming under my own name, but rather showing a business name like JPMorgan Chase instead.

Is this kind of payment method an option if I only have a standard checking account at Bank of America?

What do these numbers at the bottom actually mean? I'm looking to swap them out for my own info...
model -02?
Recipient account number 2360000-3219426870?
Authorization reference number 3219426870?

Alright, let's take this step by step... 😳
1) You can set it up so when someone transfers from a different bank, they put their own name under "Payer," and then just put Bank of America under "Recipient."
2) Under the "Recipient Account Number" column, you've got to use 2402006 as the routing number for Bank of America, and then after the dash, you put your actual checking account number (320*******)—if you do that, the "Approval Reference" column can just stay empty using model 99.
3) Or, you could put 2402006-1031262160 in that same column, but then you'd have to put your checking number in the "Approval Reference" field with option 02 under the "Model" column.

Honestly, I wouldn't bother stressing over the "Model" options. There's like a million of them, and it’s not your job to memorize them—that's what the tellers are there for.

If I totally misinterpreted what you're asking, just hit me back, but I don't really get who would be paying who here. Still, the logic is the same.

Ronald Allen Active Member

160 messages
joined Oct 2010

#65 · Jun 18, 2009

rapidfalcon22 said:quiettiger44, thank you so much. 🙂

Since this payment is for an author's royalty, the creator should be eligible for a tax refund... I was wondering if there is a specific code I should enter under the contract type 😕 to indicate it's specifically for royalties... Also, could I perhaps use the author's Social Security number in the approval number field, because when I'm using net banking through JPMorgan Chase, the system doesn't actually ask for the recipient's name —there isn't even a dedicated space to input their full name —it just asks for the account number
...

Regarding the fee, I don't think there's a specific category to label it as an "author's fee." Whether you're paying via a wire transfer or a check, it’s going to be reported for taxes anyway since it's clearly coming from a business account. I can double-check the specific payment code for you if it's not too late, maybe I'll let you know later this afternoon.
The charge reference is actually just your own business account number from which you're sending the money. You can either enter it or just leave it blank since the transfer is coming from your account and the online banking system pulls it automatically.
You definitely can't put his Social Security number in the approval number field—he's not paying himself, right? You could put an invoice number if you have one, or just leave it empty using code 99.
Using a Social Security number in the approval field is for code 12, but that's only used when an individual is paying for something like a court fee, tuition, or whatever.

It shouldn't even ask for the recipient's name because you're supposed to already know which account you're paying into, and the automated system handles the rest!

Jerry Sullivan4 Newcomer

3 messages
joined Jun 2009

#66 · Jun 18, 2009

Thanks for the helpful reply. I'm asking because I want to have people sending specific amounts to my account, and I'd rather they didn't all have to enter my full legal name in the "recipient" field when they make a transfer.

🙏 Thanks so much, Ronald Allen... I'm going to try running a test transfer to myself and I'll let you know if it works... 🤣

Just one more thing... does the transaction show up immediately, or does it take until tomorrow?

Ronald Allen Active Member

160 messages
joined Oct 2010

#67 · Jun 18, 2009

Jerry Sullivan4 said:Thanks for the helpful reply. I'm asking because I want to have people sending specific amounts to my account, and I'd rather they didn't all have to enter my full legal name in the "recipient" field when they make a transfer.

🙏 Thanks so much, Ronald Allen... I'm going to try running a test transfer to myself and I'll let you know if it works... 🤣

Just one more thing... does the transaction show up immediately, or does it take until tomorrow?

No problem at all! 👍

It really depends on who's paying and how they're doing it.
If they're using online banking, they won't actually "find" your name automatically; they just have to manually type it in when they set up the transfer.

And timing-wise, if they're using the same bank as you, it should hit your account within a few minutes. If they're transferring from a different bank and do it in the morning (before 2 PM), it should land the same day. Anything after that usually hits the next business day.
I guess this logic applies even faster if they're using Chase, since those digital transfers clear much quicker.

Jerry Sullivan4 Newcomer

3 messages
joined Jun 2009

#68 · Jun 19, 2009

Aha, so the payment finally hit my account today.. The woman at the teller window asked for more than just my name and address.

And it didn't even show up on my Chase statement until the following day.

That's all there is to it. Thanks a lot...

rapidfalcon22 Member

20 messages
joined Jun 2009

#69 · Jun 19, 2009

Thank you so much. 🙂

In the meantime, I went ahead and checked in with my accounting firm to settle everything, paying out the authors' net fees while sending the corresponding taxes and local levies directly to the municipal accounts in their respective cities... 🙂

EDIT:
If anyone else finds this helpful, the template is version 22.

Ronald Allen Active Member

160 messages
joined Oct 2010

#70 · Jun 20, 2009

Jerry Sullivan4 said:Aha, so the payment finally hit my account today.. The woman at the teller window asked for more than just my name and address.

And it didn't even show up on my Chase statement until the following day.

That's all there is to it. Thanks a lot...

Seriously, thanks again! 👍

Michael Perez83 Newcomer

5 messages
joined Jun 2009

#71 · Jun 21, 2009

I’ll just point out that anyone with even a passing familiarity with finance will recognize those account prefixes immediately. For instance, if you see an account number starting with 31 or 32—say, 236000-3225678905—it’s clear we're looking at a personal checking or savings account, not some institutional fund for an association or non-profit (which I noticed was mentioned regarding memberships).
Furthermore, when you're processing a payment, you are absolutely required to include the recipient's full legal name and their mailing address on the payment order.

