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Wiring money sucks

October 11th, 2013 at 08:09 pm

In a previous post, I casually mentioned a friend of mine losing about $4k due to identity fraud. And because his rent was coming up literally within a day, he asked me to wire him some money. I've never done it before, so I learned what a headache that was.

Apparently, my bank simply won't let it happen unless I go into a branch to sign some paperwork. However, they close at 5pm, and I work until 6pm. Sooo, yeah, that did not happen.

As a crazy alternative, I set up a Paypal account, thinking I can just "wire" him the money that way. Unfortunately for me, banking institutions still take roughly 3 business days to link the accounts together, and I didn't have that kind of time.

The solution was this obscure little thing called a MoneyPak (like a prepay gift card), which you can load with cash, and then enter it online to have it post instantly. (MoneyPak cards are sold in drug stores and Walmarts by the way.)

Or rather, it should have worked if not for the keyword: CASH. You see, I don't normally carry cash, and I almost never use my debit card. That basically means I had forgotten what my pin number was, and it took me a while to figure it out. Even then, there was a daily limit to withdraw, which I guess I could have called my bank to have it increased, but by then, it was getting really late, and I still had work later.

Since then, I've reset my pin number, and apparently, my bank has actually approved of my wire transfer ability anyways. Alas, all this is still too late to save my friend from bouncing a rent check, but I guess he will survive. So, lessons learned from all around.

But yeah, I much prefer paying with my rewards CC anyway. Last week, it paid me $66 for using it, and not only that, but I also get fraud protection, which is what I am guessing as to how he lost his money; by using his debit card for everything like a credit card.

5 Responses to “Wiring money sucks”

  1. TashaC. Says:

    its a pain. I've done it once or twice and generally avoid it. You trying so many methods was real determination!

  2. snafu Says:

    Does your bank offer online direct account to account transfer ? Our bank charges 50 cents, it takes minutes and the money is in the receiver's account ready for use.

  3. rob62521 Says:

    Wow, I didn't realize what a pain wiring money could be.

  4. PatientSaver Says:

    You can also check out www.popmoney.com.

    As far as I can tell, it works like Paypal, except that you have the option of also using popmoney through your bank, if your bank uses it.

  5. Tabs Says:

    Snafu: Yeah, I tried online first. I was told that I needed to set it up first, and have the two bank accounts linked. Once set up and approved, then I could do it online and it should be pretty fast.

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