Frequently Asked Questions – Online Transfers

 

Q: Why would I want to set up an online transfer?

Online transfers are great for setting up recurring payments and transfers that happen every month for the same amount. For example, if you make a loan payment every month (even to another bank or credit union), scheduled transfers can make that happen automatically from your credit union account. This takes the hassle out of remembering to make payments and helps ensure you don’t forget or fall behind!

 


 

Q: Is there a required minimum or maximum transfer amount?

Yes.  The minimum external transfer amount is $1.00. 

Maximum limits include:

  • Daily: $50,000
  • Weekly: $100,000
  • Monthly: $100,000

 


 

Q: Can I set up recurring payments, withdrawals, and deposits both to and from my Credit Union account?

Yes.

 


 

Q: How do I initiate a scheduled online transfer either to or from my Credit Union account?

Please log in to our online banking system and select the Classic tab in the Transfers widget. After selecting your desired accounts, this will display options for scheduling one-time or recurring transfers.

 


 

Q: Can a third party (someone not on my account) send funds via ACH transaction to my Credit Union account?

Yes. Please send written notification to the Credit Union, so these items will be accepted. Notices should be emailed to the CU-ACH@statefarm.com.

 


 

Q: Does the Credit Union charge a fee for setting up scheduled transfers?

No, we do not charge any fees for transfers! However, we encourage you to check with your other institution to determine if they charge a fee for sending or receiving funds.

 


 

Q: How do I set up an online transfer with an external institution or organization?

Transfers between external institutions and your Credit Union accounts are conducted in the Transfers widget in our online banking and mobile app platforms. External accounts must first be added to your list of transfer accounts, and must be verified before they can be used to send and receive funds. Go to the Classic tab in our Transfers widget to set up an external account.

 


 

Q: What happens if a transfer is scheduled to post to my account and I don’t have the money in my account?

The Credit Union will return the transaction and charge an insufficient funds fee. See our website for our current Rate and Fee Schedule.

 


 

Q: For external transfers, how do I verify my external transfer account?

To verify your external account, you need to confirm two small test transactions. Follow the steps in the Transfers widget in our online and mobile banking platform.

 


 

Q: If I make an external transfer, when will it occur? Is it the same day?

External transfers created before 2:00 p.m. CT will be posted the next business day. For example, a request created before 2:00 p.m. CT on Friday, will be posted on the following Monday.

 


 

Q: Does the Credit Union charge a fee for external transactions?

No, we do not change any fees for conducting transfers to and from your accounts at other financial institutions. However, we encourage you to check with your other financial institution(s) to determine if they charge a fee for sending or receiving funds.

 


 

Please contact us at 1-888-521-5209 between the hours of 7 am – 7 pm CST , Monday – Friday with additional questions or for account-specific requests.