External Transfers
External Transfers allows you to easily move money between your Members Exchange account(s) and your account(s) at another financial institution. This service is free to qualified members. You have the option to set up inbound and outbound transfers between another credit union and MECU as well as recurring transfers.
You are allowed three (3) inbound transfers per day not to exceed a total of $1,000 and three (3) outbound transfers per day not to exceed a total of $1,000. There is a maximum of three (3) external accounts that can be established. International external transfers are not allowed. External transfers created after 3:00 pm will be processed the following day.
External Transfers are available to consumer and business accounts that are:
- Owned by members aged 18 or older
- Accounts open for at least 60 days
- Accounts in good standing
Getting started
To get started, you will need the Routing Number, Account Number, and type (checking or savings) of the external account.
- In Online Banking, navigate to the ‘Accounts’ section and select ‘Add an external transfer account’.
- In the Mobile App, navigate to the ‘Accounts’ section, click the plus sign to add an account, and select ‘Make external transfers’.
When adding a financial institution for the first time, confirmation is required. Two small deposits (each under $1) will be sent to the added account. One withdrawal (debit) may be made from the account in the same total amount as the deposits. You will be required to enter the deposit to verify access to your account. These transactions generally take 1-3 business days to process.
Once a financial institution is verified, an External Transfer can be completed.
EXTERNAL TRANSFERS – HOW TO ENROLL
EXTERNAL TRANSFERS – HOW TO INITIATE A TRANSFER
If you have questions about making external transfers, please contact Members Exchange.