“Funds Transfer” is an electronic transfer service provided by the Bank that allows you to securely transfer funds from an account at another financial institution or credit card to your account with us, and/or from your account with us to an account at another financial institution. Prior to use, you are required to register your external bank account and credit card for verification and security purposes. Once your Funds Transfer service is active, please refer to the Funds Availability schedule to see when your Funds will be available for your use in your account.
By using the Funds Transfer service, you agree that the Bank will transfer funds through ACH services and that the transaction is subject to completion upon our final review and verification. You agree that such requests constitute authorization for such transfers. This authorization is to remain in full force until the Bank has received written notification from you of its termination, you have electronically deleted a registered bank account or credit card from the Funds Transfer service, or you have electronically cancelled an account and/or transfers from the Funds Transfer service in such time and in such manner as to afford the Bank and the other financial institution a reasonable opportunity to act on it.
This service may be subject to a fee in accordance with our Schedule of Fees. This service may not be available for all account types. Please contact our Customer Service Department for information on availability.
By using the Funds Transfer service, you are certifying that the credit cards used to transfer from, and the registered external accounts that you transfer funds to and from, are under the same ownership as the account with us. In the event that the accounts are not titled the same or ownership among the transferring accounts changes, you will indemnify us for any losses incurred as a result of any transaction you initiate between these accounts that is later returned or is reported unauthorized. If any transfer you initiate is found to be unverifiable or cannot be completed for other reasons, you agree to hold us harmless for any loss resulting from the incomplete transfer. If a transfer is made from a third-party’s account or registered as an external deposit account, before we detect it, we may without notice to you, place those funds on hold and debit your account, and return the funds to the third-party’s account in the form of a bank check or funds transfer, once we have confirmed the funds cleared the external account.
If you use the Funds Transfer service to transfer funds to or from an account that has multiple signers, you agree that each signer authorizes the other signers to (a) initiate the transfer of funds between your accounts with us, as permitted by the Funds Transfer service, (b) register any external bank account or credit card, as permitted by the Funds Transfer service, and (c) initiate the transfer of funds between your account(s) with us and any registered external bank account or credit card. This authority will cease only after we have received and have been given a reasonable amount of time to act on the appropriate documentation needed to change or remove the existing signers from the account. Each of the signers agrees to be jointly and severally liable to the Bank for any losses incurred as a result of the improper use of this service up to and including the transfer amount, any applicable fees and any legal expenses. Your Funds Transfer request will only be completed if you have sufficient funds in the account from which you wish to transfer funds and the accounts are linked for transfer capabilities. Funds Transfer transactions are subject to dollar amount limitations, which are determined by us and may be set according to your Account type and/or the type of Funds Transfer service you are using. These limitations are set for security reasons and are not disclosed for that reason.
Transfers may be delayed based on the time of transaction and the type of transfer service you are using. For example, if you submit a request to transfer $500 on Monday before 2 pm ET, you will have access to the funds on Friday morning. If you submit the request on Monday after 2 pm ET, you will have access to the funds on the following Monday morning.
The Bank reserves the right to limit the number of external transfers that can be linked to your account for purposes of transferring funds; to limit functionality of the Funds Transfer service by imposing limits, holds, or other measures; and to close your account if unlawful activity is found or suspected.