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Any bank-to-bank and person-to-person transfer information you had set up in our old online banking system unfortunately could not be transferred to the new system. You will need to set up all transfer information and recurring transfers when the new system is live.
Also, bank-to-bank transfers are now called External Transfers, person-to-person transfers (Pay People) are called PopMoney. External Transfer and PopMoney will be available on smartphones and tablets in early 2015.
FAQs
Will the Financial Institution and person contact information that I have set up transfer to the new system?
Any bank-to-bank and person-to-person transfer information you have set up in our old online banking system unfortunately will NOT transfer to the new system. You will need to log in to the new system and set up all transfer information.
How do I set up bank to bank transfers in the new online banking system?
- Click 'Move Money' and then 'External Transfers'. Select Transfer Between My Accounts.
- The first time you use this service, you will be asked to enter your driver's license number and a phone number.
- To add an account click "Add Account."
- For checking and savings accounts you will enter the routing number (9-digit number printed on check), account number and a nickname for the account.
- To ensure that you are the owner of the account we will make a small trial deposit and then a trial withdrawal from the account within next business day. (The withdrawal is less than a dollar and is never larger than the deposit). These transactions will usually be posted within one business day.
- Once you find out the amounts of the trial transactions from the institution, log back into AmeriCU Credit Union online banking. On the Make Transfer page, click the alert to complete validation and follow the on screen instructions. You will be asked to enter the amounts of both transactions. If both values are correct, the account will be activated. Deposits should appear as TRIALCREDT or AMERICU CU. NOTE: AmeriCU Credit Union will reclaim the total amount of the two trial deposits.
- If you have login credentials for the external financial institution, you may not need to wait for trial deposits.
Person to person payments are now called PopMoney. To use PopMoney:
- Log in to online banking
- Click on Move Money and then External Transfers
- Select Pay Other People (PopMoney)
- Follow the instructions on screen
Will I need to activate all my external accounts again with trial deposits?
Yes, all accounts will need to be verified as active and with proper ownership. If you have login credentials for the external financial institution, you may not need to wait for the trial deposits.
Were my reoccurring transfers be sent as usual during the upgrade?
No, on October 27 all reoccurring online banking transfers were disabled. All transfers will need to be set up and activated in the new system once it is live on October 29.
Will I still be able to make loan payments with the new system?
No. You will NOT be able to make a loan payment. The new external transfer program will only allow the transfer to savings, checking and investment accounts.
You can still making the transfer from another financial institution to your savings or checking share then make a payment to an AmeriCU loan by internal transfer. Example: If you received funds from your account at another credit union to your savings share at AmeriCU, you could then login to online banking and transfer the payment amount to your loan.
Will I be able to send money to someone else's account using External Transfer (Bank to Bank)?
No. External transfers can only be sent to an account for which you are named as an authorized signer/owner. PopMoney can be used to send money to someone else's account, or you can send a payment through BillPay.
Is there a fee for the External transfer (bank to bank)?
There is a fee for outbound transfers of $2.95, no fee is charged for inbound transfers.
Is there a fee for Popmoney (person to person)?
There is no fee for this service.
How long will the transfers take?
External transfer (bank to bank) will take 3 business days (Monday – Friday excluding federal holidays). PopMoney (person to person) transfers will take 3 business days from the time that all account information is provided.
What if I have set up transfers with the Financial Center?
Scheduled Recurring Transfers that you set up through online banking are seperate from anything set up in the Financial Centers. AmeriCU employees do not have access to any records of external transfers you set up online and changes to external transfers through online banking have no effect on transfers set up at a Financial Center.