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faqs

Funds Transfers FAQs

 

Please note that the following FAQs are just a summary of the most frequently asked questions. For a complete list of questions and answers, please use the respective Help links located within each product’s application in Online Banking 

Q: What is external Funds Transfer?
A:
Funds transfer is a service offered by MC EFCU that allows you to transfer funds to and from your own personal accounts at other financial institutions.

Q: Who is eligible to use external Funds Transfer?
A:
All MC EFCU members using Online Banking are eligible to use Funds Transfer. Please note that the service provider stipulates that the first name on the external account MUST match the first name on the MC EFCU account in order to transfer funds. If you have questions about this, please contact our I department.

Q: How do I sign up for Funds Transfer?
A:
Log into Online Banking and click on External Transfers. Select the Transfer Funds link and choose "Transfer Between My Accounts" To add personal accounts from other financial institutions select Manage Accounts.

Q: What accounts can I use with Funds Transfer?
A:
Once enrolled all eligible accounts at MC EFCU will be enabled for external Funds Transfer. You may add checking, savings and money market accounts held at any commercial bank or credit union nationwide that can accept ACH transfers. You may also add accessibility to most of the nation’s largest brokerage companies.

Q: How is Funds Transfer different from Online Bill Pay?
A:
Funds Transfer gives you the ability to transfer funds in your MC EFCU accounts to and from your accounts at other financial institutions. Online Bill Pay is used to pay bills to other third parties and does not provide the ability to transfer funds to your MC EFCU accounts.

Q: How do I verify external accounts to be added to the service?
A:
One of Two Ways:

  1. Online Verification. Online verification will be available if CashEdge has a relationship with that financial institution to perform the login function. You will enter your login credentials (userID and password) for that bank or credit union. If this option is successful, the account will be enabled immediately. If it is not successful, or if online verification is not an option, you must complete the Trial Deposit method.
  2. Trial Deposit. Two (2) small random credits and one debit (equal to the sum of the credits) will be made to the account that is being added. You will need to verify the amounts of these deposits in order for the account to be added to your external accounts list.

Q: How many accounts can I add?
A:
You may add up to five (5) external accounts to your Funds Transfer account list.

Q: Can I send funds to a foreign country?
A:
No, you can only send funds to accounts located within the United States.

Q: Are there any fees associated with the service?
A:
All incoming transfers to your MC EFCU account are FREE. You may send funds from your MC EFCU accounts for a small processing fee. Standard transfers (3 business days) are $3 per transfer and Next Day transfers (1 business day) are $5 per transfer.

Q: How long does it take to send funds?
A:
Standard transfers will arrive 3 business days after the send date. Next Day transfers will arrive 1 business day after the send date. Please note that all external accounts must qualify for Next-Day service before you can use the service.

Q: What are the qualification rules for Next Day service?
A:
Next day transfers are immediately available to each MC EFCU account registered for service. But, in order to use Next-Day service, the external account must also be Next day eligible. For non-MC EFCU accounts to qualify for Next-Day service there must be no NSF activity related to your use of Funds Transfer. You must complete at least one $500 transfer from the external account to be enabled, and this transfer must have been done at least 60 days in the past. Additionally, for Inbound Next-Day transfers, the MC EFCU account must have an available balance of $750.00. For a Next-Day Outbound transfer, the MC EFCU account must have a minimum available balance of $750.00 after the transaction is executed. Any NSF activity stemming from your use of the service will revoke the Next Day service privileges.

Q: How do I qualify for High Limit Standard transfers?
A:
All MC EFCU accounts will immediately be available for High Limit Outbound transfers. To make an external account High Limit eligible, you must transfer at least $1000 from the external account to a MC EFCU account, and then wait 60 days. Once your account is qualified, you will automatically see your limits increase. Any NSF activity related to the service will revoke the High Limits privileges.

Q: What are the Daily and Monthly transfer limits?
A:
Limits with Standard Service (3 business days) Inbound & Outbound per day: $2,000 Inbound & Outbound outstanding per day: $5,000 (from one or more transfers)Inbound & Outbound per month: $5,000 (rolling 30 days).

Q: When will the funds be debited from your account and received by the receiving account?
A:
For a Standard transfer, funds will be debited on the third business day following the date the transaction is submitted, and credited to the receiving account that same day, unless the debit funds are not available, in which case the credit will not be released. Next Day transfers will be debited and credited 1 business day after the send date.

Q: What if I do not have sufficient funds in my account on the send date?
A:
An account level suspension occurs when the first transfer fails due to insufficient funds (NSF); however, a second attempt will be made to complete the transfer, and if successful, the suspension is lifted. You will receive an email on both attempts. You will also be liable and responsible for an NSF fees associated with the failed transfer attempts.
 
A User level suspension occurs when you have two NSF’s on record. This suspension can only be lifted after 60 days and requires a written request, and is subject to analysis, review and approval by the Risk Management team. You will also receive an email when this type of suspension is placed.

Q: How do I unsubscribe from the Funds Transfer service?
A:
If at any time you wish to discontinue your use of the service, you can "unsubscribe" by click on the Edit Your Profile link at the top of any page, then click on Unsubscribe and confirm your request. Or you may contact an eCommerce representative at 301-279-1964. 
 

 

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