Banking | Internet Banking | Bill Pay | Interbank Transfer | Security Tips

 

Frequently Asked Interbank Transfer Questions

Q.   What is Interbank Transfer?
A.    Interbank Transfer is a money movement tool that allows members, 
        who use online banking, to transfer funds between their RFCU
        account(s) and their accounts at other financial institutions (FIs) or
        brokerage houses.

Q.   How do I find out if my other financials institutions are 
        participating?
A.     During the Interbank Transfer account set up process, you will be
        shown a drop down list of participating FIs.  If your FI does not appear
        in the list you may enter the 9-digit ABA routing/transit number.

Q.   How does Interbank Transfer work?
A.     We process Electronic Funds Transfers (EFT) via the Automated
        Clearing House (ACH) secure network.  This is the same network
        used by the Federal Reserve to clear checks between financial 
        institutions.  We submit a request to the ACH network to transfer
        funds between the accounts you've specified.  ACH then uses its
        secure channels to complete the transaction. This procedure is
        very similar to the process employers use to create direct
        deposit of payroll, and that financial institutions use to carry
        out automated payments for loans or mortgages.

Q.   How much will the Interbank Transfer service cost?
A.    To transfer into RFCU there is no fee. To transfer out the fee is $2 for
       standard service, $5 for premium service.

Q.   How will I know when a transfer is complete?
A.    The Overview screen's Funds Transfer Status section provides an 
       up-to-date status report of all your funds transfer requests over the 
       past 12 months.   Each transfer request is displayed along with the
       date and status of the transaction.  You should also be able to confirm
       the completion of the transaction with the FI four business days after
       your transaction request.

Q.   How much money can I transfer per transaction and per 
       30-day rolling period?
A.    Accounts that have been set up and verified can immediately process
       a transfer in or out with the following limits:

­       Inbound limit is $2,000 per day; $5,000 per month
      ­ Outbound limit is $15,000 per day; $25,000 per month

       To increase the inbound limits to $15,000 per day; $25,000 per month,
       the following criteria must be established:

• ­ Member must have be an established Interbank Transfer user for 3
   months
•  Member must not have any negative activity or NSF's related to
   Interbank Transfer
•  Member must have completed at least one $1,000 transfer from the
   external account to the internal (RFCU) account.

      For next day processing, accounts must meet the following balance
      criteria:

•  For inbound transfers, RFCU account must have an available balance 
   of $750.
• ­ For outbound transfers, RFCU account must have an available
   balance of $750 plus the amount of the transfer.

Q.   Can I transfer funds into someone else's account?
A.     Not at this time.

Q.   Can I transfer money internationally using the institutional
        fund transfer between my accounts?
A.     No, this feature is not available due to international legislation that
        varies across the nations. We regret the inconvenience.

Q.     Can I set up an Interbank Transfer now to be executed 
        at a future date?
A.     Yes.  The end user can now choose "Schedule" as a service, which
        will allow them to input a date up to one year in the future to
        schedule an Interbank Transfer.

Q.    What is the maximum number of transfers that can be
        setup as recurring transfers?
A.     There is no limit on the number of transfers that can be setup as
        recurring transfers.  However, they may only be scheduled up to
        one year in the future.  As an example; if setting up weekly
        recurring transfers, up to 52 transfers can be scheduled in advance. 
        Please remember, these transfers are still subject to the
        Daily/Monthly limits.

Q.   Can I set up regularly recurring Interbank Transfers?
A.     Yes.  You may set-up a recurring transfer by entering an amount,
        number of recurring transfers to be executed, a nickname, and by
        selecting the recurring frequency.

Q.   How long does it take after signup to make a transaction?
A.     Usually 2-3 business days.

Q.   Does the financial institution on the other end of the transfer
        ever submit a charge for this type of transaction? If they do, 
        how will I be notified of this additional charge?
A.     They might.  Your other FI would be responsible for notifying you of
        any such charges.

Q.   Is there any additional password required to use
        this product?
A.     No

Q.    If I  want to make a transfer on a weekend, will the first day
        of the transfer take effect on the following Monday? If that
        Monday is a holiday will it be the following business day?
A.     Yes to both.

