External Funds Transfers & Express Transfers
Use External Funds Transfers & Express Transfers to help you move funds in and out of the Credit Union. They can be found behind the Online Services tab in Online Banking.
How are External Funds Transfers & Express Transfers different from Bill Pay or Wire Transfers? In order to use it, you need to know the other institution's ABA/Routing number as well as your account number at that institution. As a result, you normally wouldn't use External Funds Transfers to pay bills. Instead, use it to move money to and from your accounts at other institutions, such as your brokerage account, another bank account, or a minor's account.
You'll need to set up all accounts you want to move money between, including your Star One Checking or Savings accounts. We'll "pre-note" each account to ensure that you are the owner by making a small trial deposit and then a trial withdrawal from each account at each financial institution. You enter these amounts to activate each of your accounts within the External Funds Transfer product. Then you can start moving money.
|
|
External Funds Transfers
|
Express Transfers
|
| How to transact |
In Online Banking
|
In Online Banking
|
| E-mail notifications available? |
Yes from
fts-alert@umonitor.com |
Yes from
fts-alert@umonitor.com |
| Minimum transfer amount |
$20
|
$20
|
| Maximum transfer amount |
$5,000
|
$5,000
|
| Maximum # transactions per day |
3
|
3
|
| Maximum transaction amount per day |
$5,000
|
$5,000
|
| Maximum # transactions per week |
5
|
5
|
| Maximum amount per week |
$7,500
|
$7,500
|
| Per Transaction fee - Incoming |
None
|
$5
|
| Per Transaction fee - Outgoing |
$2
|
$5
|
| One Time Set-Up Fee (Incoming or Outgoing) |
None
|
None
|
| NSF fee |
$13
|
$13
|
| Cancellation Fee (prior to six months) |
None
|
None
|
Important points:
- In order to use External Funds Transfers, you must have an e-mail address in Online Banking's "User Options."
- Be sure to check your other financial institution's transactions for the trial deposit and withdrawal amounts.
- Activate your account by clicking on the "Manage Accounts" link on the left side of the External Funds Transfers interface, then select the "Activate" link.
- Remember, you need to set up your Star One accounts, too.
To learn more about moving money, please visit our How to Move Money page for information and comparisons.
