Setting Up External Transfer via ACH
The external transfer function in HCU online banking is a complete module for transferring funds to, and pulling funds from, external non-HCU accounts. This feature comes with a $500 base daily limit for accounts opened 90 days or more in good standing. Larger limits and operation within the first 90 days are available upon approved request.
Basically, to use external transfers, you setup channels to your external savings and checking accounts and verify them through micro-payments that you initiate. Once these channels are verified, you may pull from, or transfer to these accounts up to your daily limit. Transfers take an average of two business days to complete. There are no fees for using this service. Your linked accounts are not available for this service; an additional internal transfer may be needed with these accounts.
Step by step process for setting up an external transfer:
1. Login to HCU Online Banking using your username and password
2. Select the Transfers tab
3. Select Exteranl Transfers
4. Select Add External Account
5. Enter Nickname, Routing Number, Account Number and select Account type of other financial institution (Third Party Account)
6. Agree to user agreement disclaimer on following page
7. A notification of External Account Setup will be emailed to you
8. HCU will verify the other financial institution (third party account) by instituting trial micro deposits in which one or more low value payments will be credited to the account.
9. Once verified deposits and payments are credited to the account you can begin transfering funds per account and daily limits.
For instructions on how to make loan payments and schedule recurring payments and transfers within HCU Online Banking click here.
HCU Online Banking external transfer feature is another convenient, secure, time saving part of the HCU Connect family of services. Should you have any questions or comments, feel free to contact us.