Q.   How does the test verification work?
A.    Two small, random amounts are deposited into your external account. 
       You will then be asked to check what those two small amounts are
       and return to Interbank Transfer to enter in the values of the two
       amounts.  The account will then be enabled for transfers.

Q.   Can I transfer money to pay loans/mortgages at RFCU or
        their other financials?
A.     Not at this time.  Remember-you can use FREE Online Bill Pay for
        this purpose!

Q.   Which accounts are eligible for Interbank Transfer service?
A.     At this time, you can add the following external institution accounts 
        to your Portfolio:

• Checking accounts, savings accounts, and Money Market checking and Money Market savings accounts held at any commercial bank or credit union nationwide that is able to accept ACH transfers.
• Investment accounts held at any of our affiliated online brokerage firms.  (We currently have access to most of the nation's largest brokerage companies, and we will be adding several major brokerages in the near future.) 

Q.   Which accounts are not eligible for Interbank Transfer
       service?
A.     The following accounts are not eligible for Interbank Transfer service:

• Individual Retirement Accounts (IRA, 401(k))
• Custodial and/or Trust Accounts
• Business Accounts for which more than one person has checkwriting privileges
• Share Certificates/Certificate of Deposits (CDs) or other time-based accounts
• Loan Accounts (including credit card and equity accounts)

Q.    What if an Interbank Transfer debit is returned NSF?
A.      After two NSFs on an account, the account is suspended. 

Q.    Are Scheduled or Recurring transfers automatically
        canceled if I close my account at the other FI?
A.     No, they are not.  If you close your account at another FI,
        you must either cancel any Scheduled and Recurring transfers
        that you have previously setup, or the FI must unsubscribe you
        from the Interbank Transfer service.

Registration and Sign Up

Q.   How long does the sign-up process take?
A.    Initial registration and identity verification: RFCU has
       automatically-registered all Online Banking users for the
       Interbank Transfer service.  You can access it by signing
       onto your Online Banking account.  After you have accepted
       the Interbank Transfer agreement, you will be taken to the
       page titled Overview. There you will see the accounts you hold
       with RFCU that are auto-enabled for the Interbank Transfer service.

       Account verification: You will be required to get the accounts
       verified that do not reside at RFCU (external accounts).  There are
       three methods by which we verify - Online, trial deposits, and by
       fax methods.  This process generally takes 2-3 business days. 

Q.   Why do I have to verify my external accounts?
A.     In order to protect your security and maintain the integrity of
        the payments network, the account verification procedures are
        double-check safeguards that help us make sure that no one but
        you sets up your account.

Q.   Can I make changes to my account portfolio
        after the initial set-up?
A.     Yes, you can easily add or delete outside accounts at any time. 

Q.   Why do I have to go through the account
        verification process for each external account?
A.     It is for your protection, that we will ask you to a complete
        the account verification process for each external account
        you set up.  Once the set up is complete, it is a single point
        and click user experience to schedule a transaction from
        those accounts.

Q.   How do I get started adding accounts to my Accounts
        Portfolio?
A.     Start at the page titled Overview:

         To get started, click the Add Accounts from the navigation bar. 

• Enter the name of the external FI from which you want to add an 
  account in the search box.  It will come back with a list of FIs that
  match your search criteria. 
• Select the FI you want to add an account from and you will be asked
  to enter the required information to set up that account.

Q.    How do I add bank accounts?
A.     Bank Accounts are Checking accounts, investment brokerage
        accounts, Money Market, or savings accounts.  Click the
        Add Accounts tab on the navigation bar and you will be taken
        directly to the page titled Add Bank Accounts.  You can search
        for your outside FI either by name or by 9-digit ABA/Routing
        Number.

Step 1--Entering your institution name
From the page titled Add Bank Accounts, enter the name of the FI you wish to add in the data entry field. 

Once you perform the search, you'll see hyperlinks for one or more institutions matching your search data.  Click on the link for your institution.

