Q. How much can I transfer?
|Business Tier 1
|Business Tier 2
|Business Tier 3
Q. Are there fees associated with the transfer?
A. No, Empower does not charge a fee to process an external transfer.
Q.What are the cut-off times for processing a transfer and/ or to cancel?
A. The cut-off time for a standard External Transfer is 12:00pm on business days, Monday through Friday. After this time, all transfers will be processed and cannot be cancelled. When sending an External Transfer, if you are after the cut-off time – expect one additional business day for delivery.
Q. What accounts can be accessed for external transfers?
A. At this time, only Savings and Checking type accounts can be set up. The following accounts are not accessible for external transfers:
At this time, external transfers being sent to another institution cannot be originated from an Empower loan account. However, the member can transfer funds from an account at another institution into a loan account at Empower.
Other restrictions may apply. Transactions are subject to Reg D.
Q. Can I transfer funds internationally?
A. No, you can only transfer funds to and from accounts within the U.S.
Q. So how does it work?
A. Instead of using paper checks, ACH (Automated Clearing House) entries are created and transmitted electronically, making transactions quicker, safer, and easier. Empower submits the transactions to the ACH network to transfer funds between the accounts specified. The ACH then securely completes the transaction.
Q. How will I know when an External Transfer is complete?
A. Login to Online Banking to view account activity and verify the transaction is complete.
Q. How long does the sign-up process take?
A. The sign up process is immediate. Initial set-up of an external account will typically take 2-3 business days.
Q. What are micro-deposits? And how do I confirm?
A. When adding an account from another financial institution, we must confirm ownership of the account. To do that, we will send two small credit deposits to your other institution’s account and request that they send us a corresponding debit, or withdrawal from your account, in the same amount. Once you see the deposits in your external account, you will need to login to Online Banking to verify the micro deposits.
To verify the micro-deposits:
Expect to see the micro-deposits within 2-3 business days
Log into your source account to review the deposit amounts made. Write down the amounts for reference.
You will receive a message on your Empower Online Banking Dashboard asking you to confirm. If you enter the micro-deposit amounts and they match our records, the account will be enabled for External Transfers.