Generally electronic funds transfers between different account owners are not allowed. However, banks rarely verify the account owner of the target account. In some cases, banks take additional due diligence when the amount is over certain threshold (i.e. $100,000). But most of the time, cross-account ACH works without any problem.
Balance Transfer Results
I have experimented cross-account balance transfers between family members. The results are shown below. Husband’s accounts are highlighted in blue, wife’s accounts are highlighted in red.
|Source CC||Target CC/Checking||Amount||Method|
|Bank of America||Chase||$1,000||Balance Transfer|
|Discover||Bank of America||$18,000||Direct Deposit|
|Chase||Bank of America||$11,400||Balance Transfer|
|U.S. Bank||Bank of America||$17,000||Balance Transfer|
|Alliant Credit Union||Bank of America||$16,000||Balance Transfer|