External Transfers

You may use the functions provided by the External Transfers feature to transfer funds between your “internal” accounts at this financial institution and your “external” accounts at another financial institution. Each external transfer requested between one of your internal accounts and one of your external accounts is performed using the Automated Clearing House (ACH) network. Note that each external account must be validated and activated as described in this chapter before it can be selected for an external transfer.

The External Transfers feature is optional and may not be offered by your financial institution. If your institution does offer the External Transfers feature, click the Transfer Funds tab followed by the External Transfers link to access the functions provided by this feature. All of the following basic functions are provided by the External Transfers feature:

• Transfer Money – Allows you to set up one-time or recurring external transfers. Each recurring transfer is repeated during a defined time range at a selected frequency (i.e., each week, every two weeks, each month, every two months, each quarter, every four months, twice a year, or every year).

• External Accounts – This function may be used to add, update, validate, and activate each external account (i.e., one of your accounts at another financial institution) that can be selected for an external transfer.

• Scheduled Transfers – Allows you to view both summary and detailed data for each scheduled external transfer. You may update or delete each pending transfer until the cutoff time for processing (which is configurable by your financial institution) on the date scheduled for the transfer.

• Transfer History – This function displays summary data for completed external transfers. You may choose to view data describing completed transfers:

  • For all payees or a specific payee,

  • With any status or a specific status, and/or

  • Performed (or completed) within a defined date range.