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External Transfers FAQ's

Get answers about External Transfers.



External Transfers

 

What are External Transfers?

External Transfers let you conveniently transfer money online between your Personal BankAtlantic checking, savings and money market account(s) and your Personal checking, savings and money market account(s) at other financial institutions within the United States.


How are External Transfers different from Bill Payment?


External Transfers give you the ability to transfer funds to and from your "personal" BankAtlantic account(s) and to and from your "personal" account(s) at other financial institutions.  Bill Payment is generally used to pay bills or other third parties.

How do I sign up for this service?

To Enroll:

1. Logon to Online Banking & Bill Pay
2. Click on Transfers
3. Click on the External Transfers link
4. Click the checkbox to accept the Terms of Service
5. Click on Sign up now!

 

 

How long does the sign-up process take?

Enrollment for this service is immediate.

How many external accounts can I setup?


You can add up to five (5) external accounts (checking, savings or money market)

How long does it take to add an account?


When you are adding an external account, you will have two validation options provided:

Real Time Validation –

You will be prompted to provide your User ID and Password for your external institution's online banking site. The system will validate that you have provided accurate account information. Approval or denial is immediate.

Trial Deposit Validation –
• 2 small deposits and 1 withdrawal for an amount equal to the 2 deposits are made to your external account. The deposits will be made within 2-3 business days.
• After 2 or 3 days, check with your external institution either online or by other method to identify the amounts of the deposits. The deposits will show in your account history as TRIALCREDIT and the withdrawal will show as TRIALDEBIT.
• After obtaining the deposit amounts, return to the External Transfer service. On the Overview tab, there will be a list of accounts awaiting validation completion. Click on the "verify" link and you will be prompted to enter the deposit amounts made to your account. Note: You will have 2 attempts to enter the deposit amounts correctly.
• Once you successfully enter the correct deposit amounts, your account will be immediately available to conduct transfers.

Are there any financial institutions which I can not setup for External Transfer service?

Accounts at most financial institutions can be added for External Transfer service. However, there are some financial institutions that have limitations on these types of transfers and may affect your enrollment request. They are as follows:

  • E-Trade Bank ("Transfer From" is only permitted)
  • E-Trade Securities ("Transfer From" is only permitted)

What is the Routing & Transit Number?

The Routing & Transit Number is the nine (9) digit number assigned to the bank by the American Bankers Association (ABA) and is used for routing transit transactions (i.e., ACH, wire transfers, etc.).  BankAtlantic recommends that you contact your external financial institution to verify which Routing & Transit Number you should use for “ACH” transactions.  This is the number you will want to enter when adding an external account to the External Transfer service.  NOTE:  Do not add hyphens when entering the Routing & Transit Number.

When will my funds be transferred?

Standard transfers take approximately 3 business days to settle not counting the transaction initiation day, however actual settlement may vary depending on the processing procedures and funds availability schedule of the receiving institution.

What is the cut-off time for sending an External Transfer?

The daily processing cut-off time is 8:00PM Eastern, Monday-Friday (excluding holidays).


Can I setup External Transfers on a recurring or future-dated basis?

Yes!  There are several options available for setting up recurring External Transfers, and you can future-date your transfers, too.

What happens if I schedule an external transfer to another financial institution and there are insufficient funds?

If the transaction could not complete successfully due to an inability to obtain the funds from your source account, or deposit them to your destination account, you will be notified via e-mail informing you of the transaction failure and the reason.

Can I transfer between my personal and business accounts using External Transfers?

No.  BankAtlantic only allows External Transfers between personal accounts.

Are there restrictions on the number of transfers I can make?

No.  The number of transfers per day is not limited.

Are there any fees associated with External Transfers?

No.  BankAtlantic offers this service FREE of charge.

Can I perform External Transfers via my Mobile Banking?

No.  External transfers are not permitted.  Only transfers between your internal BankAtlantic accounts are permitted through the Mobile Banking service.

Am I required to transfer a minimum amount?

The minimum amount allowed for external transfers is $10.00.

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