Normally, it would be an easy way for a parent to deposit cash into a student's checking account. ClearXchange to the rescueĪs previously mentioned, Chase forbids cash deposits into accounts that aren't yours. The fund transfer institution does this because they need to verify, or make sure the bank account is really yours. Afterwards, you’d have to wait a few days for the "test deposits" (usually a few cents) to hit the external account. Typical fund transfers require that you set up an “external account,” which would need you to enter the bank’s routing number and the recipient’s account number. Bank are currently working to integrate their systems with the network.
Nobody has to provide account information to anyone else.Ĭustomers of non-network banks can still use clearXchange but they’ll need to create a clearXchange account and connect it to their bank accounts - a hassle that doesn’t apply to customers of network banks.ĬlearXchange network banks include Bank of America, Chase, Wells Fargo and FirstBank. Bank of America) with just an email or phone number.
Chase) to send money to a customer of another network bank (i.e. The idea is to allow a customer of one network bank (i.e. A briefing on clearXchangeĬlearXchange is a digital payment network made up of banks. Today, I explain what the fuss is all about and I put it to the test so I can show why it is better than all the other person-to-person (P2P) payment methods out there.
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