External Transfer FAQ
1. What is an external verification and what does it do?
As security enhancements continue to be an ongoing focus and priority for TLCCU, we require verification procedures for Online Banking external transfer account setups. (Formally called Financial to Financial Transfers)
When a new financial institution is set up, our system will generate a debit and credit for a random amount less than $1.00 at your other Financial Institution, then you must verify this transaction amount in Online Banking before scheduling any transfers.
2. How do I add an external account?
Select transfers from the menu.
Select "External Accounts" and then click on either of the "+External Account" buttons.
You will be prompted to enter your password for security. Then you can enter the external account information. Once the information has been entered you can click "Submit."
3. What do I do after I set up a new financial institution?
You will need to check your account at the other Financial Institution in 3 business days, then log on to Online Banking and correctly validate the verification transaction amount under the Transfers, External accounts tab. Click on the > to the right of the institution. Validate link by entering the transaction amount in order to activate the new account for transfers.
4. How long do I have to provide the verification amount?
The new setup will be removed from Online Banking after 39 days of when the setup was established if you do not provide the validation amount.
5. How many chances do I have to provide the correct verification amount?
You will have 3 attempts to correctly enter the verification transaction amount. If this is exceeded, the financial institution will be locked from use and the set up will need to be added again.
6. How soon can I schedule a transfer once the verification amount has been successfully verified?
Once the verification amount has been verified, the account will be active and you can begin scheduling transfers immediately. Please allow 3 business days from the date of your request for the transaction to be posted.
7. If I set up a new external account today, can I schedule a transfer immediately?
All new external accounts are subject to the verification process and will not be available for immediate use until the verification process has been completed.
8. Will the ACH Verification process affect any of the accounts in my transfer list that I have already set up?
No, this process will not be required for existing accounts in my transfer list. The external account listing can be accessed by going to "Transfers, External accounts" or "Settings, External transfers"
9. Can I opt out of the external transfer verification process?
No, for security purposes this will be required for all new account setups.
10. Will the verification process be enforced each time I add a new account at the same institution I had previously setup?
Yes, all new setups will be enforced through the validation process.
11. When will my external transfers be sent?
External transfers are processed each day at 6 PM, Sunday - Thursday. Once the verification process is complete, you can expect the transfer to be complete in approximately 1 business day.
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Please do not enter your account number or social security number. If you need to send account information we urge you to use the secure form inside online banking or contact us at a branch location. (517) 263-9120.