Initiating Intra-bank Fund Transfer Using Direct Connect Bill Pay in Quicken Mac

Product Version
Mac

Important: The steps below apply only to Direct Connect Bill Pay with your bank, not Quicken Bill Pay. 

Overview

You can use your Quicken accounts (checking and saving) that are enabled for Direct Connect Bill Pay to transfer funds to other accounts from the same financial institution-- all from within your Quicken register.

Many financial institutions that support Direct Connect Bill Pay also support intra-bank fund transfer. For example, you can transfer funds from a checking account to a saving or a credit card account. However, you cannot transfer funds from a credit card account to a checking or a saving account.

Instructions

To initiate intra-bank fund transfer:

  • Select the checking/saving account from where you want to transfer funds. Ensure that this account is enabled for Bill Pay.
  • On the lower right side of your Quicken register, click Columns and select Transfer.
  • Add a new online Bill Pay transaction.
  • The Date field. You may not select a date here as intra-bank fund transfers are initiated as soon as you send payment instructions to your financial institution. You cannot schedule a future-dated fund transfers.
  • In the Transfer field, select the account to which you want to transfer the amount to. Note that only those accounts that are enabled for Direct Connect Bill Pay are available for selection.
  • In the Amount field, enter the amount you want to transfer.
  • You have two options to send instructions to your financial institution to initiate the transfer.
    • Send Now. Sends the instructions immediately. Unlike Bill Pay transactions, a transfer instruction is always executed as soon as the instruction is received by your financial institution.
    • Save. Saves the transaction in your checking register. The payment is saved in Quicken but not sent to your financial institution. It will only be sent when you update this account account or click the Send Now button. You cannot edit or cancel fund transfers.
  • Visit your financial institution website to verify the transfer, the date and the amount.

 

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