NetTeller Interbank Transfers
Interbank Transfer is a money movement tool that makes it easy to transfer funds between your personal SMB accounts and your accounts at other financial institutions. Whether inbound or outbound, schedule your transfers online or in your mobile app and you're set. You won't miss the days of writing yourself a check just to drive or mail it to another bank.
To make it even easier, you can also setup automatic recurring transfers to ensure your money is there for that monthly bill or loan payment. You remain in full control and can quickly change or stop your recurring transfers at any time.
Check out our frequently asked questions below for more information.
Q: How does Interbank Transfer work?
A: We process Electronic Funds Transfers (EFT) via the Automated Clearing House (ACH) secure network. We submit a request to the ACH network to transfer funds between the accounts you've specified. ACH then uses its secure channels to complete the transaction. This procedure is the same process employers use to execute direct deposit payroll entries and that financial institutions use to clear checks and carry out automated transfers of funds for payments on loans or mortgages.
Q: What accounts are eligible for Interbank Transfer service?
A: Examples of eligible accounts types are: checking accounts, savings accounts, Money Market checking and Money Market savings accounts held at any Financial Institution that is able to accept ACH transfers. You must be an owner on both accounts. Interbank Transfers are not eligible for business accounts.
Q: Are there limits on how many transfers I can make?
A: There are limits on both the number of transfers and the amount of those transfers per banking day.
- Three Inbound Transfers, up to $1,000 total per day
- Three Outbound Transfers, up to $1,000 total per day
Q: Can I transfer money internationally?
A: No, this feature is not available due to international legislation that varies across the nations.
Q: How much does Interbank Transfer cost?
A: Transferring funds into your SMB account (an Inbound Transfer) is free. There is a $5 per-transfer fee to move money from your SMB account to another Financial Institution (an Outbound Transfer).
Q: Does the external financial institution ever charge for this type of transaction?
A: They might. Your external financial institution would be responsible for notifying you of any such charges.
Q: How do I get started?
A: You must first be an SMBonline NetTeller user. You may call the bank, use the SMBonline NetTeller Message Center, or stop by any of our branch locations and request the Interbank Transfer service. Once you have been approved you will notice the new Interbank Transfer menu option under the Accounts tab.
Click on the Interbank Transfers link, review the information and click Enroll. Review the Agreement and check I Agree and click on Submit.
On the next screen you will add the non-SMB accounts you want to use with this service by providing the bank name, ABA Routing number, account number and selecting if the account is a checking or savings account. Once you submit this information, a small, random-amount deposit is made into your non-SMB account within two days. You will then return to SMBonline NetTeller to verify the amount of that deposit within three days. You will not be able to make transfers to or from an account until it has been verified.
Q: What is an ABA routing number?
A: The ABA routing number is an identification number assigned to each financial institution and each branch office. The ABA number is a 9-digit number found at the bottom of your check, usually on the left-hand side.
Q: Why do I have to verify my external accounts?
A: In order to protect your security and maintain the integrity of the payments network, the account verification procedures are safeguards that help us ensure that you have legitimate access to the non-SMB account.
Q: How do I transfer funds between my enabled accounts?
A: Click on the Interbank Transfers link on the sub-menu under the Accounts tab. You will be presented with the Add New Transfer screen where you will select the account to transfer from and to, enter the amount, and select a date.
You'll be brought to a confirmation screen where you'll see the details of your funds transfer request. If everything is correct, click the button labeled Confirm. To revise your request, click Edit. You'll be returned to the Transfer Funds screen, where you can make any necessary changes. When you're ready, click Confirm once more. You will be given a confirmation number for your transaction.
You can review Pending transfers by clicking on the Pending Transfer link in the navigational menus at the top. You can also view your history of completed transfers by clicking on the History link.
Q: Can I make an Interbank Transfer from my SMB Mobile App?
A: After you have enrolled for Interbank Transfers and completed the process of adding a non-SMB account within your NetTeller, the non-SMB account will be listed under the Transfer option within your mobile app.
Q: How long does it take for the funds to be available to me?
A: A regular Interbank Transfer will take one to two business days to complete. Please note that the completion of a transfer, including the availability of funds in the destination account and access to the transaction details, will depend in part upon how quickly the institution updates your account details.
Q: What should I do if I want to cancel an Interbank Transfer request?
A: You can edit or cancel a transfer before it has been processed, however we process transfers frequently during the day. Once your Interbank Transfer request has been processed, you cannot cancel the transaction. Your best bet is to create a second transfer between the same two accounts sending the funds back to their point of origin (in effect reversing your first transfer).
Q: Can I set up a future-dated or recurring Interbank Transfer?
A: Yes. You may schedule a transfer to take place on a future date. You may also set up a recurring transfer by entering a frequency, start date and end date.
Q: If a recurring transfer date falls on a weekend or holiday, when will the transfer take place?
A: The transfer will originate on the first banking day following the weekend or holiday.
Q: Can I transfer money to pay loans/mortgages at SMB or other Financial Institutions?
A: Not at this time. Remember – you can transfer funds to make loan payments at SMB with NetTeller or use our FREE PowerPay electronic bill payment for other financial institutions.
Ready to get started?
Give us a call, use the SMBonline NetTeller Message Center, or stop by any of our locations and request the Interbank Transfer service.
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