Alternatively, you can search for your outside institution by entering the 9-digit ABA Routing Number usually found at the bottom of your check on the left hand side.

Step 2--Providing account information
After selecting your outside FI's name from the search results, you'll be brought to a screen asking for the account number and ABA routing number of your account.  Enter the account number in the data field and select the proper ABA routing number from the drop-down list.  See below for information about ABA Routing/Transit numbers, including what they are and how to find them.

Online account verification: We can sometimes verify the account with your institution immediately via the Internet if you have an online account with that FI. If this is the case, you'll also be asked to supply the login credentials you use to gain access to your online account.  If online account verification is not available, you'll be asked to complete our convenient trial deposit verification process or verification by fax.  (See below for details regarding online and offline account verification)  When you have supplied all the requested information, click the button labeled Continue.  You will be brought to the Overview page.

• If you have completed a successful online verification, the account will be listed in the Overview page under a section titled Enabled Accounts.  The account will can immediately be used for funds transfers.
• If trial deposit verification or fax (offline) verification is required, the account will appear in the Overview page under a section titled Accounts Requiring Verification. 

Step 3--Adding additional accounts
To add one or more additional bank accounts to your account portfolio, click on the Add Accounts tab at the top of the page.  You'll return to the Add Bank Accounts page, where you can simply repeat the process described above until you've submitted all the bank accounts you wish to enable for Interbank Transfer service.
 
To add investment accounts, click on the Add Accounts tab to return to Add Bank Accounts page.  Click Add Investment Accounts link.

Step 4--Verify your accounts
For your protection, before we activate your new accounts to be used with this service, we'll verify each account with your corresponding
FI(s).

Your accounts held at the host FI will be auto-enabled for the service.
The outside accounts that you have submitted for this service that
could not be verified online appear on the Overview page under the
box called Accounts Requiring Verification.
To complete the verification process, just click on the Verify link next
to that account under the section titled Accounts Requiring Verification. 

Q.   Why doesn't the search or alphabetical list produce a match
       for my outside financial institution(s)?
A.    There are a few reasons why you may not automatically find a match:
       1.  Your search may not be successful if you've included 
            an abbreviation in the search criteria, or entered the
            institution name in a way that is inconsistent with its
            listing in our databases.  This include abbreviations, typos,
            and/or spelling errors.

       2.  You may be entering an institution that isn't in our database 
           yet. 

       3.  You may be trying to enter an account type that is not 
            eligible for Interbank Transfer. Bank accounts currently
            eligible to be added to your Portfolio generally include
            checking accounts and savings accounts. 

Q.    What is an ABA routing number?
A.     The ABA routing number is an identification number assigned to
        each financial institution and each branch office.  The larger your
        institution, the more ABA numbers appear in the drop-down list on
        the data entry screen.  The ABA number is usually a 9-digit number
        bound at the bottom of your check usually on the left-hand side.

Q.   How do I identify the ABA routing number for my account?
A.     On your checks you'll see a printed row of numbers at the bottom of
        your checks.  The ABA routing number is the nine-digit sequence
        that appears between the " :" symbols.

Q.   How do I find my account number?
A.    You can find your account number on your account statement or
       on your check in that same row of numbers where you found your
       9-digit ABA Routing/Transit number.  Your account number appears 
       on your check between the " :" symbols.

Q.   Which brokerages are accessible for the Interbank
       Transfer Service?
A.    The Interbank Transfer service allows you to add investment accounts
       from any of our affiliated online brokerage firms.

Q.   How do I find out the amount of deposits made to get 
        my account verified?
A.     The trial deposit transactions can be identified as from eTRANSFER
        or ACCOUNT VERIFY in your account statement. You can find out
        the amount of deposits made by in a number of ways:

• Call your outside financial institution
• Review the account statement available online on your outside
  financial institution's web site
• Review your monthly statement

Q.   What do I do if the trial deposit(s) made to my
       account fails?
A.    If the trial deposits did not post successfully to your account;
       you will be notified by e-mail.  Also, when you click on the Verify
       link next to the account from the Overview page, the link will 
       take you a screen showing the status of the transaction as Failed. 
       Additionally, if you are unable to provide your login information,
       or the trial deposits method fails, you can also have your accounts
       verified via the fax verification process.  To use the fax verification
       method, click on the fax link, available on the Add Accounts screen, 
       and follow the instructions.