Ronald Allen Active Member

160 messages
joined Oct 2010

#72 · Jun 22, 2009

Michael Perez83 said:I’ll just point out that anyone with even a passing familiarity with finance will recognize those account prefixes immediately. For instance, if you see an account number starting with 31 or 32—say, 236000-3225678905—it’s clear we're looking at a personal checking or savings account, not some institutional fund for an association or non-profit (which I noticed was mentioned regarding memberships).
Furthermore, when you're processing a payment, you are absolutely required to include the recipient's full legal name and their mailing address on the payment order.

Unless you're doing everything through online banking, where you don't really have a place to plug that in... and honestly, I'm just hoping I understood what he was saying about how to pay correctly. 🤷

Michael Perez83 Newcomer

5 messages
joined Jun 2009

#73 · Jun 22, 2009

Online banking interfaces vary wildly depending on which institution you’re using. For instance, over at Zappos, you might find yourself having to manually type in a recipient's name if the system doesn't automatically pull it from the database, whereas at JPMorgan Chase, that isn't even an option.
I honestly have no idea how they get away with that level of manual input given the federal regulations currently in place: which clearly outline the required elements for payment orders.

Ronald Allen Active Member

160 messages
joined Oct 2010

#74 · Jun 22, 2009

Michael Perez83 said:Online banking interfaces vary wildly depending on which institution you’re using. For instance, over at Zappos, you might find yourself having to manually type in a recipient's name if the system doesn't automatically pull it from the database, whereas at JPMorgan Chase, that isn't even an option.
I honestly have no idea how they get away with that level of manual input given the federal regulations currently in place: which clearly outline the required elements for payment orders.

Yeah, I was actually thinking about Bank of America because that's the one I use for my online banking.
I had no idea Zaba even allowed that. 🤷

brisktinker15 Member

47 messages
joined Feb 2012

#75 · Jun 28, 2009

I'm constantly stuck dealing with these generic payment slips, and since my building's mailroom is usually my go-to, I end up getting absolutely fleeced by their ridiculous service fees.
It used to be that the IRS had this "afternoon savings" thing where you could dodge some of those fees if you paid later in the day, but they must have axed it because there isn't a single mention of it on their website anymore.
Look, I get that it’s smarter to just pay the utility companies directly—like Duke Energy or the local water department—but what are you supposed to do when you're trying to send money straight to the federal government? 🤷

quiettiger44 Newcomer

6 messages
joined Jun 2009

#76 · Jul 2, 2009

brisktinker15 said:I'm constantly stuck dealing with these generic payment slips, and since my building's mailroom is usually my go-to, I end up getting absolutely fleeced by their ridiculous service fees.
It used to be that the IRS had this "afternoon savings" thing where you could dodge some of those fees if you paid later in the day, but they must have axed it because there isn't a single mention of it on their website anymore.
Look, I get that it’s smarter to just pay the utility companies directly—like Duke Energy or the local water department—but what are you supposed to do when you're trying to send money straight to the federal government? 🤷

As far as I’m aware, doing it through the IRS is also cheaper.

Sam Fowler20 Newcomer

2 messages
joined Aug 2009

#77 · Aug 2, 2009

Quick question here...
If I have an account at Chase in Miami but I need to send some money to someone with an account at Bank of America in New York, can I just head to a local post office or any Chase branch to do that, or do I specifically have to go to a Bank of America location??
Also, can I pay with cash instead of using my debit card?
Probably asking a silly question, but hey...
Thanks!

Ronald Allen Active Member

160 messages
joined Oct 2010

#78 · Aug 2, 2009

Sam Fowler20 said:Quick question here...
If I have an account at Chase in Miami but I need to send some money to someone with an account at Bank of America in New York, can I just head to a local post office or any Chase branch to do that, or do I specifically have to go to a Bank of America location??
Also, can I pay with cash instead of using my debit card?
Probably asking a silly question, but hey...
Thanks!

You can do it in either city, you just need the other person's account number. If you head over to Chase, you won't get hit with those extra payment fees.
And yeah, you can definitely pay with cash.
There's no such thing as a stupid question...

Sam Fowler20 Newcomer

2 messages
joined Aug 2009

#79 · Aug 2, 2009

Ronald Allen said:You can do it in either city, you just need the other person's account number. If you head over to Chase, you won't get hit with those extra payment fees.
And yeah, you can definitely pay with cash.
There's no such thing as a stupid question...

Got it, thanks so much!=)

Casey Jones5 Member

22 messages
joined Aug 2009

#80 · Aug 7, 2009

Here’s how the whole mess is playing out:

Around 10:00 this morning, I wired some funds to a guy's Chase account. When I followed up with him immediately after, he claimed the money hadn't cleared yet and told me it usually takes about 24 hours to show up. Since I'm in a massive rush, I figured I could handle waiting until tomorrow morning if he was sure it would be visible by then.

Well, fast forward to now—I just called him again and he’s still insisting there's nothing in his account. I’m starting to spiral here. I tried calling my local Wells Fargo branch, but they had already closed for the day. So, I reached out to Chase instead, and the representative there tells me it can actually take anywhere from three to five business days for an interbank transfer to fully settle.😱
She even went as far as saying there's absolutely no way for the recipient to see those funds until the process is complete, mentioning something about the ACH network or whatever system handles these things.

I ended up calling the clearinghouse directly, but the woman on the line couldn't tell me much because, apparently, it's out of her hands and not really within their jurisdiction either.

Now I'm in a real bind. If that transfer doesn't show up in his balance by tomorrow morning, I might just jump off a bridge—okay, maybe that's a bit dramatic, but you get the point.

Is there seriously no other way for me to prove that the transfer was initiated? Is there no way to validate it without waiting for him to check a bank statement, an ATM receipt, or some other official record?

If anyone knows anything at all, please reach out, because this situation is incredibly urgent.😢

Domestic transfers and payments in USD

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