TransferNow®

TelComm Credit Union offers TransferNow, a convenient service that allows members to transfer funds between their TelComm accounts and accounts held at other financial institutions through the Automatic Clearing House (ACH) process. Whether you are moving money from an outside bank or consolidating funds into TelComm, TransferNow makes external transfers fast and straightforward. The service is available through online banking and is a free benefit for TelComm members.

TransferNow gives members multiple transfer options to execute simple one-time transfers, recurring transfers, or future-dated transfers. Members are also able to transfer money from their external accounts to apply toward their monthly payments to their loan accounts at TCU.

Setting up TransferNow is easy!

  1. You must have a Checking account with TCU.
  2. Log into TCU online banking or the TelComm Mobile app.
  3. Select “Transfer and Pay” from the TelComm Mobile app or select “Transfer” at the top of the page in TCU online banking.
  4. For external transfers, select the “External Account Transfer” link.
  5. Choose “Add a New Account”.
  6. Follow the on-screen instructions to add your external accounts.
  7. You will receive an email with instructions on how to complete the set-up process at the email address associated with your TelComm Account.
click image above to enlarge

FAQs

What type of accounts are eligible for TransferNow?

You must have an active TelComm checking account.

What account information do I need to make an external transfer?

You will need your external account number and the financial institution’s routing number to complete the transfer.

How do I verify my account with TransferNow?

You will be asked to verify your account with either the Trial-deposit or Real-time process depending on the other financial institution’s verification process. If Real-time is not available with the financial institution, you will only see the Trial-deposit option.

Where do I go to verify my trials deposits in TelComm online banking?

Go to “External Account Transfer” then “Preferences” and you will see “My Other Accounts”.

How quickly will my transferred funds appear in my account?

Standard transfers arrive in the receiving account within three (3) business days. Members will be eligible for Standard transfers automatically.

Next Day transfer qualifications:

  • make a one-time minimum Standard transfer of $500 to the external account
  • complete a 60-calendar day waiting period

Standard Transfer Limits:

$10.00 minimum
$5,000.00 per transaction maximum
$5,000.00 in aggregate per day
$10,000.00 in aggregate per calendar month

Next Day Transfer Limits:

$10.00 minimum
$2,000.00 per transaction maximum
$2,000.00 in aggregate per day
$5,000.00 in aggregate per calendar month

**Next Day transfers qualifications:

  • make a one-time minimum Standard transfer of $500 to the external account
  • complete a 60-calendar day waiting period

TelComm CU reserves the right to change these criteria at any time.

What are the cut off times to submit an external transfer?

Standard is 10 PM Central Standard Time
Next Day is 5 PM Central Standard Time

Can I transfer funds to another person’s account using TransferNow?

No, to complete the transfer request, account titles and names need to be the same from financial institution to financial institution.