Q.   How can I tell which accounts still have to be verified
       with my financial institutions?
A.    For your protection, every other account you submit for the Interbank
       Transfer service must be verified with that institution before getting
       enabled for the service.  All accounts still pending verification will 
       appear in your Overview page under the section titled Accounts
       Requiring Verification.  We ask you to help us complete the
       verification of these accounts by completing the simple verification
       process based on the method selected by you.

Q.   How do I transfer funds between my enabled accounts?
A.    Go to the Overview screen and click on the Transfer Funds tab at 
       the top of your screen.  You'll see a listing of all of your Interbank
       Transfer enabled accounts.  Simply select the account you want in
       the Transfer From and Transfer To columns, enter a transfer
       amount in the data field, and click the button labeled Confirm. 

       You'll be brought to a confirmation screen where you'll see the
       details of your funds transfer request.

• If everything is correct, click the button labeled Confirm.
• To revise your request, click Edit.  You'll be returned to the
  Transfer Funds screen, where you can make any necessary changes. 
  When you're ready, click Confirm once more.
• You will be returned to the Overview screen, where you'll be given a
  reference number for your transaction.  The details of the transfer will
  also appear on the Overview screen in the area labeled Recent
  Transfers.
• The transfer will also appear on the History page, which offers a
  detailed view of your funds transfer history, including the status
  of all the transactions executed over the past 12 months.

Q.   Do account transaction limits and/or fees assigned by
       my financial institution apply to Interbank Transfer service?
A.    Yes. In all cases, limits and conditions placed on account transactions 
       by individual financial institutions apply to Interbank Transfer.
       Please note that your external account financial institution may
       charge any and all fees resulting from such conditions to you. 
       If in doubt, please contact your financial institutions to determine 
       whether restrictions and/or conditions, including fees, pertain to
       transactions made into or out of any of your accounts.

Q.   What should I do if I wish to cancel an Interbank
       Transfer request?
A.    You can cancel your request anytime before the cut-off time. Once
       your Interbank Transfer request has been transmitted to ACH, you
       cannot cancel the transaction. Your best bet is to request a second
       transfer between the same two accounts sending the funds back
       to their point of original (in effect reversing your first transfer). It
       is simple to cancel the transaction before the cut-off time. Just
       click on the Cancel Link next to the transaction on the Overview 
       page and follow the simple instructions.

Q.   How long does it take to complete an Interbank Transfer?
A.    A regular Interbank Transfer will take from three to four business
       days to complete.  Please note that the completion of a transfer, 
       including the availability of funds in the destination account and 
       access to the transaction details, will depend in part upon how 
       quickly the institution updates your account details.  Full details
       regarding your Interbank Transfer requests are viewable on the 
       Overview page under the section labeled Transfer Status.

       The funds will get posted to your destination account once the
       funds have been successfully drawn from your source account.
       Your transaction remains in process for four business days from
       the day you sent your request.  After that, the status gets updated
       to Complete indicating a successful transaction, provided we have
       not received notice of any problems with the transfer (see below).

Q.   Under what circumstances will an attempted Interbank
       Transfer be unsuccessful?
A.    An Interbank Transfer will be returned if it cannot successfully
       be posted to your account.  The most common reasons for failed
       or returned funds transfers are:

• Entering an incorrect account number or bank ABA routing number
• Lack of sufficient funds in the source account
• Exceeding the dollar limit for an individual transaction, total
  transactions per calendar month, or outstanding transfers
  (transfers that you've initiated but which haven't been finalized)

      You will be notified by e-mail if we have received a return message
      on your transaction indicating that the transfer has not been
      completed.  Full details will be available on your History screen.

