Funds Transfer

TRANSFER TYPES and TRANSACTION CUT OFF TIMES:

There are two types of transfers available via CentralNET, Immediate and Recurring.

Immediate Transfers:

  • When you initiate an immediate transfer it takes effect immediately. Funds from immediate transfers completed before the daily cut off time of 10:00 pm EST will post to your account and be available as soon as the transfer is complete.
  • Funds from immediate transfers completed after the daily cut off time of 10:00 pm EST may not post and be available until the next business day.

Recurring Transfers: Recurring transfers can be set up in four different ways.

  • The first option is a one time future-dated transfer. For this type, you will need to specify the date you would like the transfer to occur, and it will occur only once on the specified future date.
  • The second option is a transfer with no end date. For this type, you can choose the date you would like it to begin and the frequency you would like it to occur, for example weekly or monthly. It will occur indefinitely, at the frequency you have instructed, until you cancel the transfer instructions.
  • The third option is a transfer that ends on a specific date. For this type you choose the starting date, the ending date and the frequency. The transfer will occur according to your instructed frequency until the end of the transfer period.
  • The forth option for recurring transfers is a fixed number of transfers. For this type, you choose the starting date, the frequency and the number of times you would like for this transfer to occur. It will occur according to your frequency instructions. Once it has completed the specified number of times it ends.
  • Funds from recurring transfers completed before the daily cut off time of 10:00 pm EST will post to your account and be available as soon as the transfer is complete. Funds from immediate transfers completed after the daily cut off time of 10:00 pm EST may not post and be available until the next business day.

External Transfers:

  • External transfers to and from your accounts at other financial institutions can be established on the Manage External Accounts screen.
  • You will need to know the routing number of the bank or the exact name of the bank to establish the external account.
  • You will enter the account number held at the other bank and select the type of account; such as checking or savings.
  • You will need to enter a Nickname for the account as this is how the account will be identified on the drop down list of accounts to use for transfers.
  • Once you have established a new external account; two small dollar deposits will be generated to the account for verification purposes. On the same day a single debit will post to reverse these two deposits.
  • You will need to review the account held at the other financial institution to verify the two small deposits amounts .
  • Sign into your CentralNET access, go to Transfers and then to Manage External Accounts. Scroll to the bottom of the screen and click on the Validate button to the right of your new external account. Enter the two deposit amounts and click on validate.
  • Now that your new External account has been established you will be able to initiate transfers.
  • External transfers have the same options as listed above for internal transfers.
  • The external transfer cut off time is 5:00 pm EST each business day.

Immediate and recurring external transfer will be processed through the Automated Clearing House (ACH) system and may take up to three (3) business days to complete. Funds may not be available for use in the account specified for deposit until the third business day after the external transfer date.