I am trying to wrap my head around how to transfer money from a personal savings account and HELOC in one state to another state that will hold my business/LLC account. Will it tie the business account and personal account together and raise flags? I'm trying to start my Buy & Hold realestate business in another state but have the money tied up in the state I'm living in now, so I'm just preparing before I move the money to purchase homes in another state.
No - If you wire transfer (recommended for large sums) from one account to another, they are not 'tied' together. You could also write a check but the bank will likely put a hold on it until it clears. Check with the receiving end bank regarding any policies they may have.
There is a record of it but does not raise flags. One quick note - Move the funds from your HELOC to your personal account and then do 1 transfer to the business acount to save the fees / charges.
Thank you Oren K.
When I do ACH transfers between personal linked accounts, I found that PUSHING the funds from the source account to the receiving account means the receiving account makes the funds available right away. When a do a PULL by the receiving account from the source account, the receiving account puts a hold on the funds for a few days to make sure they clear.
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