External Transfers

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External Transfers

Transfer funds to and from accounts you hold at other financial institutions. External Transfers make it easy and secure to complete one-time or recurring transfers between your account at Dow Credit Union and an account you hold at another credit union or bank.

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, hit 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 account you are setting up. One withdrawal (debit) may be made from the account in the same total amount as the deposits. You will be required to enter the two credit amounts deposited in order 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.

Up to $5,000 can be transferred in and up to $5,000 can be transferred out per day using External Transfers.

When adding an account from another financial institution, we must confirm ownership of the account. To do that, we will send two small credit deposits to your other institution’s account and one withdrawal (debit) may be made from the account in the same total amount as the deposits. You will be required to enter the two credit amounts deposited in order to verify your account. These transactions generally take 1-3 business days to process.

To verify the small deposits

  • On the side menu tap your name at the bottom > Settings > External Transfers
  • If you enter the small deposit amounts and they match our records, the account will be enabled for External Transfers.

Dow Credit Union does not charge a fee to process an External Transfer.
Up to 5 inbound and 5 outbound External Transfers can be completed in 1 day.
Funds can only be transferred to and from accounts within the U.S.
At this time, only external savings and checking accounts can be added.

If you would like to make a Dow Credit Union loan payment, follow the instructions below

Navigate to the Transfers page and select “Make a transfer”

  1. Select the External Account in the “From” dropdown and your Dow Credit Union loan in the “To” dropdown.
  2. Enter the desired payment amount.
  3. Select “More options” to select your frequency and date (e.g. Monthly on the 20th).
    *Please note that transfers begin processing on the evening of the date selected and funds will actually move the morning of the following Business Day.*
  4. Submit the transfer.

If making a payment on a mortgage loan please complete the following

  1. Complete the steps above, but select a Dow Credit Union savings account in the “To” dropdown as a temporary holding account.
  2. Select “Make a Transfer”.
  3. Select the temporary holding account in the “From” dropdown and your Dow Credit Union loan in the “To” dropdown.
  4. Enter the same payment amount.
  5. Select “More options” to pick the same frequency and set the date to at least one Business Day after the first transfer is scheduled.
  6. Submit the second transfer.

    Note: If the funds are not available in the account when the loan payment attempts to pull, the loan payment may not occur. We recommend monitoring your account to ensure your monthly payments are made.
Instead of using paper checks, ACH (Automated Clearing House) entries are created and transmitted electronically, making transactions faster, easier and more secure. Dow Credit Union submits the transactions to the ACH network to transfer funds between the accounts specified.

Transfers will start processing after 7pm on the transfer date selected. Funds will need to be available in the account that day. The funds will then post the following business day.

Transfers scheduled after 7pm or on a weekend/holiday will not start processing until the following business day.

Sign into Online Banking to view account activity and verify the transaction is complete.