External Account Transfer FAQ
- What is the fee for using this service?
There is not a fee for using External Account Transfer.
- What is required to use this service?
A Texas Trust account in good standing, an account with another financial institution you are an authorized user on, Online banking, your external account’s routing number, account number, and the bank or credit union name.
- I just opened my account with Texas Trust Credit Union. When will I be able to take advantage of this feature?
New members will be able to use External Account Transfer after their account has been open for 30 days and is in good standing.
- When setting up a new account, how do you verify I own the external account?
When adding an external account, Texas Trust will send two small trial deposits to the routing number, account number, and financial institution name you provide.
- How long do I have to verify an external account once I’ve started the process?
The trial deposit amounts will expire after 7 days.
- How long does it take for my money to transfer?
External account transfers made before the 7:30 p.m. cutoff time generally take 1-2 business days to complete. This timeline can change due to holidays, environmental factors, and account status.
- Can I schedule recurring external account transfers?
Yes! When creating a New Transfer, click on the Frequency dropdown menu. There you can choose from Weekly, Biweekly, Semi Monthly, or Monthly.
- How much money can I transfer using External Account Transfer?
When using your Online Banking account as the originator of the transaction, you’re allowed INBOUND transfers of up to $1,500 per day and OUTBOUND transfers of up to $3,000 per day.
- How many transfers can I schedule per day?
You may have up to 2 INBOUND transfers and/or 3 OUTBOUND transfers scheduled per day. The amount of the INBOUND transfers combined may not exceed $1,500 per day. The combined amount of the OUTBOUND transfers may not exceed $3,000 per day.
- If I schedule a transfer, does the transfer amount count against the daily limit of the day I scheduled the transfer to occur on, or the date I scheduled the transfer?
Recurring or external account transfers scheduled for future dates will count against the day the transfer is scheduled to occur.
- Is there a limit to how many accounts I can add for External Account Transfer?
You may have up to 3 external accounts enrolled.
- Do I have to be on the account I’m transferring money to?
When setting up a new account for External Account Transfer, two small trial deposits will be sent to the account number you provide. You will need to have access to the account in order to check balances and complete the setup process.
- Can I transfer money from an external account to a loan or credit card I have with Texas Trust Credit Union?
Currently, directly transferring to a loan or credit card using external account transfer is not available. However, you can set up a recurring transfer from an external account to your Texas Trust savings or checking account and then set up a separate recurring transfer from your share to your loan.
- Can I transfer money from my Texas Trust savings to another bank or credit union using External Account Transfer?
No. OUTBOUND external account transfers may only be originated from a valid Texas Trust checking account. INBOUND external account transfers may be directed to either a checking or savings account.
- How will the transfer appear on my statement at my other Financial Institution?
The amount you specified would either be withdrawn or deposited and the comment will read “External Acct. Xfer.”
- When will the funds come out of my account?
In most cases, external account transfers scheduled before the 7:30 p.m. cut-off time will withdraw funds the next business day.
- What is the cut-off time for external account transfers?
7:30 p.m. Central Standard Time
- Is this feature available on your mobile application for iPhone and Android?
At this time, External Account Transfer is only available via logging into Online Banking using your internet browser on a desktop computer. If you’re using a phone or tablet, you may be able to login to the desktop version of online banking (thus allowing you to use External Account Transfer) using this link.