When should I use bill payment vs. wires and other types of transfers?

Reallocating money between your accounts at Northern Trust.

Using the Transfer page is also most convenient for making payments on a Northern Trust loan from your banking account, as well as taking an advance on a Northern Trust loan and depositing the money in your banking account. You can also use the Transfer page to purchase, sell or exchange Northern Funds.

The Transfer page requires no set up. You can make a transfer just once or set up repeating transfers. Transfers are processed each night so money is available the next business day.

Crediting your account with a biller or other vendor from whom you have received products and services.

For example, you can use Private Passport Bill Payment to pay your phone bill from AT&T or cell phone bill from Verizon. You would also want to use Bill Payment to make car payments and payments on other loans which are not held with Northern Trust.

Bill Payment is especially useful for repeat payments. You can set set up a biller once, and automatically make a payment monthly or at whatever frequency you choose. You can even receive e-bills from some billers.

cannot send to an acct # using bank ABA#

Sending money to someone without knowing their bank account information.

You may want to use this payment method for security reasons, such as to pay a seller of an online auction.

The other person must also be signed up for e-mail payment service.

To/from your Northern Trust account and your account at another institution

To/from your Northern Trust account to someone else's account at another institution

To/from your Northern Trust account and someone else's account at Northern Trust (?)

ACH
Wire

Reallocating money between your accounts at Northern Trust and other financial institutions

ACH and Wire are convenient options for moving money between financial institutions, especially wire transfers which are processed the same day.

To transfer via wire or ACH, you must know the account number and bank routing number where you want to send money. Once you complete a form with this information, you can use the Transfer page in Private Passport to initiate wire and/or ACH transfers between the accounts specified on the form. Because there is additional set up, you would probably want to use wires and/or ACH for frequent transfers between financial institutions.

i.e. send money to child in college (No, must be same ownership?)