Q.   When do you execute my Interbank Transfer request?
A.     Your Interbank Transfer request enters into the ACH system on
        the business day following receipt of your request, provided 
        you've made your Interbank Transfer transaction request
        (Interbank Transfer execution message) by 10:00 PM PST 
        (11:59 PM Eastern) for Standard Transfers and by 4:00 PM 
        PST (7:00 PM Eastern) for Next Day Transfers.

       If you initiate an Interbank Transfer request after 10:00 PM PST,
       the transfer will be posted two business days following the
       request date.  Please note that all Interbank Transfers requested
       during the weekend (after 10:00 PM PST on Friday) will be
       posted on Tuesday.

Q.   How will I know when a transfer is complete?
A.    You can go to your History screen for an up-to-date status
       report on your Interbank Transfer request.   Four business
       days after the transfer request is made, you should also 
       be able to confirm the completion of the transaction with your FI.

Q.   Will all the external accounts I've submitted
        appear on the Interbank Transfer page?
A.    Your account(s) can only be enabled for Interbank Transfer  
       services after they have been verified with your outside FI;
       please check the Overview page.  If verification of the account
       is still pending, or if you haven't begun the offline verification
       process, you will see the account listed in the Overview page
       under the section titled Accounts Requiring Verification. 

      When the verification process has been completed, the account 
      will automatically be listed under the section labeled Enabled
      Accounts on the Overview page and appear on the Interbank
      Transfer page.  You can now schedule transactions from this account.

Q.   How can I check on the status of my recent
       Interbank Transfers?
A.    Click the tab labeled History from the navigation bar. 
       You'll arrive at the History page, where you'll see a table that 
       lists your Interbank Transfer requests over the past twelve
       months.  The screen shows:

• The reference number of each transaction
  
• The date you requested each funds transfer
  
• The origin account (source account) and destination account (destination account) of each transfer
  
• The dollar amount of each transfer
  
• The current status of each transfer

Q.  How soon after the completion of an Interbank
      Transfer transaction will the transaction appear as
     "Complete" on the Interbank Transfer Status
      section of the Overview screen?
A.   When we receive your Interbank transfer request, we alert
      the ACH system to debit (withdraw funds from) the source 
      account for your transaction.  If we don't receive a return from
      ACH, indicating a problem with the transaction, within 2 to 3 
      business days, we'll credit (deposit funds into) your destination
      account with the amount of your funds transfer.  Within the
      next business day, the funds should be confirmed as appearing
      in your destination account.   At that time, the transaction is
      automatically listed as Complete on your History screen.

Q.   What do the different status designations mean?
A.   

• Pending:  We have not yet received confirmation of a successful transaction.  This process generally requires four business days.  You may see an indication of the transaction in the account balance of the source account but not the destination account of your funds transfer.
• Complete: The transfer is confirmed.  The transaction will be reflected in your account balances with your institutions as a withdrawal from your source account and a deposit in your destination account.  It's a good idea to verify the transaction with your financial institutions.
• Rejected:  We were unable to remove the funds from the source account or place the funds in your destination account. Typical causes of failed or returned funds transfers are:

1. Incorrect account number or bank ABA routing number
    provided during the account setup.
2. Lack of sufficient funds in the source account.  If we
   receive an ACH return due to non-sufficient funds (NSF)
   in the source account, we'll automatically try the 
   transaction a second time.  A funds transfer will be
   designated unsuccessful only after a second NSF return. 
   You will be notified by e-mail if we receive a return
   notice on your transaction indicating the transfer
   cannot be completed. 

• Complete (Return): Occasionally, we'll receive a return from the ACH system indicating a problem with the transaction after the normal 4 business-day waiting period.  This designation indicates that we received the return notice after having already designated the funds transfer as Complete.

        It is possible that you'll see a record of the debit on
        the account statement of your source account.  If this
        does occur, the funds will automatically be returned to that
        account, appearing as a credit on your account statement.

Q.   How can I get further details about transactions
        that do not go through?
A.     If a transaction is unsuccessful, the designation Rejected or
        Returned will appear in the Status column of the History
        screen as a hyperlink.  Click on this link to receive full details
        about the transaction and the situation that was encountered.