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External Transfers

External Transfers allows you to easily move money between your Members Exchange account(s) and your account(s) at another financial institution. Members must apply for this free service. You have the option to set up inbound and outbound transfers between another credit union and MEFCU 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 must be active and in good standing
• Account must receive recurring, automatic deposits

Note:

• Members Exchange Federal Credit Union reserves the right to revoke External Transfers without prior notice.
• New memberships opened online will not be eligible to perform External Transfers.

Getting started

To get started, you will need the Routing Number, Account Number, and type (checking or savings) of the external account.

• You must submit a request to enroll in external transfers. 
• 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.