We’ve enhanced our external transfer feature!
We are excited to announce the latest enhancement to our suite of financial services – the ability to better transfer money from another financial institution to your account(s) with SWACU through our enhanced external transfer service.
This convenient feature shows our commitment to providing you with the utmost flexibility and control over your finances. Whether you're moving funds to save for a vacation, paying for an unexpected bill, or simply wanting flexibility, our external transfer function makes that possible.
We understand the importance of providing comprehensive solutions that cater to the diverse needs of our members, and this enhanced feature is another testament to our dedication to facilitating a smoother and more convenient banking experience for all.
Whether you currently use this or you’re ready to connect another financial institution account with your SWACU account, follow the steps below to do so.
How to set it up
1. Log into online or mobile banking
2. Select the Transfers tab and click External Transfers
3. Validate your email and follow the prompt. Within a few minutes, you should receive an email with a code, like the one below.
4. Enter the code into the box in online banking to complete the verification process.
5. On the same screen, select Add New Account.
6. You will need to have the other financial institution's routing number and your account number ready to enter. Fill out the other information about the account. We recommend that you nickname the account, especially if you are planning to set up multiple external transfer accounts.
7. Press Next. You’ll then be prompted to connect to your other financial institution through microdeposits. Watch your account for two small deposits within 2-3 business days, then confirm those amounts. Then, you’re all set up!
Set up a Recurring External Transfer
If you’re ready to set up a recurring external transfer between accounts, select the Transfers tab > External Transfers and then Create a Transfer.
FAQs
Registration & Signup
If I had previously used CheckFree within the BillPay tab to externally transfer money, do I have to re-register?
Yes, you will need to re-register. If you had previously used CheckFree, you should have been notified via email. It has been discontinued as of February 14th, meaning any recurring transfers you had will need to be re-set up.
How/where do I sign up or register for External Transfers?
Log in to online banking and click on Transfers > External Transfers.
What happens next after I sign up for Transfer Funds?
You’ll need to verify your email address and add your accounts with other banks or credit unions.
- We’ll send you a welcome email with a verification code. On the Preferences page, select the Verify link next to your email address. Enter the verification code and Submit.
- To add your accounts with other banks or credit unions, select the Add a New Account link on the Transfer Funds page, or select the + Add Account button on the Preferences page under My Other Accounts.
Why do I have to validate my email address?
We need to know that we have an accurate email address on file for you. It’s important that you receive your emails about your transfer activity.
Why do I have to verify my accounts in Transfer Funds?
We do everything possible to ensure your security. The verification procedures are safeguards that help us make sure that only you can add accounts from other banks or credit unions to your service.
Add Accounts
Which account types are not eligible in Transfer Funds?
You won’t be able to add these accounts to your service:
- Individual Retirement Accounts (IRAs).
- Custodial and/or Trust accounts.
- Certificates of Deposit (CDs) or other time-based accounts.
- Loan accounts (including credit card and equity accounts).
- There may be other accounts that are ineligible for this service due to restrictions from the other FI.
Can I add accounts that belong to other people in Transfer Funds?
No. You can only add accounts that you own to the service.
How is a brokerage account defined in Transfer Funds?
A brokerage account is defined as the cash account (usually a Money Market account) that you hold at the brokerage to buy or sell stocks or other investments. Most of the nation's prominent brokerage firms can be used in Transfer Funds. Select Brokerage under Account Type to review the firms available in the Brokerage Account menu.
When will I get trial deposits to verify my accounts?
If your account is not instantly verified, we’ll ask you to start the trial deposit verification process. SWACU will make two small deposits into the account you are adding within 2-3 business days.
What do I do if the trial deposits don’t show up in my account?
We’ll email you if we can’t make the two small deposits to your account. The account you are trying to add will show as Failed or Not Verified on the Preferences page. If this happens, we suggest you delete the account because it can’t be used for transfers. You can add it again with the correct information to start the trial deposit process again.
Can I transfer funds to my SWACU loan accounts?
Yes, you can transfer money to your SWACU loan accounts.
Can I transfer funds to my loan accounts at my other banks or credit unions?
No, you can’t add loan accounts held at other banks or credit unions to this service.
Can I transfer funds internationally?
No, international accounts are not eligible for this service.
How will I know when a transfer is complete?
We’ll email you when a transfer is complete. We’ll also display your transfers for the past 180 days on the Activity page. As always, you can check your account statement to verify that the transfer was debited or credited as you requested.
Do the limits and/or fees from my accounts at other banks or credit unions apply in Transfer Funds?
Yes. The transaction limits and/or fees used for your accounts with other banks and credit unions apply to the transfers you make in Transfer Funds. It is recommend that you ask the other FI if any restrictions or fees apply when using those accounts with your service.
What can make my transfer unsuccessful?
A transfer will be unsuccessful (returned) if it can’t be withdrawn from or deposited to an account. We’ll email you if a transfer is unsuccessful, and the details will be available on the Activity page. Common reasons for unsuccessful transfers include:
- Insufficient funds in the From account.
- Exceeding the limit for a transfer amount.
Security and Privacy
How do you provide security and protect my privacy?
We are committed to maintaining the privacy, security, and integrity of the financial and personal information you share with us and take every precaution to do so. We have designed multiple levels of security to ensure the protection of your information from loss, theft, unauthorized access, modification, or disclosure. We make sure that our security measures conform to all applicable federal, state, and local laws.
- Sensitive information, including bank account numbers and the account verification data, is encrypted with state-of-the-art encryption software when communicating data over the ACH network. For a full description of the care we take in this area, please see our Security Policy.
- Our procedures also include extensive in-house privacy measures. Your user login name, password, and all verification information pertaining to your individual accounts, always remain encrypted. Neither our software, nor any of our employees, can decode this information. Please see our Privacy Policy for more details.
How do you verify my identity and my account information to prevent fraud?
When you sign up for the Transfer Funds service, your SWACU account(s) will be available for use in the service. You can add your accounts with other banks or credit unions to your Transfer Funds service. We will verify every account you add in the service before you can use it for transferring funds. This takes a little more time for you and for us, but it is part of the care we take to maintain your safety and the integrity of the payment network.
Questions?
If you have any questions, please don’t hesitate to contact us at 1 (800) 262-5325.
